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Republicans holding economy hostage

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Here’s another lie that the neoconservatives have invented: “Republicans are more responsible money managers than Democrats.”
Actually the reverse is true. When Ronald Reagan moved into the White House, the national debt was less than a trillion dollars. It had actually gone down somewhat during the Carter years.
Reagan’s massive tax cuts for the rich and big corporations along with tiny cuts for working people increased the debt by $1.8 trillion, to $2.87 trillion. George H.W. Bush added another $1.48 trillion.
During Clinton’s first term momentum added another $1 trillion, but by the end of his second term the total debt had actually gone down a bit as he handed George W. Bush a budget with a surplus.
Bush promptly introduced more huge tax cuts for corporations and the rich, incurring additional debt of $4.6 trillion. That’s an increase of 80 percent to $10.4 trillion.
Then he handed over to Barack Obama an economy destroyed by neoconservative deregulation. Bush’s buddies on Wall Street made off with the money, and now all of a sudden the Republicans are all upset about deficits.
They want the middle class and the working poor to pay for it. They blocked Obama from providing a sufficient stimulus to really get the economy going, and demanded more tax cuts for corporations in return for what they did allow, even though the corporations are already wallowing in excess capital that they don’t know what to do with.
The Republican budget plan calls for damaging cuts to Medicare and Medicaid, and other programs that benefit the working poor and the middle class, while extending another trillion dollars of tax cuts to the wealthy.
This tells me that they are not really serious about balancing the budget. But they are willing to threaten to block raising the debt ceiling to get their way.
The consequences of the resulting default are incalculable. They are holding what’s left of the economy hostage.
This is totally irresponsible, and our representative, Morgan Griffith, supports this. Is this really the mandate we gave him?
David Hoffman
Independence