TDPS: Tax cuts for the rich compromise will HURT Obama & Dems in 2012

And by the way, on tax cuts, too, Barack Obama has got to get it together here. It is becoming more and more clear that maybe by January we will have a two-year temporary extension of the Bush tax cuts for the rich. Does anyone think that if you give a two-year extension in 2012, the Republicans won't campaign on it again? Name one Republican, Louis, who will say in 2012 if there is a two-year temporary extension, "Yep, we're all set now." We're not going to campaign on this now, because Obama said two-year extension, it was a compromise, we all agreed to it, we don't need any more tax cuts for the rich. We're fine with those expiring. Well, what Republican is going to say that in 2012? Can you think of one?

 

Louis: Well, maybe I could name one or two, but generally you're right.

 

David: I can't think of one. And it's no surprise that if you actually ask the public, "Do you favor tax cuts for the rich or don't you?" And you can word it however you want, you can say, "Do you favor repealing the George W. Bush tax cuts?" Word it however you want, people don't want that overall. And you know why? It's obvious why, because it is a policy of by the few, for the few. It is a policy which very few people want to put in place and control and propose, the members of Congress, and very few people benefit from it comparatively.

 

And again, we don't have to go through the economics of it, Louis. I mean, one dollar in food stamps creates $1.70 or so of total stimulus as it goes through the actual individuals who are buying the food, to the supermarket, up to the supplier, up to the growers of that food. $1.70 for every dollar of food stamps. And we're talking about Republicans saying tax cuts will drive hiring at small businesses? We've discussed this ad nauseum, Louis. Tax cuts do not drive hiring. Demand is going to drive hiring. And if you give tax cuts to the rich, the middle class and the poor won't have the money to buy stuff. It is not stimulating demand. I feel like we're just going over the same basic principles and we still keep hearing the same talking points from those in favor of maintaining these tax cuts, do we not?

 

Louis: Of course. And we'll continue to.

 

David: Especially if we give them the two-year, throw them the two-year bone.

 

Louis: Right.

 

David: Especially in that case we will continue to hear it.

 

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