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The Great GOP Nat'l Debt Machine

10/26/2010 11:23 am ET | Updated May 25, 2011

The GOP is screaming about the national debt increases under President Obama. This is one talking point that the GOP should be called on. Of the current and approximate $13.7 trillion we how have in national debt since 1980, Reagan, Bush I and Bush II ran up about 67% of it.

This is the major and critical talking point that Presidents Obama and Clinton and all Democratic candidates should be yelling about on the campaign trail. Let's talk records on debt and deficits. Since 1980, the GOP is in far worse shape on this score. President Obama should get the Bush tax cuts back and pay down an enormous chunk of the national debt.

Then when you factor in the 'great income disparity' or Great Divergence that we've seen since 1980, diligently expressed by Tim Noah on CBS Sunday Morning, this is the other talking point that needs to get out there... the 1% have done enormously well. Did I hear him correctly?? 80% of all increases in income between 1980 and 2005 went to the richest 1% of Americans. I'm all for free market capitalism...but could this not have happened without many huge special interests gaming the system over time? Maybe this 2008 report sheds some light on this... Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales. Alas, such is life in the world of rigged games, tilted tables and uneven playing fields. When the Fairness Doctrine as applied to media was jettisoned under Reagan and Bush I, the downward trajectory of "economic fairness" was sure to follow.

Voters should definitely take heed of this information before voting in November. You might also take a look at the new Charles Ferguson documentary, Inside Job when you have a chance. There's plenty of blame to go around. We need to embark on a major federal financial policy restoration project... something that probably does not resonate well with the Republicans in Congress. Nonetheless, all good and thinking Americans must demand it.

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