Sanders Op-Ed: Deficit Reduction Requires Shared Sacrifice
The rich are getting richer. The middle class and poor are getting poorer. What is the Republican solution to the deficit crisis? More tax breaks for millionaires and billionaires. Savage cuts in programs that are desperately needed by working families.
There is another approach, which is why I've just introduced legislation imposing a surtax on those households earning a million dollars or more
and the elimination of tax loopholes which the big oil companies take
advantage of.
Everyone agrees that this country has a major deficit crisis, but few
discuss how we got there. When George W. Bush inherited the White House
from Bill Clinton we had a significant surplus. Now we have a $1.5
trillion deficit. How did that happen?
First, against my vote, Bush and Congress launched a war in Iraq. By the
time we take care of our last veteran that war will end up costing us
some $3 trillion. When the war drums were beating do you recall any of
our Republican friends wanting to know how that unnecessary war was
going to be paid for? I don't.
Second, Republicans for years have pushed for huge tax breaks for the
wealthiest people. I didn't hear them ask how that was going to be paid
for.
Third, under President Bush and a Republican-run House, Congress passed a
$400 billion-plus Medicare prescription drug program. Written by the
insurance companies and the drug companies, it barred the government
from negotiating better prices. It drove up drug costs, padded
pharmaceutical company profits and added to the deficit.
Fourth, again over my objection,
Congress voted for a massive bailout of Wall Street. I didn't hear too
many people talking about how we would pay for that $700 billion to bail
out Wall Street. I didn't hear them worrying that it would drive up the
deficit. Wall Street, having destroyed the economy through their
reckless and illegal behavior, needed a welfare check and Congress
provided it. End of story.
Those are some of the reasons we now have a deficit crisis, reasons
Republicans don't talk much about when they provide soaring rhetoric
about the dangers of large deficits.
The corporate media have been very lax in describing the devastating and
unprecedented pain that the Republican House passed budget bill, HR 1,
would bring about for low and moderate income families. Let me briefly
mention just a very few of their cuts.
The Republicans want to decimate the
Head Start Program. Every working family in America knows how hard it
is today to find affordable childcare or early childhood education. At a
time when we have the highest rate of childhood poverty in the
industrialized world, the Republican solution is to slash Head Start by
20 percent, throw 218,000 children off the program and lay off 55,000
Head Start instructors.
The cost of college education today is so high that many young people
are giving up their dream of going to college, while many others are
graduating deeply in debt. The Republican solution? Make a bad situation
much worse by slashing Pell grants by $5.7 billion and reducing or eliminating Pell grants for 9.4 million low-income college students.
Social Security is another target. We get calls in my office every week
from senior citizens, people with disabilities, widows who are having a
hard time getting a timely response to their Social Security claims. It
takes much too long to process the paperwork today. What is the
Republican solution? They want to slash the Social Security
Administration, the people who administer Social Security, by $1.7
billion. That means half a million Americans who are legally entitled to
Social Security benefits will have to wait significantly longer to
receive them. (Become a citizen member of the Defending Social Security Caucus)
When it comes to health care, we have 50 million Americans with no
insurance today, and 45,000 Americans die each year because they don't
get to a doctor in time. Last year, as part of health care reform, I
worked very hard to expand community health centers so that more and more low-and moderate-income people could walk into a
doctor's office, get health care, dental care, low-cost prescription
drugs, mental health counseling. What is the Republican response to the
health care crisis? They want to drastically cut-back funding for
community health centers and deny primary health care to 11 million
Americans.
For the poorest of the poor in our country, the Community Services Block
Grants provide the infrastructure, the mechanism to get out emergency
help for food, heat, housing and other very basic necessities of life.
With homelessness and poverty increasing, the Republicans want to slash
$405 million from the Community Services Block Grant Program.
In cold weather states like Vermont, where the weather can get to 20
below zero, home heating assistance is critically important. In fact it
is a life and death issue. At a time when home heating oil costs are
soaring, the Republicans want to cut $400 million from the Low-Income Home Energy Assistance Program.
After decades of progress cleaning up our air and water, and preventing
much illness, the Republicans want to slash the EPA by 30 percent and
undercut enforcement of the Clean Air Act and the Clean Water Act.
Republicans also want to cut the WIC program, which provides
supplemental nutrition for women, infants, and children. They want to
cut that by $750 million.
Everybody understands we have problems with education right now,
including large dropout rates. At a time when states are laying off
hundreds of thousands of teachers, Republicans want to cut $5 billion
from the Department of Education.
On and on and on it goes.
In my view, we do need to boldly address our deficit crisis, but we need
to do it in a way that is fair -- that is not on the backs of the sick,
the elderly, the children and the poor. In other words, we need shared
sacrifice. The wealthiest people in this country, who are now doing
phenomenally well, are also going to have to help us with deficit
reduction. That is why I introduced legislation which
would place a 5.4 percent emergency surtax on income over $1 million.
The revenue would go into an Emergency Deficit Reduction Fund. Just
doing that - asking millionaires to pay a little bit more in taxes after
all the huge tax breaks they have received -- will bring in up to $50
billion a year.
I think that is a good idea, but it is not just me. An NBC News/Wall Street Journal poll recently
asked the American people about the best ways to go forward on deficit
reduction? Eighty-one percent of the American people believe it is
totally acceptable or mostly acceptable to impose a surtax on
millionaires to reduce the deficit. My legislation also would eliminate
tax loopholes that enable the big oil companies from avoiding their
fair share of taxes.
The American people get it. They understand that we cannot move toward
deficit reduction just by cutting programs that working families, the
middle class, and low-income people desperately need. They understand
that serious, responsible deficit reduction requires shared sacrifice.
They know that at a time when the top 1 percent earn more income than
the bottom 50 percent, that when the effective tax rate for the rich is
now lower than at any time in recent history, that it is absurd not to
ask the wealthiest people in this country to provide additional revenue
to help us lower the deficit.
The federal budget is not just a bunch of big numbers. It is the
document that speaks to the values of our country, our national
priorities and our hopes for the future. At a time when the gap between
the very rich and everyone else is growing wider, it is a moral
abomination to give more tax breaks to millionaires and billionaires,
while cutting programs for the most vulnerable people in our society --
the children, the elderly, the sick and the hungry. The Republican
budget proposal must be defeated.
