Dear editor,
President Obama always talks about "the mess" he inherited and how "the rich must pay their fair share" of taxes. At this critical time, reminders are in order.
"The mess" wasn't totally the fault of President Bush.
During the last two years of the Bush presidency, democrats controlled the House and Senate. It's not like the president is a monarch.
A prime feature of "the mess" was the mortgage crisis. And Fannie Mag and Freddie Mac, goverment related lenders, were major players.
Bush wanted greater scrutiny of Fannie and Freddie. Democrats, including then Senator Obama, resisted. Barney Frank, chair of the financial services committee, assured us that these lenders were "financially sound." A few weeks later, we knew better.
The democratic majority continued for Obama's first two years as president. Blaming Bush has become dated, boring, and disingenous.
The Congressional Budget Office (CBO) provides a wealth of information and is non-partisan.
The CBO divides the population into fifths (quintiles), according to income. It shows the percent of paid in total federal taxes.
Figures are complete through 2007. In that year, the highest income quintile paid 25.1% of it's income in federal taxes. The bottom quintile paid 4% it looks like the rich do pay their fair share.
What could be more fair than an able-bodied, reliable person having a lasting, decent paying job with benefits?
First, there must be a demand for the product and/or service the job creates. Then, there must be investment to provide a place to work and the equipment to use.
If it's a public service job, a reliable tax base is critical. That's more likely if area business and industry is succeeding.
The illogic of the "Buffett Rule" was exposed earlier. It would discourage investment and retard job creation.
We need to encourage job-creating investment. It's critical that energy independence is achieved. The Keystone "XL" Pipeline needs built. Federal tracts, on land and sea, need opened to reasonible oil drilling. Royalties collected from drillers should be used to pay down the huge national debt.
I doubt if the president gave lectures on wealth to the Hollywood celebrities at George Clooney's house this spring.
And his campaign seems to have kept the million dollars from Bill Maher; whose insults of conservative woman are despicable.
Sincerely,
Terry D. Hallock
Warren