Sunday, September 26, 2004

Tax cuts as a moral issue

Cutting income, estate, and dividend taxes while not cutting spending by the same amount, continuing to promise entitlements, and even expanding entitlements (prescription drug benefit) is morally wrong. Allowing continued and even increased spending means that we're passing on a tax hike to the next generation. Not to mention that it's taking money out of my pocket (in the form of the payroll tax) and putting it into rich people's pockets.

As of December 2003, I have paid in $13,090 into Social Security and $3,074 into Medicare. My employers have met that same amount. All that for a service that I will probably never see.

Call it putting lipstick on a pig, but if a president cannot fix a broken system with a surplus (or at least, closer to running in the black then the country is now) and with approval ratings over 80%, he's not politically courageous. He's simply pandering for votes with his tax cuts.

Lastly, about 1/3 of the national debt is held by foreigners. The deeper in debt we go, the more vulnerable we are to foriegn interests. China and Japan are the two largest foreign holders of U.S. Treasury bonds. If China decided to take their investments elsewhere, our economy could be hosed.

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