I support Obama's decision to compromise with the Repubicans, and continue the Bush tax cuts for everyone - including millionaires - for the next two years. It's best course of action now, given the unfortunate results of the election on November 2.
Those results will put the Republicans in control of the House, and more Senators as well, in 2011-2012. For those disappointed with Obama's compromise, they should look at their and our failure to convince Americans to vote for more progressives in the past election. Why should the Republicans accept the Democratic approach of making the rich pay their just freight, when the populace has given the Republicans the whip hand?
Progressives who wanted to play hard ball, hang tough, and dare the Republicans to be responsible for tax increases for everyone, and no unemployment insurance for Americans whose benefits have run out, are likely doing fine financially, and have no need of unemployment insurance. I can't image anyone else - Democrat or Republican - gambling with these issues at stake.
I've long said that I'd like to see a society with no taxes for anyone earning under a million dollars, and millionaires and above paying much more. Whether this is closer or not to happening in light of today's compromise is not clear. But what does seem undeniable is that this is the best way to go, given the circumstances.
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Well, it might be the best course. But I don't think tax cuts will do much good if spending doesn't get cut also. That was what the Repubs screwed the pooch on the last time around. They gave tax cuts, but then tripled the spending, which made the dollar less valuable due to the necessary eventual printing of more money to compensate for the economic strain, which rendered the purchasing power we would've had from the tax cuts obsolete (at least by a percentage).
And all the fraud that went on in the private sector added insult to injury.
And then came the bailouts.
I don't think the American people are yet ready to forgive either party, especially considering the comments I've seen on conservative boards--the consensus appears to be that the Republican party has one last chance to regain their trust, and if they don't, the party is pretty much toast. And the more liberal folks I know are still pissed at the Democratic party's refusal to impeach Bush and end the wars. And some conservatives who've recently woken up to that certain information Naomi Wolf discovered feel so betrayed that they've either stopped voting entirely or have gone over to one of the third parties.
Both parties are pretty much on thin ice right now. So they do need to compromise, but they need to compromise on the right things.
The tax cuts are a good start, but that won't be enough for them to win back the people's trust.
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