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Politics : Liberalism: Do You Agree We've Had Enough of It?
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From: Kenneth E. Phillipps12/4/2010 9:29:34 AM
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"It pays to remember that just 10 years ago we had a budget surplus and the debt was rapidly decreasing. During the Bush years, those surpluses disappeared and huge debt accumulated due to two unfunded wars, two unfunded tax cuts that mainly enriched the already wealthy, and a blind eye to the recklessness of Wall Street which caused 8 million Americans to lose their jobs and millions more to lose their savings, the value of their homes and the homes themselves.

Now we are on an "unsustainable fiscal path," to quote the report, which threatens our future economic viability. But there is another grave threat to both our economy and our democracy, and that is the alarming redistribution of wealth that is shrinking the middle class. The top 1% of Americans now owns 34% of our nation's wealth - more than the combined wealth of 90% of Americans. Even during this great recession, the top 5% of households have seen their income rise. Just this week, two million Americans lost their unemployment insurance benefits. If we fail to extend them, not only will that be another slap to the middle class, but it will hurt the economy by depriving our businesses - large and small - of money these struggling Americans will rush out and spend.

And now we have a commission report that glibly talks about "shared sacrifice" and making "painful" decisions. I ask, "Painful for whom?" These recommendations ask those who have already been and are sacrificing to sacrifice further. Those who have not enjoyed the prosperity party over the last many years are being asked to pick up the tab."

huffingtonpost.com
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