ECONOMY - The Budget, From the Independent Side

"Sen. Bernie Sanders: 'I've Got a Lot of Problems With the President's Budget'"
PBS Newshour 2/16/2011

Significant excerpts from transcript

SEN. BERNIE SANDERS (I-Vt.): Well, that's a good question, Judy. And I think the answer is you have got to look at what's happening economically in America.

And what that's about is that our middle class is collapsing. Our median family income has gone down. Poverty is going way, way up. And the gap between the very, very rich and everybody else is going wider.

So, I think, before you look at budgets or how you deal with the deficit, you have got to take that into consideration. For example, the top 1 percent today earn more income than do the bottom 50 percent. They earn about 22 percent of every dollar earned in America. And that gap is growing wider.

Meanwhile, what this budget includes are massive tax breaks for millionaires and billionaires. So, you have a situation. The rich are getting richer. Their tax rates have gone down for many, many years. Their effective tax rate right now -- people like Warren Buffett talk about this -- at 16 percent, is lower than at any time in recent history, and yet we're giving them huge tax breaks, while poverty in America is increasing.
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SEN. BERNIE SANDERS: So, I believe that we have to move toward significant deficit reduction, but you don't do it on the backs of the middle class and working families who are already suffering as a result of this Wall Street-caused recession.

You want to know the way to raise money? Put a transaction fee on Wall Street, so maybe we can curb some of the speculation and raise some money.