Oh, for God’s sake, people: let the Bush tax cuts expire – were the Bush years really so good for most people? – and let’s grow up about cutting the deficit (to do that, you need more revenue). Were the Clinton/Gore years, despite those tax rates, really so terrible?
It’s that simple. Take the rest of the day off.* Tomorrow, we can cut the defense budget and make modest long-term actuarial entitlement adjustments that, over many decades, bend the cost curves in a prudent but acceptable way.
The truth is that the next couple of decades need to be more about public investment – infrastructure – and less about personal consumption. It will make our country stronger and more prosperous, our lives safer and more comfortable. And guess what funds infrastructure? Taxes.
*As the for the Republican threat not to raise the debt ceiling if billionaires are not spared the Clinton/Gore rates, this is a ridiculous bluff, as Keith Olbermann pointed out Monday night on Countdown. A default by the Untied States? Wealthy Republicans would lose trillions of dollars in the ensuing catastrophe. They will not allow Congress to decimate their fortunes.
Quote of the Day
Talking to politicians about the economy is like talking with eight-year-olds about sex. They have heard all the words, but they haven't a clue.~Michael Aronstein
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