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November 23, 2010

A Principled Solution for the Deficit and Recession

By Mary Bell Lockhart

Four revenue solutions and four spending solutions for the deficit and recession based on a simple principle: That those who caused and profited from the deficit and recession should pay back the money they've taken from the American people.

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Guiding Principle:   Those who caused and profited from the deficit and the recession should pay back the money they've taken from the American people.

Four Revenue Solutions:

1)     Raise the highest bracket income tax back where it was before Reaganomics trickled down on the rest of us

2)     Raise the capital gains tax on speculative investment income.   Tax earnings from speculation at least as high as earnings from labor.

3)     Keep the inheritance tax

4)     Raise the cap on income subject to Social Security withholding

Four Spending Solutions:

1)     Cut defense spending, especially contracts

2)     Cut subsidies for big oil and unnecessary farm subsidies

3)     Establish a public plan option in health insurance to lower health care costs

4)     Invest in jobs (now!) to grow the economy by adding taxpayers



Submitters Bio:

I'm a retired public health worker focused these days on supporting a variety of progressive issues, such as criminal justice reform, energy efficiency, environmental protection, universal health care, civil rights, and worldwide peace and respect. I have a BA in Psychology and an MA from the Lyndon B Johnson School of Public Affairs.


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