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Budget and Economic Policy
September 2006
Republicans have been in control of the House, Senate, and White House for 6 years, and have failed to use their majority status to maintain a sound and responsible fiscal position for the United States. Here is where our country stands today on the budget, as well as the Spivack Plan of Action:
Current Situation:
- The current national debt of the United States is over $8 trillion, meaning the government owes about $28,000 for every man, woman and child in the nation.
- Irresponsible Republican policies are causing that debt to grow at the rate of about $260 billion to $300 billion per year.
- The gap between the “haves” and “have nots” is growing wider; the rich are getting richer, while middle-class incomes stagnate.
- In what was disguised as an attempt to balance the budget, Republicans passed legislation to cut $39 billion in social programs hurting the elderly, students, families, and the poor At the same time, Republicans voted to give $56 billion in tax cuts for the wealthy.
- Republicans in Congress are continuing to propose more tax cuts for the wealthy.
- Our trade deficit is at record levels.
- The Republicans are mortgaging the future of the United States to foreign countries, especially China and Japan, to finance our debt
Spivack Plan of Action:
- Work to balance the budget in an ethical and responsible fashion.
- Roll back the tax cuts on the wealthy.
- Make government spending more accountable, for example, by eliminating corporate welfare and no-bid contracts for well-connected firms like Halliburton.
- Cut wasteful pork-barrel spending by establishing a bipartisan commission to prioritize our spending on infrastructure, and replace the bloated 2005 highway bill.
- Encourage additional financial aid from international allies to help in Iraq.
- Increase efficiency and eliminate bureaucratic waste in various programs, such as Medicaid, and allow Medicare to negotiate discounts on prescription drugs.
- Fight for fairer trade agreements to boost exports of goods and services and strengthen job opportunities in the United States.
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