This rethinking comes barelya month after Democrats trumpeted plans to stage a high-stakes battle over taxes in the final weeks before the November congressional elections.
You can see the way this is going, in a last ditch effort to save themselves in November; the Conservadems think that a one year extension to one of the main movers in the debt might solve their problems. It won't; and next year when there are more Republicans in both chambers they will once again to try and appeal to the right, they will make the tax cuts permanent.
Increasing taxation to Clintonian levels on those earning over $250,000 will not damage and already ravaged economy further, in fact they may allow many programs that ensure employment for hundreds of thousands to continue. The debt has to be reduced, or so the story goes, by reducing government expenditure. If you also reduce government revenue the austerity measures have to be more severe.
So where do you find the $4 trillion dollars over the next ten years? If you have already applied austerity measures you will have crushed any potential growth in the economy liable to increase revenue so that tax cuts can be paid for, you have now entered a vicious cycle:
Austerity measures will hurt those that can least afford them, they will cut government investment that creates millions of jobs, these will then have to be paid for, so what do you end up cutting.
1] Social security seems a prime target, make people work longer and pay them less when they actually retire.
2] Raise the age limit for Medicare entitlement.
3] Reduce unemployment benefits and the time they can be claimed, thus keeping the rate the same as people fall through the cracks and no longer count.
4] Education, thereby reducing our ability to compete, sure the richer amongst us will be able to afford private tuition fees, once again widening the class divide.
5] Cuts in low cost/social housing and reduced public services, and all that entails.
Historically the boom times have occurred when taxes were highest, if taxes were presented as investment in the country's future, rather than some form of robbery; we might get somewhere. We are at our best when the rewards of our work are more equally shared, not when we create a wealth/class division.
We are in a class war and taxes are the first barrage, wimp out on this battle and we take a big step backwards in our social development, and we enter a cycle of division and pain.
The only ones that benefit from a class war are the elite, austerity hurts the poor disproportionately.
Repeal Bush's tax cuts to those earning $100, 000 or more, increase the taxes of those earning $250,000 or more and we might just start going forward. Personally I have no problem with paying higher taxes since when spent wisely they are an investment in the country we live in.
So if you really want to fight about government expenditure start questioning how that money is spent [MIC, wars, kick backs to corporations], and before you start screaming you want your country back, ask what type of country you want first, one that benefits the top 1% or one that benefits you.
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You will have to excuse me, I have to go get some checks on my ankle after yesterdays painful comedy.
I will hobble back later