Only morons think Obama caved in his negotiations over the Bush tax cuts in 2010. I thank David Corn for setting the record straight, but it really wouldn’t be necessary if there weren’t a bunch of progressives running around who are addicted to poutrage and who have no understanding of how Washington DC works. Not only did Obama get a stimulus bill out of the deal (extending unemployment insurance, a payroll tax cut, and a child tax credit), he got renewable energy credits, the repeal of Don’t Ask, Don’t Tell and the ratification of the New START Treaty with Russia. Without that stimulus, Obama may very well have lost his bid for reelection due to a bad economy, and letting the Bush tax cuts lapse (even for only the top 2 percent) in the midst of a massive recession wasn’t going to help the economy in the short term. Part of the progressive argument on taxation is about fairness, but it’s also about sound policy. You should raise and cut taxes at different times based on the current condition of the economy. Cutting tax rates is one of the few ways the federal government can help a struggling economy. That’s precisely why taxes should not be cut when the economy is doing well. Taxes should be raised when the economy is doing well, and the added revenue should be used to pay down the debt incurred during bad economic times. Related to this, new investments are best made when interest rates are low.
About The Author
Martin Longman is the web editor of the Washington Monthly. He is also the founder of Booman Tribune and Progress Pond. Before joining the Monthly, Martin was a county coordinator for ACORN/Project Vote and a political consultant. He has a degree in philosophy from Western Michigan University.
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