By Wayne Allyn Root, Former Libertarian Vice Presidential Nominee and Best-Selling Author
Didn’t we just have a historic Tea Party election? Wasn’t the message STOP THE SPENDING, PAY OFF THE DEBT, and STOP THE INSANITY? The message was loud and clear, yet the first major bill after the election adds about one trillion more in debt as we face economic Armageddon -- a rapidly approaching debt crisis (that will make Greece look like child’s play), 20% real unemployment, and eventually hyper-inflation that could turn America into Zimbabwe. This is insanity folks. But hey, what is another trillion in debt among friends?
As a small business owner, entrepreneur, and capitalist evangelist no one has been a bigger cheerleader for lower taxes than me. Tax cuts leave more money in the hands of those who earned it and deserve it -- small business and taxpayers. Their investing and spending of that extra money is what fuels the economic engine that creates jobs to get America out of this mess.
Extending the Bush-era tax cuts is essential to any chance at an economic and employment rebound. Ronald Reagan proved that massive tax cuts can turn the worst bust into a historic boom. A massive tax cut right now is just what the doctor ordered to save the U.S. economy.
However, just like the recent “Food Safety Bill” has little to do with food safety, or the recent “Jobs Bill,” which never created a job, this tax cut extension bill has little to do with tax cuts. It is just an excuse for Congress to spend another trillion dollars and expand government.
It is time to “Just Say NO.” This bill is about repeating the same insanity and bribery that got us into this financial disaster, spending money we do not have, to pay for pork and to buy votes. Only weeks after the historic Tea Party landslide, this disastrous bill is “business as usual” in D.C.
Like the movie “Groundhog Day” we are making the same tragic mistakes over and over. The fact we are doing it so soon after the Tea Party landslide tells me America is now on the way to economic ruin. Even now, at the edge of the abyss, politicians can not or will not change their bad habits. They are addicted to spending. Just like drug addicts, the country is going to have to hit rock bottom before they are forced to change. Unfortunately, we may have to lose everything -- our economy, our country, our children’s future -- before we can start over and rebuild from scratch.
The bill to extend the Bush-era tax cuts is a symbol of everything wrong with our government and our politicians. While I am a huge proponent of tax cuts, the common sense lesson learned from the Reagan and Bush era tax cuts is that tax cuts must be accompanied by spending cuts. This reckless, dangerous and insane level of spending is a cancer. Just ask Argentina, Greece, Ireland, Portugal, Spain, Italy, or Japan. The list is endless. Debt leads to doom, disaster and depression. This bill not only does not cut spending, it adds even more debt.
First, Obama and his socialist cabal tacked on thirteen additional months of unemployment benefits -- at a cost of added billions to our debt. Then, Congress tacked on a new stimulus -- in the form of a Social Security payroll tax reduction. Since we have not cut the Social Security payout, or raised the age requirement, we are adding additional billions in unfunded liabilities. Then, to bribe politicians to vote for this boondoggle, Obama, Pelosi, and Reid saddled us with billions of new debt for ethanol subsidies, environmental special interests, and other pork. In the middle of a Depression that was caused by too much spending and debt, we are adding another trillion dollars in spending and debt, borrowed from China, for programs that are proven failures and money-burners. Insanity. Democrats have learned NOTHING.
But wait, it gets worse. The GOP has not learned a thing either. Boehner makes a big deal out of cutting 5% from his speaker’s budget. He can save that much just by cutting Pelosi’s private jet trips. If he was serious, he would recommend a 30% cut over 3 years from everyone’s budget PLUS an across the board pay cut for all federal employees of at least 10%. Boehner has not learned a thing.
But wait, it gets even worse. While the GOP votes enthusiastically for one trillion in new spending and debt, they are trying to kill a bill that doesn’t cost taxpayers a dime and promises to bring in billions in new revenues and tens of thousands of good paying made in the USA jobs -- the legalization of online poker. Here is an opportunity to expand freedom by allowing Americans to play a game they love, protect consumers with regulation, and raise billions in new revenues (thereby saving billions for taxpayers). Yet the GOP wants to expand the Nanny State, limit freedom, and tell us what to do with our own money. Worst of all the GOP is helping organized crime stay in control and reap all the profits from online gaming. I wonder if the Gambino crime family will be sending a Christmas gift to Senator Jon Kyle and the GOP leadership. This is insanity squared. Both Republicans and Democrats have lost their way -- and their minds.
The sad part is that you, me, our children and grandchildren will be forced to pay for this incompetence, corruption, fraud, and stupidity. We threw some of these bums out a few weeks ago. But our work does not end with that election. We need to turn up the heat and tell Congress they need to come back with a real proposal, one that cuts taxes AND spending. And if they will not do that, we better get ready to throw the rest of these bums out in 2012. The question is…will America and capitalism still be standing?
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