by Forgiven, Fri Dec 10, 2010 at 09:56:04 AM EST
I think that this is a long and winding process. But I think at the end of the day, members are not going to want to be in their districts, senators are not going to want to be in their districts when their constituents find out on the 1st of January that their taxes have gone up by several thousand dollars. - Robert Gibbs/Press Secretary
Can someone help me out here; why is it that every time the wealthy in this country are facing any type of loss of income through taxes or corporate malfeasance the situation becomes the onset of Armageddon for the rest of us? Remember the beginning of this “recession” at the end of the Bush Administration that was brought on by the investment community and bankers gambling with our economy? We were on the brink of Armageddon and had to pony up 800 billion dollars to rescue our economy which was being held hostage by the same people who were handing out multi-million dollar bonuses right up until the day of the bail-out.
Now two years later we are faced with another Armageddon this time over tax-cuts for the wealthy. If we don’t extend all the tax-cuts we will have another “great recession”, the stock market will tank, and we will suffer double-digit unemployment. Really. That’s funny when Bill Clinton enacted them not only did our economy not go into free fall, but it actually laid the foundation for one our biggest economic expansions. I agree with Mr. Tom Buffenbarger, President of the Machinist Union when he said that when the Bush tax-cuts were enacted his members who make a decent living barely felt any change and so having them expire will have little effect. He went on to state that for his members it is about sacrifice for the good of the country and if paying a few hundred dollars a year to insure the long-term health of America they would consider it an honor. It would be an honor because they still have jobs.