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Rasmus said "Republicans top priority is shielding the Bush tax cuts." Over the last decade, they cost America at least $2.9 trillion in vitally needed revenue plus another $450 billion in 2010-2012 extensions. If maintained for another decade, "a projected $2.2 to $2.7 trillion" more will be lost, exacerbating today's debt problem.
"By proposing further tax cuts for the top income brackets and corporations, it is clear Republicans aren't all that concerned about" deficits and debt. They and most Democrats want corporate friends and super-rich elites protected.
They expect working Americans and seniors to bear the burden so corporations and rich folks are spared. Congressional disagreement is only about when cuts are made, not amounts, who pays, and who benefits. It's also about assuring Bush era cuts are preserved and sweetened.
Rasmus believes Republicans will have a better chance of prevailing overall by waiting until fall 2012, ahead of next year's November 6 congressional and presidential elections.
At the same time, they "see several legislative choke points" to facilitate greater Democrat concessions without sacrificing what they want most.
December will be the first test for resolving four major bills before yearend, including:
(1) extending the 2% payroll tax deduction another year. In fact, it's a stealth drain of hundreds of billions of dollars from Social Security's Trust Fund. Revenue already lost irreparably weakened its ability to pay future benefits. Lose more and the entire program may be lost, perhaps first by privatizing it.
Obama fully concurs with driving a stake through the heart of Medicare, Medicaid, Social Security and public pensions. He's no populist. He's a corporatist hard-liner.
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