Thursday, December 16, 2010

"Congress' tax break deal makes no sense"

"Congress' tax break deal makes no sense

Congress is representative of America, as our founders intended, this is a sobering moment.

Our legislators really don't make much sense.

Our nation owes $14 trillion. Yet, Congress is doing more deficit spending, not less.

After promising during the election to cut costs, Republicans look ridiculous for holding up all legislation (including extending unemployment benefits) to hold out for extension of Bush-era tax cuts for millionaires.

...Democrats look nonsensical for going along with Republicans while claiming to be devoted to reducing deficits.

Our legislators resemble a family at the kitchen table carefully analyzing their bills and income, realizing they are in financial trouble and that their jobs may be at risk. They then decide to have a blowout Christmas, go to Disney World and worry about the bills in January.

The serious problem with the current legislative approach is that rich people who continue to get a tax break on everything they earn above $250,000 are not going to start spending more. President Obama used to point that out, while noting that extending the tax break would cost $700 billion. He used to say that money could be spent on better ways to stimulate the economy.

...We have been fighting the wars in Iraq and Afghanistan for a decade without paying for them. And now with taxes we're deferring necessary sacrifice for a feel-good present to ourselves right now. We're hoping against hope the economy will roar back to life and millions will get the jobs they need.

That's always happened before, so why won't it happen again?

It may well not happen soon because the world is a different place.

Other nations are manufacturing what we used to make.

Other nations are wary about lending to us because of our enormous debt.

We haven't solved our energy or infrastructure problems.

Thousands of businesses have discovered they can "make do" with fewer employees.

Millions of Americans learned that borrowing against their houses was a bad idea and that deferring instant gratification to get out of debt is a good idea.

...By refusing to tackle our financial woes now, Congress is in danger of convincing everyone it is badly broken.

...It was a mistake to extend tax breaks to those who don't need it and who, despite arguments to the contrary, will not create jobs because of them."

Ann McFeatters


Anonymous said...

It would be a shame not to extend the tax breaks to all that pay income taxes. They earned it. Let them keep it do what they see fit. Government will most certainly waste it. Dont spend what you dont have!

You have been fooled into thinking the government is going to pare down the deficit with this additional tax revenue. Take your blinders off. They are on a drunken spending spree and will never stop until the money runs out! Then they will just print more.

George Hartzman said...

Fine, but don't charge my kids for it.

What kind of government charges each American kid to give $1,600 each to those at the top?

This is immorral.

The money is being borrowed.

"They earned it"

How could they have earned it if the government has to borrow the money to pay them?