As I write this, it's election eve, an election of historic importance for a nation in dire straights. If the ideal is 'Peace and Prosperity,' we are no where close, our economy in turmoil and our soldiers in harm's way.
That's not to exaggerate the situation. We've faced far worse. There was a time when we asked children of the greatest economic downturn in U.S. history, The Great Depression, to go off to war to fight fascist tyranny and liberate a foreign land ... while those who stayed home dealt with rationing, chronic shortages, and taxes that went as high as 97% for the wealthiest Americans. Their sacrifice and ultimate triumph built the foundation of the America we enjoy today and earned them the moniker "The Greatest Generation" because they were asked to sacrifice and did so willingly.
I commend both John McCain and Barack Obama for an excellent Presidential campaign, but there is one thing I'm not hearing from either of them. Neither is asking us to sacrifice very much.
Obama believes we can finance our government by simply raising taxes on the rich. McCain preaches that lowering taxes across the board will bring us the kind of prosperity that can overcome massive deficits supersized by the government bailout. Neither vision is realistic, especially since neither is talking seriously about cutting government.
This is the 'you can eat your cake, skip the vegetables and not get fat' campaign. No tough decisions, no sacrifices. We'll cut taxes and keep all the spending, even expand it whether it be on health care reform or in Iraq.
But honestly, who can blame either of them? There are times when I fear we have morphed into the 'Puniest Generation,' too willing to ask someone else to sacrifice for the greater good and obscenely passing on our debts to our children. Two recent articles I read did nothing to allay my fears.
The first was a "My Turn" article in 'Newsweek' written by the mayor of Ketchikan, Alaska, the town that stood to benefit from the infamous 'Bridge to Nowhere.' He defends it, saying, "Our town in Alaska sorely needed a bridge to its airport." My response is 'fine!' Then get your people together, pass a bond issue and build you own @*%#! bridge. It's not like this is a bridge on an interstate over the Mississippi that a high percentage of Americans might actually use.
The second article was in 'Fortune' profiling the hard-luck people who make more than $250,000 a year who may get their taxes raised under Obama. One had the temerity to explain how she wasn't rich while then boasting how she puts away $4000 a month. Most Americans don't make $4000 a month!
While 'Fortune' didn't lay out the math, most of the $250,000+ club profiled appeared to be paying between 25% and 28% tax rates. Their parents if they made similar wages probably paid closer to 70%. Yes, 70% is too high, but considering this group now pays what I'm pretty sure are the lowest taxes in the modern free industrialized world for their income group, there is a case to be made that their taxes are too low.
I'm sorry, but the sob stories of how they don't own a Porsche (although they could afford one) or can't retire at 50 (they could, but not at the lifestyle to which they've become accustomed) or how they have to spend $2K a month on day care (huh?) don't move me. These are the people ... financial planners ... executives ... doctors ... who benefit the most when the economy is vibrant, the middle class is strong, and our nation is safe. They can afford to pay a little more to achieve these goals.
This is not a defense of Obama's tax plan. This is a defense of true fiscal conservatism. We have to stop borrowing to fund government, and they only way we accomplish that is by shared sacrifice. Some will have to pay a little more. Others will need to give back some of their government largess to help shrink its size. Only both will get us back to balanced budgets.
And as for me, while I live very modestly and make no where near $250K, I have said in a previous blog I will support paying more in taxes if it helps restore the financial viability of the nation I love. It would be a small sacrifice by someone who refuses to be a part of the 'Puniest Generation.'
Frankly, I don't believe we are the 'Puniest Generation.' I think we haven't sacrificed much because our leaders haven't had the courage to ask. Given the current state of our nation, now would be a good time to start.
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