The President still wants Congress to extend the Bush tax cuts for those Americans with an annual income of less than $250,000. He also wants to allow the tax cuts to expire for incomes greater than $250,000. The Speaker of the House of Representatives stands steadfastly against such policy.
This is just more political theater while Americans are suffering from the aftermath of the biggest economic collapse since the great depression. By many estimates, the recession of 2007-2008 destroyed about twenty years of accumulated wealth in America (most in the form of home equity). The economy probably can’t recover much faster until a significant part of that wealth is regained and the average American once again has some discretionary income.
It is also worth noting that all this political theater is holding back the growth of our economy and the increased tax revenue that would accrue from such growth. Yup, that’s right – the politicians are proclaiming their concerns about our anemic economic growth while they are actually leading the way to our anemic economic growth. They are their own worst enemy – and ours.
Good government would involve both sides coming together around the negotiations table to work on comprehensive tax reform, but right now the political theater seems more important to the politicians than the well-being of the American people. Every politician who participates in this political theater rather than good government should be voted out of office.
The Legislative Branch is not doing their job and they need to be held accountable.
The Sausage Grinder is Broken – Will you help to fix it?