"Look, I'm glad Blue Dogs don't just want to cut taxes for the wealthy with more deficit financing, but their priorities don't make any sense," Steve Benen wrote this weekend. "They want to cut spending (which improves the economy) in order to pay for breaks for the wealth (which doesn't improve the economy)." We may be out of the recession, but we aren't out of the woods. Demand is still low, which is driving the unemployment crisis. Cutting government spending means reducing demand further, while extending the tax giveaway doesn't really do anything. If it did, the Bush economy wouldn't have been so stagnant until it finally crashed. If there's one thing that should've become obvious by now, it's that supply-side economics is basically a superstition -- we've watched it fail for about a decade, if not longer. Extending Bush's tax cuts to the richest Americans won't do a damned thing for the economy. At least, not anything positive.
Still, we've got those who FDR called "economic royalists" working to help the wealthiest at everyone else's expense. For them, economics works like this: the very wealthiest people are the most important people ever and the rest of the world is just a support system that makes their lives possible. The end...[CLICK TO READ FULL POST]
