So it looks like its going to happen. The Bush tax cuts for millionaires will be extended. To get the deal through, the Republicans threw a bone to the democrats in the form of extending unemployment insurance for those that have been out of a job for more than a year. So we get the worst of both worlds, lower revenue and higher expenses. We allow the super-rich to keep money that will not be spent or contribute to economic growth in any way. We continue unemployment benefits that are more generous than many could make by going back to work.
The Republicans think they were elected to extend tax cuts. This really isn’t the case. They were elected because instead of focusing on getting people employed the Democrats went on a year long ideological rampage to pass a health care bill that will increase costs and decrease choice. Americans in general don’t like to be told what to do. Their tolerance for government is extremely low by world standards. A center right nation wants the government to provide some security and enough regulation to keep those who would seek to exploit our freedom in check.
The most stunning fact of the past week is that Chuck Schumer was the voice of reason in the whole debate. By offering a compromise bill only raising taxes on those making over $1MM per year he offered a bill that should have been a no-brainer for everyone to get behind. If anything, this compromise offer would have been better for Republicans than the alternative they now look likely to vote for.
This gross and disgusting bill should be exhibit #1 in just how dysfunctional Washington is. Its a huge slap in the face to the American public that says were very happy to put totally misguided party ideology first even if everyone knows that bad consequences are sure to follow. Pelosi, Reid, Boehner, and McConnell will be getting some great sound bites. But those are awfully expensive sound bites. The nation simply can’t afford them.
