And to add insult to injury, slash Social Security.
Axelrod hinted that the White House would be willing to compromise and extend the tax cuts for the very rich as long as the middle and the poor class get a permanent tax cut. Did you get that? Is this insanity? Is this the most outrageous thing you have ever heard?
Nobody is pointing out the very simple concept that giving the tax reductions to the middle class and the poor is totally meaningless if you are also giving them an IOU, an unpaid bill, money that is borrowed and they will be responsible, or their children will have to pay…with accrued interests. Any tax cuts will be more than offset by the money that each and every living American will owe.
Then there is this Mickey Mouse "Deficit Commission" which released their recommendations yesterday. Basically they said that to cut the deficit we need to give a huge tax cut to the rich by cutting top tax rates from the current 35% down to 23%. The middle-class' share of the pain will be to cut Social Security, Medicare, the home mortgage interest deduction, a zillion other things, and for the poor to get rid of the Earned Income Tax Credit. Oh, and also to not ask Wall Street to chip in with a small Financial Speculation Tax. (Commission co-chair Bowles is on the board of Morgan Stanley
Really guys; cutting taxed from 35% to 23% for wealthier Americans? And then you proposed cuts in Social Security to add insult to injury?
By all means, let’s give them the tax cuts…and make it not 23% - make it 15% and put to a test that “TRICKLE DOWN ECONOMICS NEVER WORKED, NEVER WILL” In the meantime, they will have a couple of more years to enjoy living in the lap of luxury in their second or third home located in The Hamptons.
