How a socialist would 'cut' the deficit

"The American people get it. They understand you can't move toward deficit reduction just by cutting programs that working families, the middle class, low-income people desperately need in order to survive in the midst of this terrible recession. They understand that serious, responsible deficit reduction requires shared sacrifice," Sanders said in a Senate floor speech.

Under Sanders' legislation, a 5.4 percent tax on income of more than $1 million a year would yield up to $50 billion annually for the U.S. Treasury.

The same legislation would end tax breaks for big oil and gas companies. That provision would yield about $3.5 billion a year in new revenue.

Sanders voted yesterday against a House-passed spending bill that slashed Head Start, Pell grants, community health centers, LIHEAP, the Social Security Administration and many other programs that are vitally important to millions of middle-class families.

"The Republicans wanted to move toward a balanced budget solely on the backs of the middle class and some of the most vulnerable people in this country, but didn't ask the wealthiest people, who are becoming much wealthier, to contribute one penny in shared sacrifice."

He also voted against a Democratic alternative saying afterward that "if the Democrats are serious about deficit reduction they have to raise revenue along with spending cuts."

Sanders plan would cut $53.5 billion from our budget deficit of $1.5 trillion. That leaves about $1,450,000,000 to go.

How very brave of him. I nominate Bernie Sanders for Dingbat of the Year for believing his "deficit reduction bill" would reduce the deficit even by the amount that he says it will.

By the way, here's a link to the bill. It's not legislation, it's a speech raising every socialist canard about "the rich" and "Wall Street bankers" that you would expect from one so clueless.