Email letters, February 3, 2014

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Local investment adviser and conservative talking-point-parrot Dave Kearsley is at it again – peddling nonsense to his fellow-travelers disguised as informed opinion (“Nation must rein in spending madness”).

Contrary to Kearsley’s paranoia, there is still no evidence that – under President Obama
—the IRS engaged in selectively partisan examination of political groups masquerading as “social welfare” organizations.  Rather, both conservative and progressive groups were “targeted” in a bureaucratic attempt to enforce the IRS’s long-standing guidelines.

Likewise, given Republicans’ determination to oppose everything President Obama is for – and the “Teapublican”-controlled House’s refusal to conduct constructive hearings on “technical corrections” to the Affordable Care Act (routine with any major legislation), President Obama is compelled by that partisan obstructionism to exercise the full limit of his executive authority.  Whether he has exceeded his legitimate Constitutional powers is for courts or the Senate (if the House impeaches) to decide.  Good luck with that.

While “spending and debt” were indeed “out of control” under Republican Presidents Reagan and “Dubbya”, there has been no “spending madness” to rein in under President Obama.  Rather, every reputable study concludes that any perceived “debt crisis” was caused by four factors:  the Bush tax cuts, the Bush Recession, Bush’s wars in Iraq and Afghanistan, and the bail outs (initiated by Bush and implemented by Obama).

With the “bailouts” past, the wars ended/ending, and the economy slowly recovering, what remains is to restore the revenues redistributed to the “1%” by Republicans in the name of “trickle down” economics, and to close corporate tax loopholes.

Under Bill Clinton, the economy created 22 million jobs when the top tax bracket was 49%—but net zero new jobs were created under Bush’s tax cuts.  Meanwhile, 25% of profitable corporations pay no corporate income taxes. 

Thus, the real problem remains inadequate revenues, not excessive spending.

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