Sanford ignores role of revenue in deficit

info@islandpacket.comOctober 10, 2013 

Rep. Mark Sanford's Oct. 3 column describes a budget as if it only consisted of expenses. Nowhere does he address the revenue side of a budget.

He might want to recall that one of the reasons the budget is so out of whack is because he and a good number of his colleagues found ways of excusing many of his friends and favorite business entities from paying their fair share of federal taxes. Because of the loss of revenue, expenses got out of balance and the deficit soared. Remember, politicians decided we should pay for two wars with a tax cut.

Added to this decision was the campaign against regulations and the belief that a free market would be self-regulating, kind of like a company auditing itself. The result of that fairy-tale strategy was to cause the country, and indeed the world, to suffer its greatest recession since the Great Depression. The recession was so severe that it cost millions of Americans their sole source of income. So many jobs were destroyed that the country ended up with about four potential employees for every available job opening. Unfortunately, that left several million former employees with no potential employment.

As the financial sector so effectively demonstrated in 2008, self-regulation is always overtaken by greed, and free markets do not work because there is no such thing as a free market.

Wally Hollinger


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