In the year 2000, President Select, George W. Bush, [anointed by Supreme Court Chief Justice William Rehnquist,] inherits a budget surplus. Feeling empowered by his office and wanting to please his constituency, he convinces Congress to cut taxes. This action increases wealth for the already wealthy and provides a pittance for the others. The surplus slide is set in motion and the drain begins.
On September 14, 2001 President Bush travels to Ground Zero. He wishes to calm the country. As he starts to speak, a voice in the crowd calls to him. The caller shouts, that he can barely hear the President’s words. In response, Bush proudly proclaims, “I can hear you! I can hear you! The rest of the world hears you, and the people who knocked these buildings down will hear all of us soon!” King George Bush II declares war on terrorism. To this end, he elects to attack Afghanistan and Iraq unilaterally. This decision increases assets for the affluent. Businesses build; defensive spending is on the rise. However, financing these conflicts is costly. Budget shortfalls be damned; we are at war!
Now, four years later, our current President is actively pushing a program that he and his fellow financiers have wanted for decades. He is asking the public to privatize Social Security. He states that if taxes are no longer taken from pay checks and the funds are instead invested in the market, think of how great the capital gains might be; at least for those that have much to invest. With individual accounts, those that already invest wisely will be able compound their gains. George and his gang are among those that do invest well; they are practiced and possibly, probably, with privatization, they will increase their gains. Therefore, he and his benefactors are proposing an ownership society.
Bush and his band admit that privatization will not bring solvency to the Social Security system, however, they will be happy. He and his heretics concede that this plan will not create a more secure system. Nonetheless, Bush, billionaires, his buds, and his base want this plan! Initially, this program will cost two trillion dollars to implement, and it will increase the deficit further.
According to the history of similar structures in places such as Chile, individual retirement accounts lack security; the poor become poorer. The disabled, children, survivors, and the elderly will not have the security that this fund currently provides and what of our budget? Presently, numbers are adjusted; we borrow from the Social Security surplus so that our budget will appear more in balance. In actuality, our shortfalls are even larger than reported! If the true figures were released, we would know that our deficit is much greater than the Administration claims!
However, Bush tells us not to worry. He reminds us of the glory of the Bill, Bill Clinton that is. President Bush 43 conveniently proves that a deficit can be turned into a surplus; after all Clinton did it. Therefore, there is no need to worry. We can continue cutting taxes, increase the wealth of the wealthy, and add to the deficit. All will be fine or will it?
Our debt and deficits affects us all. More Americans are declaring bankruptcy than ever before. Medical bills, low wages, those that do not keep up with inflation, downsizing, and divorce cause fiscal devastation. The average person is buying on credit, they are not spending frivolously; they are fighting to survive. Bills mount and people pay, as they are able. However, billionaires and big businesses want more; the bankruptcy of others brings them less. Consequently, they lobby. Weeks ago Congress proposed and passed the Bankruptcy Bill. The benefit of this bill is that the rich will get richer and the poor, well, they suffer, sadly, and too often in silence. They do this in the ghettos and enclaves that the affluent never visit. They are out of sight, and out of mind. Their debt is societies deficit and it increases!
This past week is as all weeks during the Bush presidency; the beat goes on. George W., with the help of the "Billionaires Boys and Girls Club," otherwise known as the United States Congress, chooses to permanently repeal the Estate and Gift Tax. They have been working to do this for years. At the start, they realized that that if they called it the “Death” tax people would wish to avoid it. In actuality, those that die do not pay; those that inherit do. Even at that, only the smallest percent of the population inherit enough to be affected. Nonetheless, this small number is among the Bush base; they are the affluent. Therefore, with silver spoon in his mouth, the President pushed for this passing. George W. Bush and his fellow prosperous pals gain again, and the deficit will grow. What is it that they say? The rich get richer, and the poor? Well, they just fade away or do they too grow in numbers? If we grow the deficit, they likely will.
Some economists believe that it is necessary to have underprivileged. There are experts that think the wealthy need the less fortunate in order to prosper. Many feel that the deprived further facilitate the rich getting richer and after all, we all wish to be rich. Therefore, we need to cultivate a lower class. Others trust in the trickle-down theory. However, I think that there are other possibilities. I observe nature and urge us to consider the nature of nature.
In nature, there is infinite abundance! All is growing; all is replenishing eternally. If we take a pail full of water from the ocean, the ocean is not less a container full of water; it renews itself. If we remove sand or soil, nature will create more. If we spray insects in our attempt to lessen the population, we will discover that the insect population does not die. Globally it continually increases, as it has done for centuries. Nature is abundance.
If we emulate nature, we can increase the wealth without increasing the deficit, and it is true, Clinton did it. The rich did get richer; the deficit was diminished and ultimately eliminated. A surplus was created and the poor prospered commensurately.
I propose prosperity for all. Seek abundance, not for a few or for friends and family. Seek abundance for all, everywhere. Please President Bush, increase wealth without increasing the deficit! It is possible, probable; it is the nature of nature!
The introduction to MacSpeak seems most suitable here. Max Sawicky offers the words of a political economist and philosopher, Adam Smith [1723 - 1790.]
The disposition to admire, and almost to worship, the rich and the powerful, and to despise, or, at least, to neglect persons of poor and mean condition, though necessary both to establish and to maintain the distinction of ranks and the order of society, is, at the same time, the great and most universal cause of the corruption of our moral sentiments.”
Please take a moment to listen to Former Secretary of Labor, Robert Reich speak on the Social Security Surplus!
Please consider The Brookings Institute, Economic Papers. Gale and Slemrod write on "We Tax Dead People
You may wish to read MaxSpeak, "Eat the Rich". Max, discusses the Esate and Gift Tax.