Posted by: The moderator | September 4, 2011

Why we’re screwed

Nobody will argue against the fact that we have deficits and a huge debt because we’re spending more than we bring in. The political extremes tell us we can either cut the budget back to the stone age or raise taxes until every little mom-and-pop shop is shuttered. Those are our only two choices. No room for compromise.

Cutting the massive budget nobody fully understands (let alone reads) has been a more popular option than adjusting the tax system, but only a mix of the two will get us out of our debt mess without destroying the weak economy or gutting the safety net that’s keeping people alive until the economy improves.

Why haven’t we been able to raise revenues? It’s not just the Tea Party ideologues’ fault. Both parties benefit from corporate largess, which is the real reason why politicians in Washington have been unwilling to crack down on tax loopholes or even *gasp* raise taxes in over a decade. It’s a shame since many CEOs make more money than their entire corporation pays in taxes. But as long as those CEOs bankroll reelection campaigns and the Supreme Court defends the contributions as free speech, we’re stuck with the same broken revenue system that hasn’t been able to pay our bills for years.

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