News reports today are doing sound bites on the Republicans’ refusal to extend unemployment benefits for about 2 million people about to lose them. The GOPpers say they are sympathetic; but, that any money spent on these long-term unemployed must come from some other current recipients of government largesse. (That’s not exactly how they phrased it.) In short, no borrowing says Massachusetts Senator Scott Brown, it has to come from the “savings account” of current spending not the “credit card” of deficit spending.
Sounds good – good sound bite.
At the same time, the Republicans are holding firm to their conviction that rich people deserve equal protection when it comes to the Bush tax cuts; after all they are the engine of economic recovery, the investors that must be motivated to jump start our return to greatness. They neglect to say that maintaining the tax cuts requires the government to use the “credit card” of continuing deficit spending. I’m not hearing any clamor to cut government spending from the “savings account” to match the amount of taxes that won’t be collected.
I suppose they have a point, Wall Street bonus babies were in the news last week with stories about how they were going to spend their seven figure year end checks. I especially liked the one about hiring a midget for a buddy’s bachelor party. It’s good to see that some little people are reaping the benefit of Republican economic policy.