A Blunder in the Making

[kentuck]

Extending the taxcuts is bad for the economy??

Yes, it is.

Because businesses are not hurting for money to invest. They are sitting on about $2 trillion dollars in revenue. They don't need more taxcuts.

The taxcuts would only increase the deficit. It is the deficits that are the drag on the economy, not the lack of money to invest. It is more important to cut the deficits than to extend taxcuts.

Democrats should make the argument that deficits are a bigger threat to our economy than anything at this time. This is the debate to have in the House and Senate. We must cut the deficits and that is why we cannot extend the taxcuts any longer. They would add $4 trillion dollars to our deficit in the next ten years.

It was a mistake to pass a cap and trade bill because people were very concerned about the huge deficits run up George W Bush and they believed Barack Obama would stop the huge spending and be more rational in regards to bringing the deficits under control. Granted, many things were beyond his control but cap and trade was not one of them. Neither was the healthcare bill that he signed.

More than anything else, people turned against Obama because of the huge spending. That is the issue that created the Tea Party. That is the issue that put the Republicans back in power in the House. That is why we cannot afford to extend the taxcuts. It is bad for the economy because it increases the deficits. It would be a tragic blunder to extend them.

Perhaps, more importantly for the Democrats, it will make Barack Obama a one-term President and put the Democrats in the minority for a long time. This is a life or death decision for our Party.