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Paying the bills for Voodoo Reaganomics

Wednesday's NPR program (1/26/00) of Morning Edition reported on President Clinton's plan to pay off the privately-held portion of the US national debt of $5.7 trillion in just over one decade, using anticipated budget surpluses. Republican critics are reported as challenging the early payoff, saying it is unfair to expect a single generation to repay the debts of numerous previous generations.

NPR apparently does not screen such comments for accuracy before airing them: The great majority of the huge debt was generated in just 12 years under two recent presidents presidents: Ronald Reagan, $2.2 trillion, and George Bush, $1.4 trillion. Requiring the currently prosperous upper classes and highly profitable corporations to repay the debt is timely and certainly no more than fair. They got nearly all the defense industry profits from the massive build-up of the US military during the 1980's, and they harvested all of the tax-cut windfall under "voodoo" Reaganomics.

What goes around comes around - so we used to say. Let's hope now is the time!