On the one hand, raising taxes during a recession isn't the greatest idea. And as much as repealing the tax cuts would help fix the budget issues, the budget deficit is secondary to fixing the economy. Rather, it is important that Americans have money to spend. At the same time, trickle down economics is a joke of an economic theory that does little or nothing to spur growth. Furthermore, extending tax cuts for the wealthy doesn't necessarily increase demand. Just because someone makes 50 times more money than I do doesn't mean they will buy 50 times as many cars, or eat 50 times as much food.
So in the long run extending the tax cuts is a terrible idea, however in the short run, it's probably best to extend the tax cuts for everyone. Even if someone who makes 50x more than I do won't buy 50x more cars, they may buy 3 or 4x more cars. We're in danger of a second, more severe recession, we need people to buy. Give us money and we'll spend it!
Still, at least the President is taking a stand. For too long he has let himself be defined by the bigots, morons and scumbags trying to poison our country. The President has some great ideas, and he's done some great things, but he needs to step up and provide leadership. Taking a stand against the tax cuts is at least a start.
No comments:
Post a Comment