The Republicans have been arguing as hard as they could that extending the Bush era tax cuts would be good for the economy. Not extending the tax cuts would stifle the economy and kill job growth. When Americans didn't buy that argument, the Republicans came back with the uncertainty over whether to extend the tax cuts or not would stifle the economy and job growth. It would kill business.
There's probably no better example of the Republicans willingness to forsake the American people for the ultra rich than the discussion over these tax cuts. This discussion clearly proves the Republicans do not care about the deficit. The deficit is just something to with but voters. It is been clearly shown that tax cuts do not pay for themselves. If we extend the tax cuts to the rich, this will cost the American people close to $700 billion over 10 years. Do you have an extra $700 billion? I don't but Goldman Sachs does. (Please note that corporate profits are up… Way up.)
Visit msnbc.com for breaking news, world news, and news about the economy
I think is important for president Obama the stand with the American people. He needs to clearly articulate why the Bush era tax cuts need to expire. Basically, the rich get a tax cut and we get nothing for $700 billion. This is why these tax cuts need to expire.
[...] let me say I told you so. I spent the last two years (here, here and here) I have been talking about our economy and the recession. I talked about some of the [...]