The country’s huge debt was caused by tax cuts for the rich and increases in military spending. But debt-cutting recommendations from the D.C. Elite never suggest restoring taxes on the rich and cutting military spending. Go figure. Instead they suggest cutting the things government does for We, the People. The D.C. Elite is not We, the People. Let’s stop this in its tracks.
Just a week after the Senate voted to give a big tax cut to the rich, increasing the deficit by more than $800 billion, a few senators have gotten together to push the deficit-cutting recommendations of … two guys.
I am arguing that such a political calculation is mere assumption. It is not a given that compromise today means worse compromises tomorrow.
What if the president’s poll numbers go up because he just delivered an additional middle-class tax cut — in the form of the one-year payroll tax deduction?
What if the Republicans take it on the chin because, as EPI’s Larry Mishel astutely observed, “Who got what out of the deal is clear … The Republicans got tax cuts for the best-off 2 percent … President Obama won policies that will put or keep money in the pockets of the families of the unemployed and middle- and low-income families”?
The White House has announced a deal on extending tax cuts for the rich in exchange for restoring unemployment benefit extensions for those out of work more than 26 weeks. They are also going to cut the Social Security tax and give more tax breaks to businesses. I think this is a mistake.
President Obama’s “deficit commission” failed, but it did make some terrible suggestions that would gut the middle class if implemented. Saying that the country is on an unsustainable budget path, the co-chairs suggested cutting Social Security benefits and raising the retirement age, getting rid of home mortgage deductions, higher Medicare premiums, getting rid of the Earned Income Tax Credit and other things. Cuts: $4 trillion. Claim: absolutely necessary to save the country from bankruptcy.
Congratulations! Your insanity is only overshadowed by your stupidity — you are sending foxes to the Congressional henhouse.
Saturday the U.S. Senate voted on extending the Bush tax cuts for the Middle Class (or what is left of it) — and not extending them for families earning over $250,000. It took 60 votes to break the filibuster (only in America does 60% equal a majority).
Guess what? With 41 Republicans (and some Democrats including Joe “the Douchebag” Lieberman) — it did not pass.
The National Commission on Fiscal Responsibility and Reform (“Deficit Commission”) was charged with coming up with a plan to reduce the budget deficits and accumulated debt caused by tax cuts for the rich and military spending increases. It was supposed to come up with a bipartisan package that, taken as a whole, would get votes from both sides of the aisle. It was supposed to vote by December 1, and it was only supposed to issue recommendations if they got 14 votes.
It didn’t work out that way. December 1 has passed and the out-of-business commission apparently can’t get the required 14 votes. The commission has failed.