Much better would be to condemn the Republican Party, of which McCain is a member, for effectively
taxing our children.
Under President Bush, the Federal Debt has grown by about 23%, or 1.7 Trillion dollars.
http://www.brillig.com/debt_clock/faq.html1,700,000 million / 300 million people =
$5, 667 for every man, woman, and child
Your federal income tax is going to be used to pay the interest on this debt. (Yes, corporations pay taxes, but I think that their contribution is effectively only about 20% of federal tax receipts, so I'll just ignore them.) I think it's a fair guess that the principal will never be paid off. So, how much money can a "child", aged 22, expect to pay over the next 43 years so that their parents would
not have to pay additional taxes during the reign of King George?
I'm not a financial guy, so take the following with a grain of salt. From
http://www.treasurydirect.gov/news/pressroom/currenteebondratespr.htmwe can see that Series I savings bonds earned 4.84%, and Series EE earned 1.40%. So, I'll use 3% interest for my calculation.
3%, compounded yearly for $5,667 over 43 years is
$5,667 X (1.03)^43 = $5,667 x 3.56 = $20,174.52
In other words, so that you and I could enjoy the dubious 'benefits' of Republic economics, your children and mine (if I ever have any) will end up paying
$20,174.52.
George Bush, with help from the likes of John McCain,
have raised taxes, but
in the future. (OK, the verb tense doesn't match up with the word 'future', but I think everybody gets my meaning.) Whatever the exact figure may be, the Republican didn't
not tax as much as they placed taxes
on our children, without their consent, for their folly and greed.
Now, if Bushco had spent the 1.7 trillion in transforming the US economy to a sustainable, green one, that would not only have been money well spent, but would have strengthened our competitive position in the world such that our children would have a better prospects of getting a good job. Well, instead we got the Iraq fiasco, with $100/barrel oil. Figure $50 / barrel of oil, 22 million barrels of oil a day, and over a 5 year period that means that the American economy has been socked for an extra $195,800 million.
I really have little idea how to translate this into individuals pocketbooks, but guessing that 1/2 this amount ends up coming out of Americans' pockets, that means that besides your children paying $20,174.52 over the course of their lives,
you have already paid 1/2 * $195,800 million / 300 million = $3,263 for yourself, and maybe another $3,263 for your child.
All for the privilege of getting a) a tax cut and b) 'leadership' by the cleptocratic Republican Party.
Tax cuts and leadership like this we don't need. I hope Obama's smart enough to let the public know just how badly we've been screwed by 'cut your taxes' George Bush and company. The meme is a simple one -
the Republican didn't cut your taxes, they just transferred them to your children.
Recall the very effective ad of the mother with her baby, telling John McCain that "he can't have him". (I think it may have been a moveon ad.) Similar concept - McCain can't make a debt slave out of her child, any more than he can made a soldier out of him.