Yesterday the President announced “a framework for a bipartisan agreement” on extending the Bush Tax Cuts. The alleged reason is to save jobs, but US companies are already making record profits. They don’t need more money to be hiring. They need a change in how incentives are structured. Personal tax incentives tied simply to income do not encourage hiring.
In exchange for very meager gains, the President has yielded all tactical advantage. To fund the new agreement, we will have to borrow $700B from foreign countries to pay for these tax cuts for the already-wealthy. It is the worst kind of fiscal policy and would show the Democrats to be as disinterested in America’s fiscal health as the Republicans. That’s a shame because up until yesterday the Democrats were looking a lot more fiscally responsible than the Republicans.
And, to add insult to injury, if the deal is cast into stone, any gain will come at the expense of completely funding every campaign ad that will be used by the super-rich to defeat him in the next election. Each time a bill comes in for such an ad, the creator of the ad will say “Put it on the US tab. And remember to send Obama another thank-you note.”
This must not go forward. Our nation’s fiscal health is a matter of national security.
Bernie Sanders has said he will try to block the move. Please support him.
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- Click here to contact Senator Sanders.
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