The Republicans want to solve the deficit equation solely by cutting spending. They believe that doing so will keep more money in the treasury, which will eventually balance the equation.
The Democrats, on the other hand, believe otherwise. They finally agree to cut spending, which will negatively affect medicare and medicaid, but opt to raise taxes on the wealthiest Americans.
Raising taxes on the wealthiest Americans is not something the Republicans would support; it goes against their core ideological value. They argue that these people are job creators in the economy; therefore, taxing them will undermine their ability to create jobs, which will slow down the economy.
But we have a problem, though. The republicans’ argument for not wanting to raise taxes on the rich does not seem to make much sense to me; I refuse to buy it. We had tried this trickle-down economic philosophy during the Bush administration; unfortunately, it failed to solve the equation; the economy had gotten worse.
These wealthiest Americans were not creating jobs when they were getting tax cuts after tax cuts under Bush. Instead of seeing jobs being created in the economy, we witnessed the opposite -jobs fleeing the economy to go overseas, causing the recession in the first place.
So I wholeheartedly am in agreement with the approach proposed by the democrats to solve the deficit equation. We had tried the Republican way before; unfortunately, it worsened the situation. We have got to be really stupid to be wanting to keep doing the same ineffective thing expecting different results. It is time that we try something else.