On the subject of the Bush Tax Cuts, a Republican leader finally said aloud what I assumed they were planning pretty much the entire time. Today, GOP Ranking Member on the House Ways and Means Committee Dave Camp (R-MI) promised to block any proposal that extends tax cuts for the middle class for a longer period than those for the wealthy. This of course would leave Democrats in the odd position of either moving to extend all of the tax cuts, or allowing them all to expire.
Count me as one member of the working class that would rather see his taxes go up slightly than see more of our money go to the hands of wealthy plutocrats who won't spend it and create demand, won't use it to create jobs, and certainly won't do anything else with it that might stimulate the economy.
I'm not alone in this opinion either. Mark Zandi, co-founder of Moody's Economy.com and an economic adviser to the McCain presidential campaign, testified in congress at the height of the recession that extending the Bush Tax Cuts would make an extremely poor form of economic stimulus, scoring worse than almost every other option on the table. Other conservative economists such as Former Federal Reserve Chairman Alan Greenspan and Reagan OMB Director David Stockmanhave stated plainly that "we can't afford the Bush tax cuts."
In exchange for this small increase, we would gain a measurably improved fiscal outlook for our country. The Center for Budget and Policy Priorities points out that the revenues lost because of the Bush tax cuts create the bulk of our budget deficits for 2012 and beyond.
The data makes it very clear that our country's fiscal strength is dependent on beginning to end the Bush tax cuts, and if congress can't build a consensus around President Obama's compromise proposal for allowing the cuts for the wealthiest 2-percent of Americans to expire first, then we should do the responsible thing and move to kill the Bush tax policies completely before they kill our country's future.
I'm asking everyone who reads this to consider signing this petition. I would then like you to share it on your facebook pages, twitter feeds, blogs, etc and say it clearly; if the parties can't come to an agreement to President Obama's tax compromise, then he should go through with the most fiscally responsible decision and allow all the Bush Tax Cuts to expire.