Aug 23 2010
$3,000,000 Checks to 120,000 of the Richest Americans
From today’s Paul Krugman column on the extension of the most pernicious of Bush economic policies, deficit-funded, tax giveaways to the wealthiest Americans:
Republicans and conservative Democrats… rejected every suggestion that we do more to avoid deep cuts in public services and help the ailing economy.
But these same politicians are eager to cut checks averaging $3 million each to the richest 120,000 people in the country.
Krugman goes on to note the total cost of these giveaways:
What’s at stake here? According to the nonpartisan Tax Policy Center, making all of the Bush tax cuts permanent, as opposed to following the Obama proposal, would cost the federal government $680 billion in revenue over the next 10 years.
That’s right, $680 billion.
We must not forget that these are the same deficit frauds who fought tooth and nail over extensions of unemployment and COBRA insurance, aid to states, funding for education jobs and myriad jobs bills which could have helped to put America back to work.
In this economy, amidst devastating unemployment for workers and families struggling to get by, Republicans and some of the most conservative Democrats are preaching the same trite, “rising tide will lift all boats” supply-side economics that got us into this economic mess.
Queue Republican Senate Majority Leader Mitch McConnell, of my home state of Kentucky, who seemed clueless as to why David Gregory would be asking how tax cuts for the wealthiest Americans should be paid for:
MCCONNELL: What are you talking about, paid for? This is existing tax policy. It’s been in place for ten years. [...]
GREGORY: For a final time, I’ll go back to my question which is, the extension of the tax cuts would cost $3.2 trillion. That’s borrowed money, that adds to the deficit. Do you have a plan to pay for that extension?
MCCONNELL: You’re talking about current tax policy. Why did it all of a sudden become something that we, quote, ‘pay for’? (Via Think Progress)
This is the governing philosophy of modern conservatism. We need not pay for wars or tax cuts for the rich. But strengthening the safety net, funding teacher’s jobs or assisting struggling states during this Great Recession must be paid for, no matter how dire the economy.
I guess we can’t expect much more from folks who want to take our government and drown it in a bathtub.








