Stop borrowing; start raising taxes

The media is currently filled with stories on our national debt situation. The Republican leadership in both houses of Congress has clearly taken any increase in revenue off the table in their public statements. This approach on revenue is largely responsible for the current problem.

Two administrations, Reagan and George W. Bush, are responsible for more than over 45 percent of the current debt of $14.3 trillion. Their policy of tax cuts coupled with borrow and spend were proven disasters.

We must curtail spending but we also need increased revenue. Our current tax rates are near 60-year lows as measured by percentage of income taxed and by taxes as a percentage of gross domestic product. Without increased revenue it seems inevitable that the debt will continue to increase no matter the cuts in expenses.

The Senate Minority Leader recently stated that “The President just doesn’t get it.” It appears the Republican Party “just doesn’t get it.” Insisting on “borrow and spend” will lead to further economic disaster. If expenses are curtailed to equal current revenues, the impact on the economy and the general public will be truly draconian.

Royce M. Blackwell

Elgin