Washington, D.C.: How to make the deficit and debt disappear | Michael Eisenscher, US Labor Against the War
Tuesday, August 2nd, 2011In the Deficit & Debt Debate, the Problem Is a Deficit of Facts
by Michael Eisenscher, National Coordinator, U.S. Labor Against the War
July 27th, 2011
[TxLAW note: Where should the cuts be? Who should pay? Here are Eisenscher's suggestions. For the full statement (well worth reading!), see http://uslaboragainstwar.org/article.php?id=24517]
End the war in Afghanistan and finish withdrawing US troops from
Iraq ($118 billion). Nearly two-thirds of Americans say the
Afghan war isn’t worth fighting. 31% want U.S. troops home from Afghanistan
immediately; another 21% say within a year.[11] They are
right. These wars are not protecting us from Al Qaeda or other terrorist
networks. Instead, they help them recruit.
Close half of our military bases overseas, with appropriate force reductions ($55
billion).
Stop trying to control fossil fuel supplies abroad – at a cost of $103 billion a year.[12] We don’t need to dominate the world’s gas and oil supplies
to guarantee our own security. Investing in sustainable and renewable energy
systems here would make us more secure. But even as is, all the world’s major
suppliers happily sell as much as the U.S. is prepared to buy.
There’s $276 billion – $2.76 trillion over ten years. We could get to $3.5 trillion by
terminating destabilizing Cold War weapons systems, cutting thousands of nuclear
warheads (the ultimate weapons of mass destruction) from our stockpile of 5000,
and actually tackling $60 billion in annual military cost overruns. . . .
If in addition, Bush era tax cuts for the very wealthy were rescinded, a new top
bracket were instituted for millionaires and billionaires, capital gains were
taxed at ordinary income rates rather than the 15% now in effect, a small
transaction tax was applied to speculative stock trades, tax loopholes that
allow the wealthy and large corporations to reduce or evade taxes altogether
were closed, the cap was lifted on maximum income subject to Social Security
taxes ($108,600) so that high earners paid on all their income, the estate tax
were restored to 2008 levels (45% on estates larger than $2 million), a
“Medicare for All” single-payer health plan replaced the for-profit model we
have now – in other words, if the privileged elite actually had to shoulder
their share commensurate with their wealth – the issue of the deficit and debt
would simply evaporate, and Social Security and Medicare would be put on a sound
basis for many decades to come. Add to that the impact of real economic
recovery that puts people back to work, which would bring additional revenues
into the treasury, and we’ d be debating how to spend budget surpluses rather
than whose ox is to be gored.

Benedicto Martinez Orozco marches in support of McMaster University workers during the LabourStart conference, held from July 9 to 11 in Ontario, Canada. (Photo by Stuart Elliott)










