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December 16, 2009

A return to war bonds to pay for the wars? Two congressional Dems say yes

Miami Democrat Rep. Kendrick Meek is proposing to pay for the wars in Afghanistan and Iraq through a throwback to prior U.S. wars -- war bonds. Saying it would "promote national shared sacrifice and responsibility,'' Meek Wednesday introduced a bill to authorize the U.S. Treasury to issue and sell war bonds to Americans to fund the wars in Afghanistan and Iraq.

Liberty-bond-posterThe move comes as Congress debates ways to pay for the wars, including a tax on wealthy Americans. 

"At a time of tremendous sacrifice for our military families, we need to promote shared sacrifice and shoulder collective responsibility as a nation as we fight two wars halfway across the globe,'' Meek said, calling war bonds a "cost-effective way'' to reduce dependence on foreign creditors and "create an outlet for Americans to express their patriotism."

Wonder how it will sit with the left. Companion legislation by Sen. Ben Nelson, D-Nebraska, got panned by bloggers. Critics note that like all obligations, bonds have to be re-paid, postponing the bill.

Meek's support for President Barack Obama's recent decision to escalate the war in Afghanistan has drawn criticism from Maurice Ferre, his rival in the Democratic primary for a U.S. Senate seat. Ferre last week said Meek was "putting party before sound judgment."

Meek Wednesday said the plan puts the military "on a course for success in Afghanistan that was missing for many years.''

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Lex

Wrong, wrong, wrong. Bonds are just another borrowing mechanism. We need to raise taxes on the corporations and the wealthy that have benefited so much from Bush-era tax cuts, we need to reduce military spending significantly -- there is no rational reason why we should outspend the rest of the world combined on defense -- and we should bring the troops home from Iraq and Afghanistan within one year.

Robert lambert

Why not health care bonds?

borisjimbo

The primary purpose of the income tax when it was introduced was to pay for war spending, hence going back to war bonds would be an improvement in a sense since the money raised thereby would be earmarked for war spending instead of general government services.

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