I am a local auto mechanic (make 50k/year, not a Republican) responding to Istar Holliday’s letter (“Start looking for Oliver Twist,” July 7). I guess Istar didn’t hear about Obama and General Electric. He/she also criticized Republicans for not ending tax cuts for the richest Americans, while claiming that when taxes were progressive the economy grew.
Uh? The richest 1 percent of Americans pay 35 percent of taxes. The richest 10 percent pay 71 percent! The poorest 40 percent of Americans pay negative 3.6 percent of taxes. The poorest 20 percent pay negative 6.6 percent! Taxes are progressive, dude. There aren’t enough rich people to solve our fiscal problems.
Obama’s policies are doing a fine job of destroying the economy. Bush sucked, too. Clinton budget supporters should look at the huge intragovernmental debt he accumulated. Hey Istar, Reagan ran a $2 trillion deficit, the top tax rate went from 70 to 28 percent, and federal revenue rose 19 percent faster than inflation. Individual income tax revenue rose 13 percent. Unemployment, 7.1 to 5.5 percent.
Our fiscal situation is from multiple factors. Seventy-two out of the last 100 years, Democrats and Republicans have spent more than our GDP on war, horrible policies based on Keynesian economics, and massive social programs that have created a dependant welfare state.
“The worst form of inequality, is to try to make unequal things equal.”— Aristotle
-- Greg Larson - San Luis Obispo