Friday, December 03, 2010

Exceptional Work

Sometimes, you run across a post that basically sums up your feelings on a subject. This is one of those times.

See, the cost of being exceptionally awesome is that you have some exceptional bills to pay.

Extension of all the Bush tax cuts will amount to a government subsidization of the uber-wealthy financed by more debt. The proof is in the pudding: these tax cuts have existed for a long time. They have dominated our economy since their passage.

How's that working out for us so far?



DADvocate said...

Of course, out of control growth in government spending has nothing to do with it.

Cousin Pat from Georgia said...

Inefficent government spending has a lot to do with it, which can easily be labeled "out of control" based on policy priorities. I think I've made my opinions on government spending very clear over the years, and they are in stark contrast to the way Washington usually does business. (Most acutely with GOP and Tea Party officials who get elected on platforms of fiscal responsibility and do not act that way.)

However, when discussing the Bush subsidization of the uberwealthy, and looking at economic results vs. what was economically promised, the picture becomes very clear to me: what was promised never materialized, and helped crash the system after a decade's time.

DADvocate said...

Bush subsidization of the uberwealthy,

Let's don't ignore that Obama's done his share of that also.

Inefficient spending is out of control spending. The large amounts simply make is worse.

Cousin Pat from Georgia said...

I don't think I have ignored Obama's share of that (please see also: Oil Spill, BP).

However the article refrerences specifically the Bush subsidization of the uberwealthy. We've tried this policy for years, and it hasn't delivered the jobs. All that has happened has been an exponential growth of wealth at the top.

The Kennedy or Reagan tax rollbacks ended up encouraging investment and led to overall economic expansion. The Bush rollbacks didn't do a whole lot other than expand the debt. That indicates to me that there is a top marginal tax rate floor for folks earning over $200,000 a year. It also indicates to me that we are currently below that floor.

So I just can't extend credibility to the GOP demanding an extension of these failed policies. Especially after they had 6 years of one-party control of government and utterly failed to curtail inefficient government spending.

Utterly failed. For six years. When they had the votes to do so. For six years.

No, I can't let it go.

And now I'm reading that the deficit reduction plan has been refused introduction to Congress, because it gained only a bipartisan majority, and not a bipartisan supermajority.

Which indicates to me that, while officials claim to want to control deficits and spending and taxes while on the campaign trail, they are uninterested in making substantive changes while they can actually do something about it.