Bob's Links and Rants

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Wednesday, June 04, 2003

The runaway debt and erosion of confidence in our economy will eventually shipwreck our entire society, and all the money in the world won't buy a life raft.
(Rep. Charles Rangel's Letter to the NY Times)

To the Editor:

Re "Stating the Obvious," by Paul Krugman (column, May 27): Many Democrats have been saying for months that the president's tax cuts are part of a deliberate plan to starve government of all resources to do anything other than defense.

While I commend Mr. Krugman, he understates the damage the Bush plan will cause when he writes that either taxes will go up again or vital programs will be gutted. In fact, both will occur. States and cities have already raised property, sales and excise taxes to try to meet the responsibilities the Bush administration is shirking. These taxes hit middle-income families first.

The Social Security and Medicare trust funds financed through the payroll tax on workers are being rapidly funneled out to "give the money back" to wealthy taxpayers. This lays the groundwork for the end of those two programs not reform, end because the money will simply not be there.

The runaway debt and erosion of confidence in our economy will eventually shipwreck our entire society, and all the money in the world won't buy a life raft.
CHARLES B. RANGEL
Member of Congress, 15th Dist., N.Y.
Washington, May 29, 2003