The numbers are compelling although there does need to be clarification on the $544 billion in lost revenue that is allegedly a bipartisan agreement. (see excerpt below.) What does that mean exactly, the keyword is exactly.
The problem here is that some deal has to get done real soon because a. - the next Congress will not pass benefits extensions and b. - see a.
Its not the time to end unemployment benefits. That money doesn't just sit there like the tax cuts for the wealthy will. The benefits money gets cycled through the local economies, the gas station, the supermarket. Not to mention that this is all that is keeping some people from living in the street.
We know what the Republicans are all about here. They are placing the burden of unemployment on the unemployed. The simple problem with that is there are no jobs. Its an attack on the vulnerable and poor. This is typical Newt Gingrich style lunacy. You blame the victim. He's good at that and his party has closed ranks on this screwiness with daily comments that are beyond belief.
CS Monitor: House Democrats say Obama caved on tax-cut deal. Are they wrong?
Over two years, the overall cost of the tax-cut proposals, in terms of lost revenues for the Treasury, is $984 billion. Of that, the tax measures sought by Republicans accounted for $103 billion in lost revenues, the measures sought by Democrats accounted for $336 billion, and bipartisan measures $544 billion
The $103 billion in tax breaks Republicans won include a two-year extension of low tax rates for households earning more than $250,000 – something Obama has long campaigned against – and a favorable estate-tax rate for wealthy Americans.
The $336 billion in Democrat-inspired tax cuts would benefit low- and middle-income Americans and businesses.
2 comments:
Buried in this bad deall is their "real" goal, a 1st time ever attack on SSI funding by lowering the payroll deduction for SSI. It's being billed as a 1 time emerg. drop , but ask yourself this will the GOP ever allow this tax to go back up? NO, they'll call it a tax increase just as they're doing with the present Income tax change! The goal here is a stealth attack on Obama's and the Gopers real target SSI and Medicare funding. Never in the 75 yr. history of SSI has this tax been lowered. This will set a precedent that Congress can mess with this critical tax and possibly even use the lowering to claim it's now no longer on a stable funding basis. Clever aren't they? Ther GOP and it's Blue dog pals in the Dim party have wanted to destroy this program forever. They hate all so called entitlements and want them all ended.
I think you're right Glenn, but I doubt that anyone will ever get rid of SSI. The entire tea-party is collecting.
At first I was disappointed in Obama's caving, but now I think he's the only adult in the room. He did what he had to do and saved weeks of wrangling.
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