Mr. President. When you negotiate with Republicans over our national debt, it's time to tell them that we must tax the rich, not cut programs that help the poor.
Making money is not like growing apples. Making money is more like sharing toys. The amount of US dollars in the economy doesn't change all that much. So when a few have a lot of money, it necessarily means that others don't have as much.
President Ronald Ragan, your predecessor, cut taxes for the rich on the premise that this would "trickle down" to those with less money, but we are seeing now that this is a failed experiment. Rich folks hoarded the money instead. Worse, the rich became obese with money, and became only hungry for more.
In rough numbers, a family making $100,000 per year lives comfortably enough in the middle class. They probably rent, own a car, and send their kids to public school. A family who makes $200,000 per year -- with an extra $100,000 to spend -- lives very well. They probably own their home in a nice neighborhood, own more than one car, maybe send their kids to private school. A family that takes home $1,000,000 per year is making $800,000 per year more than is necessary to live a good life in our nation. Especially if it means the rest of us live poorly because they have all the toys. And a billionaire is a thousand millionaires.
The Republicans talk of cutting welfare, and I agree, but it's *corporate* welfare that is hurting us. A poor single mother needs assistance. A multi-billion dollar company does not.
In the 1950's, the rich paid up to 90% income tax -- and they welcomed higher taxes because back then, the rich understood that they benefitted more from the services the government provided, than a simple working family does. Public roads carried their goods and employees, schools ensured intelligent and skilled workers, police and fire departments protected their many warehouses, factories and retail outlets. These are good business investments and they should pay for them through higher taxes than their workers pay.
It is time to get our nation out of debt -- by taxing the rich, not taking (more) money from programs for the poor.