Debt debate

Republicans have their opinion of who won the debt debate, we all know who they think won.

Repubs. First wanted $4 trillion in cuts to spending, Obama negotiated them down to $2 trillion, I
think it's clear that they lost and Obama won on this issue. The cuts to Medicare will be only a 2 percent reduction in what Hospitals and Doctors get paid.

Repubs. Wanted a Balanced budget amendment to the Constitution, Democrats got a up or down vote from Congress at a later date, we all know how this will go. It will pass in the House but fail in the Senate, going no where. This is a clear win for Obama.

Repubs. Wanted the debt debate to come up during the 2012 election. Obama got it extended into 2013. Obama clearly won this issue.

Obama has always wanted to end the war in Iraq, he cut defense by 50 percent over 10 years. A clear win for Obama.

On the tax issue. The Bush tax cuts for the wealthy expire in 2012. Unless Congress extends them and the President signs off. Perhaps a real negotiation will take place then to revise the tax code and take away the obvious bias towards the wealthy.

In 2004 there were 132 million tax returns filed with the IRS. 90 percent of tax returns report incomes of less than $100,000. 9.7 million had incomes between $100,000 and $200,000. 2.3 million had incomes of between $200,000 and $500,000. Only 582,213 had incomes of between $500,000 and $2 million. Only 65,548 had incomes of between $2 million and
$5 million. Only 15,835 had incomes of between $5 million and $10 million. Only 9677 had incomes of above $10 million.

So when Republicans talk about cutting taxes they only want taxes cut for the 10 percent at the top or those who make above $100,000 a year. They are not talking about the 90 percent of tax payers who make less than $100,000.

Anyone with half a brain can see that the tax base is shrinking, from 10 to 20 percent UN-employment
shrinks the base. Taxes will need to be increased. Spending is only part of the problem.

When Bush took office the debt was $5.73 trillion, when he left office it was $10.7 trillion. A increase of $4.97 trillion all on Republicans in Congress and on G.W. Bush. Since Bush left office Obama and Congress has been funding two wars and for ten years the Bush tax cuts for the wealthy. Granted Obama extended those tax cuts but only to keep the economy from harm.

The stimulus plan has not had enough time past to make judgment. The bail out of the auto industry and the banks also has not had enough time past to make judgment. Those Repubs. That are saying all of that legislation was a failure do not see the big picture, they have a narrow minded point of view. The economy could have very well went into Depression if Congress had done nothing. Who knows?