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When one side gets everything it wants, how do you call that a bipartisan deal? Democrats are giving up on extending tax cuts only for the middle class and it looks like this week the Republicans will get exactly what they wanted — continuing the Bush-era cuts for everyone, including the super-rich.
GOP lawmakers will not even give up tax cuts for multi-millionaires. They refused to accept a Democratic bid in the Senate to end cuts for those earning more than $1 million.
The disappointing result of this debate — other than adding hundreds of billions to the national debt — is that it does nothing new to directly boost the economy. It just maintains the status quo.
These are cuts that have already been in place for years. Whatever good they might have done is already done. The argument that ending cuts would hurt the economy is tough to prove, considering that we got a major recession despite the lower rates.
And if every time there’s a plan to help middle-income Americans it comes at a cost of doing more for the wealthy so much for doing anything about the alarming gap between rich and poor – the biggest of all industrialized countries. On Capitol Hill there seems to be no gap. It’s all about the rich.
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