$700B: What Do You Choose? Trust-funds for Poodles or College Scholarships?
Since the Bush Tax Cuts were first instituted, the US has borrowed $700 Billion to pay for tax breaks for the very wealthiest Americans. This is money that is neither truly needed by its beneficiaries, nor reinvested into the economy to create jobs, infrastructure, or a better future for our children. (Well, at least not 98% of them.) Despite their supposed dedication to deficit reduction, Republicans in Congress (along with several conservative Democrats) wish to not only extend this indulgence, but make it permanent.
Here’s a startling fact: between 1980 and 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent. Clearly, the American economy no longer works for the majority of Americans; and yet, Republicans (with the aid of “grassroots” Tea Party rubes) want to continue along this path.
The Other 98% has a few things to say about that. They’ve organized a petition calling on Congress to allow the cuts for the top 2% to expire at the end of the year, and extend them for those of us making below $250,000/year. Why should you care? Think about all the things we could’ve done with that $700 Billion. The Other 98% has a handy infographic to help with that, too! Click the graphic and go sign the petition!