Gross: "Can you make the connection for us -- the amount of money that the tax cuts take out of the budget with the amount of money that the war adds to the budget?"
President Ronald Reagan lowered the top marginal tax rate from 70 percent to 28 percent, overseeing a doubling of federal income tax revenues. Again, Ms. Gross fails to note that the tax cuts of the '60s and the '80s occurred during the Cold War. But apparently that was not a real war.
Gross: "So what advice would you have about the wisdom of continuing the tax cuts now, which is what the president would like to do?"
Under President George W. Bush, net federal receipts went from $1.99 trillion in 2001 to $2.15 trillion in 2005, an 8 percent increase, although when adjusted for inflation, receipts show a negligible decrease.
Deficits, however, increased. That's because Congress kept spending, and the president failed to use his veto. And just wait until the Baby Boomer generation -- some 75 million strong -- retires, placing additional demands on Social Security, Medicare and Medicaid. Excluding defense, homeland and national security, spending under Bush increased at a rate faster than any president since Johnson. Bush signed the most expensive farm bill ever -- some $190 billion over 10 years. Under this president, federal education spending -- including No Child Left Behind -- has more than doubled, from almost $36 billion in 2001, to over $72 billion in 2005. Bush signed the prescription benefit bill for seniors -- estimated to cost $1.2 trillion dollars or more over the next decade -- definitely the largest expansion of a social program since Medicare was established by the Social Security Act Amendments of 1965.
Gross's persistent questioning of the Bush tax cuts -- and her indifference toward spending -- makes this statement: It's not your money, and we can spend it better. Then-President Clinton, in giving a speech about the then-surplus, said, "We could give it all back to you and hope you spend it right. . . . But . . . if you don't spend it right, here's what's going to happen . . . "
Just remember, it's not your money.
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