It appears we are headed for a shutdown of the Federal Government. I believe that much more is at stake than how much we trim the deficit. If the far right has their way, we will face an America in which the table is sharply slanted toward the wealthy, allowing them to rake money into their pockets at will. This is evident once you realize that Republican Paul Ryan has proposed a tax cut in his long-term plan to reduce the deficit. His plan would benefit high income earners a great deal, even as it would gut Medicare and Medicaid, placing a deeper burden on retirees and the poor.
It seems we never learn from history. We need three things to balance the budget:
- An increase in revenue, fueled by modest and reasonable tax increases on the wealthiest Americans
- Prudent reductions in federal spending that don't unduly affect the vulnerable
- Policies to create a vibrant and sustainable economy
An analysis by the Center for American Progress shows how increasing revenue and growing the economy are essential for balancing a budget, and how this worked during the Clinton administration. Let's try it again.