"I am extremely concerned about the current game of "chicken" that is currently playing out in Washington over the budget impasse. While cutting expenditures is certainly a part of any responsible solution, so is raising taxes.
Since World War 2, federal expenditures have averaged about 20% of the nation's GDP. Tax revenues have generally averaged a point below that. Under President Bush and the Republican leadership since 2000, expenditures have jumped to about 24% of GDP and revenues have fallen to about 15%. This was, and remains, irresponsible.
Moreover, the Republican mantra that tax cuts for the wealthy stimulate jobs is patently false. There has been a steady shift of wealth from the middle class (including me) to the wealthy (including you) since the Reagan administration. The top 1% now control about 42% of the nation's wealth and, due to breaks like low rates on capital gains, pay less in taxes. Moreover, the rich DO NOT create jobs. That is done by small businesses and mom-and-pop entrepreneurs. Wealthy people are sitting on trillions of dollars in Wall Street investments and are not circulating this money in the economy where it is needed.
The rich are getting a free ride in America and the Republicans are their champions. It is time to change that mantra for the good of the country. Therefore, any responsible solution to the debt problem MUST include tax increases.
Do not drive this country into bankruptcy to protect tax cuts for the rich. It's stupid."