Journalist David Cay Johnston Slams Obama-GOP Tax Deal - Democracy NOW!
"I recognize that folks on both sides of the political spectrum are unhappy with certain parts of the package, and I understand those concerns. I share some of them. But that’s the nature of compromise: sacrificing something that each of us cares about to move forward on what matters to all of us. Right now that’s growing the economy and creating jobs. And nearly every economist agrees that that is what this package will do."Wait a minute! Let's subject these claims to a reality test.
"But that’s the nature of compromise: sacrificing something that each of us cares about to move forward on what matters to all of us."Well the super rich get what THEY care about most:
the continuation of the Bush tax cuts for the rich.
And for that taxpayer largess they'll sacrifice nothing, NOTHING AT ALL!
But FORTY FIVE MILLION American households did NOT get what THEY care about most:
more after-tax income in order to keep a roof over their heads and food on the table.
And their fiat sacrifice decreed by Obama is a TAX INCREASE!
"Right now that’s growing the economy and creating jobs. And nearly every economist agrees that that is what this package will do".Well, it depends on the meaning of "nearly."
In the opinion of Nobel Prize winners in economics like Paul Krugman and Joseph Stiglitz, and other "untouchable" economists like James K. Gailbraith and William K. Black, tax cuts for the rich do NOT grow the economy and do NOT create jobs.
Given that banks have stopped lending even after QE2, the only way left to grow the economy and create jobs is do what FDR did under the same circumstances, namely, have the Federal government become the employer of people to repair and upgrade the country's infrastructure and the insurer of the states, advancing them the money they need to rehire all the teachers, firemen, and police that they've been forced to fire due to deficits foisted on them by predatory banks and companies like Enron.
To understand the present situation better, please read and listen to this stirring 1936 speech by Franklin Delano Roosevelt.