The debts of the 1%

Disclaimer: I am neither an economist nor an expert on tax policy.

Prior to the initiation of the Occupy Wall Street protests, leaders of the Republican party fervently argued that ‘America is broke’ and because of this, this nation needs to undertake austerity measures along the lines of reducing social welfare programs and placing limits on Social Security and Medicare outlays.  I would argue that this country isn’t broke. We have an accounting disparity… the G.W.Bush administration borrowed the excess taxes collected by the social security administration to fund enormous loans to the wealthy and corporations in the form of tax cuts.  Well the country is now in need and calling in the debt… it’s time for the wealthy and corporations to repay their loan and pay more taxes!