Tax cuts for wealthy would compound disaster

09/23/2005

Chicago Times
September 23, 2005

“Everlasting misfortune,” Seneca wrote, “does have one blessing: It ends up toughening those it constantly afflicts.”

Or it can, if they seize the opportunity. As Hurricane Rita, with its who-knows-how-many billions of dollars in damage, comes hard on the heels of Hurricane Katrina, whose multi-year reconstruction effort and 12-figure price tag has already sent shock waves through the federal government, Americans face a choice: Either feel overwhelmed or galvanize for the challenge at hand.

Congress was quick to approve $62 billion in emergency aid and promise more to areas devastated by Katrina. But voices on both sides of the aisle are wondering where the money is coming from: New taxes? Spending cuts? Or an ever-increasing federal deficit?

We are not as afraid of the deficit as many. As a percentage of our economy, the deficit is below the highs of the 1980s. If you look at most households in America, they have a deficit—money owed on their mortgage, on their new car, on their credit cards. The federal deficit should be reduced, of course, but it’s not the top priority in time of national emergency.

Nor are we fans of tax increases. Government grows and grows, fed by the lifeblood of our tax dollars, and the abiding philosophy of the Republican Party—which controls both the Oval Office and Congress—is to cut taxes.

That leaves cost-cutting. There is a shameful tendency of politicians from both parties—but especially of the current crop of Republicans in Washington—to talk fiscal responsibility for others while campaigning, then howl for their pork once in office. Who is the rare politician who passes on a big project in his home district as unnecessary? Or who agrees with a military panel that the big base that employs so many voters in their home district is unnecessary and needs to go? Too few.

America is a mighty nation, but our resources are not endless. We believe the enormous cost of cleanup after Katrina and Rita, and the ongoing expense of the war in Iraq, and whatever else might happen tomorrow, should inspire all who love their country to make hard choices.

First, to control waste. When a Republican such as Tom DeLay says that all the fat has been cut, that is an indication of how far lost into needless spending we have become—and how irresponsible DeLay is. With expensive emergencies to face, pork must be sacrificed before the government considers prying more dollars from its citizenry.

We are on record as wanting to keep as much money as possible in the pockets of those who earn it. That said, we understand that this moment—with so many Americans, hundreds of thousands, in dire straits—is not the time to cut taxes for the rich. It’s time to repeal or at least postpone the Bush tax cuts for the wealthy. Discipline was a highly valued trait in Seneca’s Rome—and lack of discipline hurried its downfall. There is more to coping with these crises than providing tents and water. We must put our financial house in order.