Seriously, I am also pro-business and capitalism. However, at some point the money has to move downhill for all the benefit in the name of fairness. That does not mean I think a janitor should make 100/year. It does mean he has to feed his kids as well.
"To investigate medical contributors to bankruptcy, we surveyed 1,771 personal bankruptcy filers in five federal courts and subsequently completed in-depth interviews with 931 of them. About half cited medical causes, which indicates that 1.9-2.2 million Americans (filers plus dependents) experienced medical bankruptcy. Among those whose illnesses led to bankruptcy, out-of-pocket costs averaged $11,854 since the start of illness; 75.7 percent had insurance at the onset of illness. Medical debtors were 42 percent more likely than other debtors to experience lapses in coverage. Even middle-class insured families often fall prey to financial catastrophe when sick."
I understand your desire to represent MBNA, a major constituent. However, at some point, representation of a legitimate constituent must give way to decency and respect for those who play by the rules and still wind up losing.
The Republicans have used supply side economics to justify tax cuts for the rich since 1980. Starting with Reagan, the total combined debt accumulated under 17 years of Republican economic leadership is 5.170 trillion, or a 10.61% compound annual growth rate.
The argument used to justify the tax cuts is they will sufficiently stimulate the economy to pay for the increased debt that originally funds the tax cut.
When will the economy grow fast enough to pay down this Republican incurred debt?
Ronald Reagan started his term with total debt outstanding of 930 million and increased total debt outstanding to 2.7 trillion. This is a 13.71% compound annual increase. He never balanced a budget.
Bush I started his term with outstanding debt of 2.7 trillion and increased total debt to 4 trillion. This is a 10.32% compounded annual increase. He never balanced a budget.
Clinton started with total debt outstanding debt of 4 trillion and increased total debt outstanding to 5.6 trillion. This is a 4.2% compounded annual increase. He balanced his last three budgets.
Bush II started with 5.6 total outstanding debt and increased total outstanding debt to 7.7 trillion. This is a 6.5% annual increase. He has never balanced a budget.
For 25 years the Republicans have held the presidency for 17 of the last 25 years. They have never balanced a budget and have increased total debt outstanding 11.69% in each year they have held the White House.
The Democrats have held the White House for 8 of the last 25 years. They have balanced the budget 3 times and increased total debt outstanding 4.2%.
I just read a report from the Bank of International Settlement that discussed the low interest rate situation in the US. The article pointed out that over the last few months, GM was downgraded, AIG restated earnings and there was a hedge fund scare. These three events combined to crease a flight to quality, meaning bond traders bid up the US 10-Year.