Spending control, tax increases necessary

The Gazette (Editorial Board) has a right to repeatedly attack the Obama Administration concerning the federal debt, however mistaken these attacks are during high unemployment. But the paper isn't free to be inconsistent.

First, The Gazette shouts that federal debt is bad because it “steals from people's savings” and will lead to “huge inflation.” Never mind that savings are rising and prices stable.

But then comes the inconsistency. The Gazette demands that there be no tax rate increases at this time.

Think about this. The lost federal revenue would raise the federal debt by another $50 billion next year and, if tax-hating Republicans regain power, boost the debt by an estimated $700 billion over the next 10 years. The taxes at issue would, by the way, apply only to household incomes over $250,000.

Have we forgotten the history of the parties on the federal debt? Ronald Reagan runs up big deficits. Bill Clinton combines tax rate increases with spending controls and begins to pay down the debt. George Bush cuts taxes and opens the spending spigots to his wars to roll up another trillion-plus in debt.

Economists will tell you that when we recover from this joblessness, both spending controls and tax increases will be necessary. Obama would begin that process of debt control next year. But for The Gazette, federal debt is terrible when it helps the suffering jobless and avoids more layoffs of teachers. The debt is, apparently, just fine when it protects the most wealthy.

Don Cell

Mount Vernon