The non-partisan Congressional Budget Office this month, in a report about fiscal policy choices, rated extending the Bush tax cuts as the least effective policy to increase employment. Their top recommendations are to increase aid to the unemployed and reduce employers' payroll taxes. In their estimation, extending the tax cuts would double the deficit to $1.4 trillion dollars.
They further determined that any policy "that widened budget deficits in the near term would need to be accompanied by specific policies to reduce spending or increase revenue over time." Neither the Republicans or the Democrats have a plan to make up for the loss of revenue if the tax cuts are extended. Obama wants to extend them for 97% of Americans, and the Republicans want to extend them also for the richest 3%.
Maybe we should just bite the bullet and let all our taxes go up to help pay down the debt that the Bush Administration ran up by waging two wars without funding and raiding the surplus to give tax cuts without a way to make up the loss of that revenue.
But, more importantly, let's not forget, as voters, who sent us into economic freefall with policies that widened the gap between the rich and the poor - the Republicans. For all their talk of deficit reduction, the figures don't lie. The GOP is responsible for our record deficits. They are surely NOT the ones to get us out of debt.
Remember that under President Clinton, and Democratic policies, we had 8 years of peace and prosperity. Give Obama and a Democratic Congress your support so they can try and get us out of the mess Bush, his cronies and cabal got us into. Maybe our resolve might strengthen the backbones of the Democrats in Congress, giving them more courage to follow President Obama's lead and bring about the real change and reform we expected after the last election.