Peter Orszag, former Director of OMB, says extend taxcuts for two more years...

[kentuck]

and then end them.

http://www.nytimes.com/2010/09/07/opinion/07orszag.html?hp

<snip>
In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it.

Why does this combination make sense? The answer is that over the medium term, the tax cuts are simply not affordable. Yet no one wants to make an already stagnating jobs market worse over the next year or two, which is exactly what would happen if the cuts expire as planned.

........more

[Demeter]

1. And there will be nothing left to squabble over. The nation will be kaput.

Brilliant plan, Orszag.

[kentuck]

3. How does he know Repubs will not be in control in 2 years??

and they will have no intention of ending them?

[mike r]

2. It's like "a little pregnant". Extension is their foot in the door

to permanent tax cuts for the rich.

[rfranklin]

4. Faulty assumption...tax cut expiration would make jobs market worse....

This is a Republican talking point which has no basis in fact.

[chimpymustgo]

5. Exactly. Except it's just one party now - the DemoCons.

[Kurt_and_Hunter]

9. No, it is quite true IF...

No, it is quite true IF the increased revenue went to reduce the budget deficit.

The tax cuts are very inefficient job-creation/stimulus but they do create some employment.

They create less employment than almost any other use of the money... except if it were used to reduce the deficit rather than being used for spending that is more effective at creating jobs.

It all depends on the totality of government action.

[Jackpine Radical]

6. That's retarded.

The Democrats ought to push for eliminating the high-end tax cuts while keeping them & even giving a tax holiday for the lower end. If it passes, great; if it doesn't pass, let the public see where the blame lies. And just keep hitting the Republicans for wanting to protect their wealthy friends at the expense of everyone else. Make clear the differences between the Ryan proposals (increasing taxes on the bottom end, cutting them on top) and the Democratic position, which is the reverse.

But will the gutless wonders do it?

Don't do this while waiting for them:

[SOS]

7. What absolute idiocy

The Bush tax cuts for the wealthy did not create one job.
After nine years of the Bush tax structure, unemployment is at catastrophic levels.

Why does Orszag think anything will be different in 2011, 2012, 2013?

Depressing to see the Wall Street government ordering the puppet government in Washington to continue this twisted policy.

Confirmation: We live in an oligarchy.

[kentuck]

8. Why not take those expired taxcuts and pay for the infrastructure...?

programs he announced yesterday. There is no guarantee the Congress would approve $50 billion, especially if the Repubs win.

We really need Democrats to get off the fence and show some courage and let these taxcuts expire. The majority of Americans do not agree with extending the Bush taxcuts.

The deficits will go higher if the taxcuts are extended and the Repubs will beat Obama over the head because of the higher deficits. That's just the way they play the game.