VP Biden pulled out the usual crisis song sheet to justify and emotionally veil graduated tax hikes for America on January 1st. He wants to extend the “Bush-era” 2001 and 2003 tax cuts only for the pre-defined “middle class,” those who make less than $250,000 annually. He tells us we must also extend unemployment benefits:
“One: we’ve got to extend the tax cuts for the middle class that are set to expire at the end of the month. If we don’t, millions of middle-class families will see a big bite out of their paychecks starting January 1. And that’s the last thing we should let happen. After a decade in which they lost ground, middle class families can ill-afford a tax hike – and our economy can’t afford the hit it will take if middle class families have less money to spend.
And the second thing we’ve got to do is extend unemployment insurance for Americans who have lost their jobs in a tough economy. Without unemployment benefits, families can’t spend on basic necessities that are grown, made, and sold by other Americans.”
Joe tells us what’s not “smart:”
“Together, the economic hit caused by raising taxes on the middle class, and denying two million Americans unemployment insurance, will wind up costing us hundreds of thousands of more jobs. It just isn’t smart.”
And he tells us what’s not “right:”
“And, cutting unemployment insurance is not only not smart, it’s not right either. It would mean telling millions of our neighbors who are out of work today through no fault of their own, that they’re on their own.”
Now, let’s talk “smart” and “right.”
It’s very simple. If we accept the White House prescription to not extend all of the Bush-era tax cuts, we’ll simply see more Americans leaning on the extended unemployment rolls as private jobs are prevented from even coming into existence.
Heavy tax burdens on the “wealthiest” Americans discourages investment in new enterprise and deters productivity, which prevents new private sector jobs that currently unemployed Americans could then fill. This vicious cycle feeds the very self-perpetuating crisis the Vice President is lamenting.
NO American families can afford a tax hike, especially in this choking economy. Extending tax cuts for only the “middle class,” as he defines it, will deliver another death blow to America’s freedom and our economy.
There is nothing smart or right about the same old liberal song sheet that eliminates opportunity and liberty in America.