Billing The Grandkids
By Ruth Marcus
Washington Post
Wednesday, June 11, 2008
By the time Congress finishes the latest "emergency" war spending bill, a mere seven years into the emergency, the cost of operations in Iraq and Afghanistan will have exceeded $860 billion. For the first time in American history, every penny of that amount will have been borrowed. For the first time, billions more will have been borrowed to finance tax cuts in the midst of war.
Confronting the debt amassed during the Revolutionary War, George Washington was determined to pay it off, warning against "ungenerously throwing upon posterity the burden which we ourselves ought to bear." Confronting the enormous costs about to be piled up in Iraq, George Bush determined to press for new tax cuts -- not just "little bitty tax relief," as he put it, but hundreds of billions more.
"This contrast -- between an active war effort on one hand and substantial tax cuts on the other -- has no precedent in American history," three tax historians explain in "War and Taxes," a new book from the Urban Institute. Rather, since the War of 1812, "special taxes have supported every major military conflict in our nation's history."
As Steven Bank, Kirk Stark and Joseph Thorndike show, presidents and lawmakers have not always been eager to impose taxes to pay war costs. But historically, Republicans and Democrats alike ultimately acknowledged the necessity -- fiscal and moral -- of shared sacrifice. "I think the boys in Korea would appreciate it more if we in this country were to pay our own way instead of leaving it for them to pay when they get back," said House Speaker Sam Rayburn.
(Continued here.)
Washington Post
Wednesday, June 11, 2008
By the time Congress finishes the latest "emergency" war spending bill, a mere seven years into the emergency, the cost of operations in Iraq and Afghanistan will have exceeded $860 billion. For the first time in American history, every penny of that amount will have been borrowed. For the first time, billions more will have been borrowed to finance tax cuts in the midst of war.
Confronting the debt amassed during the Revolutionary War, George Washington was determined to pay it off, warning against "ungenerously throwing upon posterity the burden which we ourselves ought to bear." Confronting the enormous costs about to be piled up in Iraq, George Bush determined to press for new tax cuts -- not just "little bitty tax relief," as he put it, but hundreds of billions more.
"This contrast -- between an active war effort on one hand and substantial tax cuts on the other -- has no precedent in American history," three tax historians explain in "War and Taxes," a new book from the Urban Institute. Rather, since the War of 1812, "special taxes have supported every major military conflict in our nation's history."
As Steven Bank, Kirk Stark and Joseph Thorndike show, presidents and lawmakers have not always been eager to impose taxes to pay war costs. But historically, Republicans and Democrats alike ultimately acknowledged the necessity -- fiscal and moral -- of shared sacrifice. "I think the boys in Korea would appreciate it more if we in this country were to pay our own way instead of leaving it for them to pay when they get back," said House Speaker Sam Rayburn.
(Continued here.)
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