Saturday, December 04, 2010

The Federal debt and extension of the Bush tax cuts

Republicans in Congress have refused to extend long-term unemployment benefits unless the $33-billion cost does not add to the Federal debt, meaning other programs are cut. To add interest to the debate, yesterday the government released the latest employment data, showing the unemployment rate rising from 9.6 to 9.8%.  WSJ report here.

In a parallel universe, the Republicans are holding to their position to extend the Bush-era tax cuts for all Americans, not just those earning under $250,000 per year as advocated by President Obama. The Christian Science Monitor calculates the cost of this tax break for the upper income earners at $68-billion per year.

Does this inconsistency seems hypocritical to you?

It sure seems that way to me — enough that I penned the following to send to Representative Boehner (House Majority Leader in the new Congress) and Senator McConnell (Senate Minority Leader):
On the one hand, you decry the defict and debt and say we cannot afford extending benefits for the unemployed — even with the unemployment rate rising. 
Yet you argue that tax cuts for the wealthiest in the nation should be extended -- $68-billion annually that would reduce the deficit or pay for the $33-billion extension of unemployment benefits. 
Your position sure seems hypocritical and pure politics, certainly not representing the best interests of our country.