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Mitch McConnell Speaks Up for the Rich

Senator Mitch McConnell told NPR today that the path forward on the debt ceiling is blocked by the insistence of the Democrats on raising taxes “in the middle of an economic slowdown.” McConnell thinks we should cut back on spending “in the middle of an economic slowdown.” He is apparently utterly unable to comprehend that on an aggregate basis revenue increases and spending cuts are exactly the same. Both reduce the amount of money moving in the economy. If we cut spending, we positively will reduce consumption by people whose income disappears. If we raise taxes, we might reduce consumption by the rich. How hard is it to grasp this simple point? Apparently too hard for politicians of either stripe and the President, all of whom are prepared to accept the inane idea that cutting spending is a good thing to do in the face of the Great Recession.

Of course there is a difference. If we raise taxes, the rich will pay more of the cost of dealing with the non-existent deficit/debt which is supposedly the problem. If we raise taxes on the rich, it will mean that some of the nation’s 9 million millionaires won’t be able to buy their third vacation house.

If we cut spending, the old and poor will suffer, and so will the next generation. The major spending cuts will be to programs which keep people from dying in the streets. Cutting Medicare and Social Security will hurt 95% of the population, requiring them to pay more and more of their savings for living expenses, medical insurance and treatment. For many people, this means they will sell their houses to pay for treatment, and move in with their kids. Every dime of these cuts comes out of money that otherwise would go to their heirs.

Of course, manly Republicans want more: they intend to screw the middle class with higher taxes:

“Revenues have never been off the table,” said Sen. Jon Kyl of Arizona, the Senate’s Republican participant in the Biden talks. “There are some user fees that are probably way low compared to when they were originally set.”

Obama’s budget wants $85 billion in new fees over 10 years, including raising the airline passenger security fee from a maximum of $5 per one-way trip to $11. Other proposals range from Food and Drug Administration food inspection fees to duck hunting fees. The $85 billion includes a federal auction of parts of the broadcast spectrum and the sale of surplus federal property.

User fees are nothing but taxes on the middle class. Rich people on their private planes aren’t paying that security fee. Republicans and Democrats are conspiring to protect the rich at the expense of the middle class. The only people in favor of this craziness are the corporation party representatives in Congress and the White House.

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Mitch McConnell Speaks Up for the Rich

Senator Mitch McConnell told NPR today that the path forward on the debt ceiling is blocked by the insistence of the Democrats on raising taxes “in the middle of an economic slowdown.” McConnell thinks we should cut back on spending “in the middle of an economic slowdown.” He is apparently utterly unable to comprehend that on an aggregate basis revenue increases and spending cuts are exactly the same. Both reduce the amount of money moving in the economy. If we cut spending, we positively will reduce consumption by people whose income disappears. If we raise taxes, we might reduce consumption by the rich. How hard is it to grasp this simple point? Apparently too hard for politicians of either stripe and the President, all of whom are prepared to accept the inane idea that cutting spending is a good thing to do in the face of the Great Recession.

Of course there is a difference. If we raise taxes, the rich will pay more of the cost of dealing with the non-existent deficit/debt which is supposedly the problem. If we raise taxes on the rich, it will mean that some of the nation’s 9 million millionaires won’t be able to buy their third vacation house.

If we cut spending, the old and poor will suffer, and so will the next generation. The major spending cuts will be to programs which keep people from dying in the streets. Cutting Medicare and Social Security will hurt 95% of the population, requiring them to pay more and more of their savings for living expenses, medical insurance and treatment. For many people, this means they will sell their houses to pay for treatment, and move in with their kids. Every dime of these cuts comes out of money that otherwise would go to their heirs.

Of course, manly Republicans want more: they intend to screw the middle class with higher taxes:

“Revenues have never been off the table,” said Sen. Jon Kyl of Arizona, the Senate’s Republican participant in the Biden talks. “There are some user fees that are probably way low compared to when they were originally set.”

Obama’s budget wants $85 billion in new fees over 10 years, including raising the airline passenger security fee from a maximum of $5 per one-way trip to $11. Other proposals range from Food and Drug Administration food inspection fees to duck hunting fees. The $85 billion includes a federal auction of parts of the broadcast spectrum and the sale of surplus federal property.

User fees are nothing but taxes on the middle class. Rich people on their private planes aren’t paying that security fee. Republicans and Democrats are conspiring to protect the rich at the expense of the middle class. The only people in favor of this craziness are the corporation party representatives in Congress and the White House.

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masaccio

masaccio

I read a lot of books.