With the economy rapidly weakening, some senior Democrats are having second thoughts about raising taxes on the nation's wealthiest families and are pressing party leaders to consider extending the full array of Bush administration tax cuts, at least through next year.
First of all, the Democrats aren't planning on "raising taxes." Bad reporting. The Republican expiration date for the tax cuts will take effect. That's all. The Democrats are under no obligation to "extend" or perpetuate a deadline that the Bush administration and the congressional Republicans established nine years ago. None.
But the most frustrating thing here is the Democrats acquiescing once again to a nonsense Republican meme. Extending the tax cuts for the wealthiest two percent will not stimulate the economy and will only spike the deficit by $670 billion.
If anything, why not use that $670 billion in deficit spending on actual stimulus -- an investment that'll return more than a dollar in stimulus for every dollar spent, instead of losing 48-cents on the dollar with the Bush tax cuts?
I guess that makes too much sense -- the notion of a good investment. Simple math and economics.