U.S. Rep. Lucas warns of financial ticking time bomb

The Alva Review
By: Jim Stout
September 1, 2011

Washington leadership and the main stream media aren’t facing the financial realities of a two-front crisis, U.S. Congressman Frank Lucas told two-dozen community leaders Wednesday at a Town Hall meeting in Northwestern’s Ranger room.

First, Lucas has doubts about whether the current approach to solving the national debt will be able to come forward with a working solution. That could lead to another overthrow in the next elections.

Second, his colleagues and the media are ignoring a “ticking time bomb” when the tax cuts of the 2001 and 2003 sessions expire in 2012 – after the next election. That would amount to a stunning tax increase.

Those were only two of the topics covered in the 50-minute program. Part Two of this story is scheduled for Sunday’s Review-Courier with a comprehensive look at the other topics covered in the Town Hall.

In the meantime, see a video of the entire presentation on our website: . www.alvareviewcourier.com It amounts to a political science course in a single 50-minute lecture.

Really fired up

The Tea Party movement led to what he called a “slaughter” in the most recent election.

“You gave me a huge freshman class who were elected on the doctrine of doing something about spending. The newbies are on a mission. They’re really fired up.”

Lucas referred to a national media report that half of the incumbents were not staging Town Hall meetings with their constituents.

“I guess it’s called ‘go home and hide.’ The ones who meet with the people will understand that if we don’t stand and deliver a dramatic change in our spending, it will lead to an even bigger slaughter in the next election.”

After-Election Surprise in 2012

Lucas’ warning of a “ticking time bomb” referred to the 2001 and 2003 tax relief measures which cut capital gains and reduced personal income tax brackets, while expanding the childcare tax credit, the death tax issue and other items.

“All that expires at the end of 2012 … after the 2012 elections. If we don’t reauthorize it, you’ll have a most amazing tax increase on everybody. The national media has ignored that. The President has ignored that. Unfortunately, many of my colleagues in Congress have ignored that. But it’s a ticking time bomb right over the hill.

“Maybe our economy will be stronger in 18 months, but I can’t believe our economy can take that kind of a shot and keep going.”

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