Progressives might not like what I have to say on this tax cut issue, but…

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    And thanks for finally following me on Twitter, Lowell.  What took you so long? lol.

    I see the poll there to the left… should the Bush Tax Cuts be extended?  Of course, they shouldn’t.  We should not be adding to our national debt to finance our tax cuts.  That is wrong on two counts:  1.) We strap future generations to pay for our fiscal irresponsibility and 2.) Quite frankly, it’s bad for our national security (we shouldn’t be borrowing money from our adversaries e.g. China to pay for our tax cuts).

    Some say that the Democratic party should have taken care of this tax cut issue before the 2010 midterm elections. I disagree with that.  The party was already going to lose a massive number of seats and dealing with tax cuts would have been even more divisive (Democrats might have lost even more seats and would have had less power than we have now).

    With all my heart, I don’t want those tax cuts to be renewed all all.  As I said, it’s not fair to have future generations pay our our fiscal irresponsibility.  Democrats were known in the 1990’s as the party of fiscal responsibility. Borrowing money to finance these tax cuts throws that reputation out the window.  Further, I’m a strong believer in a progressive tax code.

    But let’s be serious for a moment.  In this political climate (we don’t have the power we had in 2006 and 2008), an extension of the Bush tax cuts for two years as probably as good a deal as Obama will get (I agree with Bill Clinton on that).  In exchange, Democrats will get the extension of unemployment benefits that we requested.   Bill Clinton moved to the center in his second term and Obama is just doing it a little earlier (and for the record, no I don’t think it’s centrist to temporarily review all the Bush tax cuts… this might be right of center).

    Tax cuts are not the only fiscal issues that this country has to deal with.  The explosive growth of Social Security and Medicare will crowd out any discretionary spending if action is not taken (that’s an issue for another diary).  But, if you can get half of a loaf in this political climate, you have to accept it (I hate that I’m saying this).  Obama scored a big victory with Clinton’s endorsement of the deal.  It’s the best deal we can get and I think we need to be pragmatic about it.  

    • As for Twitter, I actually thought I WAS following you, but this morning when I went through the top Virginia political Twitter accounts, I realized what a horrible, tragic mistake I’d made. Can you forgive me? LOL 🙂

    • Catzmaw

      The people who are criticizing and accusing Obama so harshly of abandoning progressives and turning his back on his base and all that are failing to grasp just how narrow his choices were on this matter.  The votes just aren’t there.  We’ve got 42 Republican Senators who signed a letter essentially declaring that they would obstruct ALL legislation, no matter what its purpose, in order to advance their own legislative interests.  And their top legislative interest was continuing tax cuts for rich people.  There are going to be MORE no less of them in the new Congress, so there is no question that Obama wasn’t going to win any principled fight in which he threw down the gauntlet and dared them to oppose him.  

    • But I think it’s reasonable for Dems, progressives and liberals to express how unhappy they are (in this case or any other.)  There is a big difference between letting your elected officials know you aren’t happy and actively not supporting them.