deficit

by Dan Conti, Kentucky Public Radio

Congressman Ben Chandler says one of the main causes of today’s historic trillion dollar federal budget deficit is the tax cuts that were approved during the Bush Administration. The Versailles Democrat made the comment during an interview on KET’s One to One program.

Chandler says tax policy under President Clinton produced a budget surplus but the lower rates championed by President Bush mostly benefited the rich.

“These were the largest tax cuts that we’ve had, maybe ever, but certainly in a very long time,” he said. “And they are a tremendous cause of the deficits that we’re looking at right now. And most of those tax cuts went to the very wealthiest people in this country.”

Chandler says wealthy people today have more money as a percentage of the economy than they’ve ever had in the history of the U.S.

“It’s kept us from having the ability to properly fund things like Medicare and Social Security,” he said. “So now people want to come along and say, ‘surprisingly, we don’t have the money to fund Medicare and Social Security.’ Well, of course we don’t. We’ve given all these big tax cuts to the wealthiest people in the country.

Chandler says he doesn’t like to hear programs like Social Security and Medicare referred to as “entitlements”. He says most recipients paid into those programs all their lives and earned the benefits.

Republicans argue that raising taxes on the wealthy will discourage investment in new economic development projects.

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Clark County Commissioners Defer to Council

by Devin Katayama August 5, 2011

Clark County, Indiana is relying on a lawsuit to help close its $1.2 million budget deficit. The council will decide on Monday how it wants to save the county from default. Clark County cut property tax 25 percent in 2007 when the county had a budget surplus. Now, it’s filed suit to ask for around […]

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State Revenue Forecasts Due Out Tomorrow

by scrosby May 28, 2009

From Kentucky Public Radio’s Tony McVeigh Some new state revenue forecasts on which a special session of the Kentucky General Assembly may be based will be announced today in Frankfort. Last week, the Consensus Forecasting Group took a look at the leading economic indicators, which were generally gloomy. Now, the independent panel of economic experts […]

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