Â Says the wealthy must ante up
By Chinta Strausberg
Saying itâ€™s time for the nationâ€™s wealthiest people to step up and pay their share of taxes, Rep. Danny K. Davis (D-7th) said the debt ceiling debate led by the Republicans who are calling for a smaller government and fewer social programs is nothing more than a â€œred herring.â€
â€œIf you canâ€™t borrow, then youâ€™re not investing. The debt ceiling is a red herring. I am convinced that we have to figure out a way to extract more money from the very wealthy people in our country. If we donâ€™t do that and all we do is talk about cut, cut, cut, then we are hurting rather than healing. Rather than cutting, we ought to be investing,â€ said Davis who was interviewed at the Bud Billiken Parade.
Ironically, Davisâ€™ remarks comes on the heels of comments made by billionaire Warren Buffett who Monday who, in several media reports, told elected officials, to â€œstop coddlingâ€ the nationâ€™s wealthiest people and to raise their taxes. The Republicans are trying to protect this class of people many politicians say at the expense of the poor.
Buffet told reporters he only pays 17.4 percent of his taxable income and has no problem with paying his fair share of taxes. Â Buffet expressed concern that the American public is losing faith in congress in handling the nationâ€™s budget which thanks to a resolution to the debt-ceiling debate now has a $14.3 trillion debt ceiling in a deal struck before the August 2nd deadline which averted what would have been an historic default.
â€œI donâ€™t have a problem being frugal,â€ said Davis. â€œI donâ€™t have a problem being as efficient as you can possibly be, but nothing in, you donâ€™t have anything to get out. I think weâ€™re going to have to maintain a level of opportunity that only comes with investment. Some people call it spending. I call it investment in some arenas,â€ Davis said.
â€œThe money that we put into Medicare, into Medicaid, public housing, maintaining our infrastructure, that is not spending. Thatâ€™s investment. The money we put into education, that is investing in the future of our nation because itâ€™s helping to prepare our children for the leadership and technical roles that they must play.â€
Davis disagrees with the Republicanâ€™s push to cut social programs and to have a smaller government. â€œWe have to have a combination of investment as we remain and become as frugal as we can possibly be,â€ said Davis.
Asked if it is time for elected officials and the public to stop finger pointing over this issue, Davis said, â€œIâ€™m afraid that the political process mandates or calls for that kind of finger-pointing. I donâ€™t expect that weâ€™re going to stop doing it.â€
Asked who is to blame for the debt-ceiling war of rhetoric that led to the downgrading of Americaâ€™s credit from AAA to AA, Davis said, â€œAdam was blaming Eve, Eve was blaming Adam. Adams was blaming the snake NS so there is always going to enough blame to go around so I think that is what weâ€™re going to see.â€
Chinta Strausberg is a Journalist of more than 33-years, a former political reporter and a current PCC Network talk show host.