To the Editor:
The voracious appetite of Congress to spend is insatiable. As a result, the debt is now $16.1 trillion, and huge deficits have become the rule.
Even with record low interest rates, the interest on the debt in 2011 was $250 billion.
Two tax cuts, along with two wars and irresponsible spending, have contributed significantly to the debt. The tax cuts are scheduled by law to expire at the end of 2012 and return to rates that were in place before the temporary tax cuts in 2001 and 2003.
Has Congress learned the lesson that reducing revenues during wartime is fiscal insanity? Of course not. Congress is planning to extend the tax cuts with no plans to significantly cut spending, virtually ensuring that the debt will reach $20 trillion in the near future.
Here is an idea on how to create jobs and give the economy a big shot in the arm: Extend the tax cuts for another two years but increase each of the temporary brackets by 10 percent.
In conjunction with this action, reduce the tax rate for businesses to 5 percent on profits generated from operations/manufacturing in the U.S.
Encouraging businesses to maintain U.S. manufacturing operations is critical to reviving the economy and creating jobs.
Until Congress demonstrates that it has the courage to end wasteful spending, revenue increases are absolutely essential if the country is to avoid an economic collapse from a debt that will soon reach $20 trillion.