Let the Deficit Hawks Off the Leash on This One

July 25, 2010 by mike.

All of the folks who are wailing about the deficit and the need to rein that puppy in need to be called to task if they also wail about the end of the Bush tax cuts for the rich. The class war of the rich against all the rest of the US population has been a disaster for all but the ruling class. It’s time for the rest of us to take a stand and stop losing the class war. The phenomenal redistribution of wealth and income to the top 10% has created an economic disaster for the US and maybe the world.

Neo-liberalism is a fancy word for class warfare. NAFTA, globalism, unregulated free market capitalism gives you the BP disaster, profitable and unsustainable market bubbles like the mortgage crash, that are engineered to shift more wealth to the ruling class. It’s working folks.

We can and should dig in to win a battle in this class war by making sure that the Bush tax cuts for the rich expire.

clipped from www.nytimes.com Battle Looms in Washington Over Expiring Tax Cuts Battle Looms in Washington Over Expiring Tax Cuts WASHINGTON — An epic fight is brewing over what Congress and President Obama should do about the expiring Bush tax cuts, with such substantial economic and political consequences that it could shape the fall elections and fiscal policy for years to come. Democratic leaders, including Mr. Obama, say they are intent on letting the tax cuts for the wealthy expire as scheduled at the end of this year. But they have pledged to continue the lower tax rates for individuals earning less than $200,000 and families earning less than $250,000 — what Democrats call the middle class. Most Republicans want to extend the tax cuts for everyone, and some Democrats agree, saying it would be unwise to raise taxes on anyone while the economy remains weak. If no action is taken, taxes on income, dividends, capital gains and estates would all rise.

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