Balanced Keynesian Solution to US Debt Crisis

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Raising the US debt limit could be seen as a separate issue from badly needed tax revenues and spending cuts. The US debt problem suffers from tax breaks, loopholes and an unfair tax system that benefits the wealthy. Loss of revenues stem from the Bush tax cuts to the wealthy. This weak economy can not be righted from reduction in spending, but must be balanced to include revenues from those who can afford it. The Private Sector has not and is not creating employment to spur spending but are sitting on trillion of savings from previous tax breaks. The middle class have had their earnings reduced while the top 2% have had their wealth raised during the recession. So why are we seeking to cut spending in a cash-trapped economy with rising unemployment. This will only exacerbate the problem. The Republican plan lacks vision and any real solution to the big picture. Cutting the debt is myopic and doesn't resolve the US broader economic problem which is multifaceted. Cutting the debt at this ominous time is not a strategy for recovery at all. Deficit reduction is not a solution. The deficit is a result of a revenue cuts to the wealthy and the mounting wars which Obama is drawing down. We must recover revenues not being used by the wealthy and encourage strategic spending that will bolster the economy. This voodoo economic solution proposed by the republicans is a recipe for disaster and Obama should not acquiesce to it. Submitted July 2011 by Renaldo McKenzie

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