I recently watched an anime called [C]: The Money and Soul of Possibility. It’s a show where people who need money can enter into a financial organization called the Midas Bank, which will issue them money for the price of their future.
Literally, their future. They have to battle a member of the bank once a week, and if they lose, their future is adversely affected — some changes happen instantly, others take a while to be noticed. If they lose all their money in the deal, they are kicked out of the bank and lose everything the “Midas Money” had made possible for them.
One of the sticking points of the series is that one of the main characters, who is super rich, is singlehandedly holding up the Japanese government. He prints out more Midas Money to help Japan survive, but in the process, dooms Japan in the future until the hero steps in and stops him.
I feel that’s exactly what we did with the debt deal that was reached this week. Saved ourselves for the present, but hurt our future. A small band-aid on a bullet hole.
Why? Let’s use Social Security as an example. Making cuts to it now may delay a few paychecks for the present. But in the future, there is the possibility that there may be no paycheck at all — or a very small one that would never be enough to live off. Making severe cuts to defense weakens the military’s ability to defend American shores. Making cuts to transportation now results in roads not being repaired and crucial road and rail arteries never seeing relief.
You get my point? All these cuts now aren’t going to affect the workers of today — they’ll hit the workers of tomorrow. In short, me. And anyone close to my age.
It seems that the Republicans wouldn’t be able to run a successful business for their lives. So the government is is running a huge deficit. “Cut, Cap, and Balance” the budget is what they want to do. Fine. Make those cuts. Eliminate waste. All good.
But in order for any business to be successful, it has to turn a profit. It has to take in revenue. Simply balancing the budget — and not coming up with more revenue — does NOTHING to reduce the debt AT ALL. It simply stops it where it is year after year.
So, in short, the government has to turn a profit, run a surplus, whatever you want to call it. And how are we going to raise that revenue? Taxes on the rich.
It only makes sense that those who make more pay more, and it only makes sense that some people earn more than others in a capitalist society. But when Apple has more cash on hand than the government, you have a problem.
How have these companies and individuals gotten rich? Outsourcing their jobs to foreign countries so they can build their products for cheap, in the process stealing jobs from the American people to make a few extra dollars. Meanwhile, the rest of us are stuck working low-wage jobs or living on government assistance, and then that government assistance is cut severely because the Republicans aren’t willing to raise taxes on those whose lifestyles wouldn’t change one bit even with the extra hit on their bulging wallets.
What should be done? Repeal the Bush tax cuts on high income individuals, AND raise taxes on companies that outsource jobs while lowering taxes on companies that manufacture here. This way, those jobs could come back to our shores, and Americans can proudly make quality goods for brand names and make more money. Not only would they get to keep more of that money, because their incomes would be higher the government would also make more off of taxes even at the current rates.
And the money from these taxes can make the cuts less severe.
I’ll admit, I don’t know too much about economics, but even I understand this much — apparently too much for House Republicans to handle.