It’s time for deficit action

Many folks are talking about the deficit, which is good. The talk, however, reminds me of Mark Twain’s comments about the weather: “Weather is something everyone talks about, but nobody does anything about it.”

The reason no one does anything about the deficit is because it will require sacrifices from all of us, even the wealthy.

Who will reduce the entitlements that so many enjoy? Who will make the cuts to Social Security, Medicare, Medicaid, VA benefits, etc.? Who wants to take on the powerful lobbies that protect the over $250 billion in subsidies for farming, health care, homeownership and banks? How many billions did Exxon and GE make last year? They paid no U.S. income tax – not a dollar.

Professor Leonard Burman, writing in the University of Virginia Tax Review, feels that the value added tax, similar to other countries, would eliminate the income tax for families making up to $100,000 a year, and our federal tax rate is the second-lowest in 50 years, which contributes to our deficit.

Many scholars, and some daring politicians, talk about these options, but that’s just talk. Attacking our deficit will require sacrifices from all of us, including the wealthy.

Larry M. Belmont

Coeur d’Alene