We need to pinch pennies these days. Don't you know we have a budget deficit? For months that has been the word from Republicans and conservative Democrats, who have rejected every suggestion that we do more to avoid deep cuts in public services and help the ailing economy.So...starve the beast, to feed the privileged. Swell.
But these same politicians are eager to cut checks averaging $3 million each to the richest 120,000 people in the country.
What — you haven't heard about this proposal? Actually, you have: I'm talking about demands that we make all of the Bush tax cuts, not just those for the middle class, permanent.
...What's at stake here? According to the nonpartisan Tax Policy Center, making all of the Bush tax cuts permanent, as opposed to following the Obama proposal, would cost the federal government $680 billion in revenue over the next 10 years. For the sake of comparison, it took months of hard negotiations to get Congressional approval for a mere $26 billion in desperately needed aid to state and local governments.
Posted by Melissa McEwan at Monday, August 23, 2010
Krugman, on the Bush tax cuts: