Monday, December 6, 2010

Hypocrisy at it's best the cost of extending the $3.9 trillion Bush era Tax cuts

With the end of the year looming the U.S. Congress has decided to work at a fever pitch to try and hammer out a deal to extend both unemployment benefits and the Bush era Tax cuts. In 2008 then Presidential nominee Barack Obama made it one of his campaign pledges not to extend the Bush era tax cuts for the wealthiest of Americans. It seems now that he might have to go back on his campaign promise in order to assure the extension of unemployment benefits to those in need.

As of today White House Deputy press Secretary Bill Burton has confirmed that negotiations are still on going and negotiators "have been making progress and the president is confident within the next couple of days" a deal will be had. Last week the house of Representatives approved President Obama proposal to extend the 2001 and 2003 Bush tax cuts for those making $200,000 or less but house republicans would have none of that. On Saturday in an attempt to appease Senate Republicans the Democrats proposed setting the limit at million dollars or more before your taxes were increased but that also was not good enough for The Republicans to get on board.

The hypocrisy here is to extend the unemployment benefits its going to cost around $20 billion and to extend the Bush era tax cuts for the must wealthiest of Americans is going to cost more around $3.9 trillion over ten years. When are country was on the verge of total collapse President Obama's economic stimulus plan cost $780 billion and people were having heart attacks. We can have another three stimulus plans of $800 billion and still have a trillion dollars left over if we don't pass the tax extensions.

The Tea Party and the Republicans gained a lot of seats in the elections this November. They ran on the platform of reducing and controlling the federal deficit. The funny thing is that the majority of them support this massive unpaid increase to the national debt. The excuse they have is the same old thing you always hear the trickle down theory . I don't know about you but
over the last ten years I really have not felt anything trickling down into my pocket. The issue that annoys me the most is the Republicans can justify NOT having the money to extend the tax cuts but Democrats have to figure out where they are coming up with $2o billion to pay for unemployment benefits. You be the judge tell us how you feel about the Bush Tax Cut Extensions.

CNN- Obama: Tax Negotiations Continue


  1. I understand Obama feels "pushed up against a wall" and he really needs to make some quick concessionary moves before Republicans take over Congress... but at the end of the day, he's going back on his campaign promise that he would not renew the Bush Era tax cuts.

  2. Agreed but sometimes pride can make you miss opportunities so unfortunately I think he had to do it.