This is not only a financial crisis, it’s the end of the Reagan era. It’s time to grow up again and understand that we’re going to have to pay taxes - rich people first - and that from there, we’re going to have to use those revenues for the things that count : health, education, infrastructure, energy.
I do think the era of big tax cuts, whether for stimulus or other things, are over. We’re going to have to grow up and understand that we need taxes to pay for basic government services. We’ve been neglecting that for a long time. We’re going to have to come back to reality. We’ve been in fiscal unreality even before the crisis. Now the crisis is going to make all of this more dramatic. We’ll have large budget deficits. The scope for big tax-cutting - the McCain ideas are absolutely surrealistic. They are completely outside of anything sensible.Rich people are going to have to pay taxes again. That’s just going to be part of America once again.
We’re not going to let our roads, bridges, infrastructure collapse. We’re not going to let our energy grid collapse. We’re not going to let our schools and health care completely collapse.We’re going to have to pay for those things. That’s the difference.
McCain is going to lose, because he stands for a philosophy that is broken and that has brought this country down to its economic knees. That’s why he’s losing, because the age of Reaganism is over. The no regulation, low taxes has broken the back of our economy. Now, we have to again get serious about reconstructing normal government that pays its way and a normal financial sector that’s properly regulated. That’s why Senator Obama is going to be the next president.
