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Posted on HuffPost, taken after the tax cut "deal".

Race to the bottom bay bee!!!!

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Aeryl's picture
Submitted by Aeryl on

I thought it was bloody brililant!

jumpjet's picture
Submitted by jumpjet on

I can live with it.

Not saying we actually will. But I expected an extension of the tax cuts. I didn't expect an extension of the unemployment benefits. Ultimately, we need the latter more than we need a repeal of the former (according to MMT).

mass's picture
Submitted by mass on

Hmmm....The UI extension was going to happen regardless. It's baked in. UI benefits have always been extended when unemployment is over 7%. The extension of the Bush tax cuts for the wealthy is probably the biggest failure yet of this administration and the Democrats on a whole. If they can't even stand for taxing the wealthy(who have long been out of recession) they really have nothing left. 4 million Americans lose their benefits even if UI is extended. The long term pain caused by extending these tax cuts is going to be felt for decades to come.

Submitted by lambert on

Yes, I agree extending the tax cuts is FAIL. "4 million Americans lose their benefits even if UI is extended. " That's worth a post.

jumpjet's picture
Submitted by jumpjet on

over 7%."

Even with this Congress and this President, you take that for granted?

I don't. I expect them to help the rich and hurt the poor in whatever way they can. Of course I could see them not extending unemployment benefits. I expected them to do that and extend the tax cuts.

One is better than none. I would never have counted on either.

mass's picture
Submitted by mass on

Hell, it even happened with Bush.

But, I have to read more details about the deal and see what really happens in Congress. The UI is definitely not sufficient for the extension of those cuts for the wealthy. Indeed, I think once the President signs on to extending those cuts we have to acknowledge it becomes a million times harder to ever get rid of them, which puts the entire safety net in jeopardy. And, also remember the estate tax reduction, which is a HUGE giveaway to the wealthiest Americans, and also likely to remain in place for the long haul. However, the UI extension coupled with a number of other cuts and credits, including the payroll tax cut(there were much more effective ways to structure this cut), while certainly on the tax side of the equation, certainly appear keynesian, and thus likely stimulative(obviously, the Bush tax cuts for the wealthy are not very if at all stimulative). So I have to look more closely. But the UI was a done deal. It buys 13 extra months for some but has 4 million Americans losing their benefits. I just can not agree that is a worthy deal.