Wednesday, September 22, 2010
I heard Speaker Pelosi on Public Radio the other day and was so bewildered by her logic that I just had to share.
Start with the fact that the tax cuts being discussed are already in place and that the discussion is all about extending them as is, no one is actually getting their taxes cut by one red cent. In other words if they do get extended our paychecks will look no different tomorrow than they do today. OK.
So Pelosi says if the tax cut for "the rich" is extended it will add seven-hundred-and-eighty-billion-dollars to the deficit.
The commentator deftly points out that if the tax cut for the middle class is extended it would remove 4 trillion dollars from the Federal revenue stream over the same period of time.
Nancy says: but there's a difference, that money would be spent, turned back into the economy and create jobs.
Commentator: Ok, but wouldn't the 780 billion be turned back into the economy as well, and create jobs?
Nancy: Well, as we can see by the state of the economy today and how the record surpluses became record deficits during the previous eight years that it hasn't worked.
I feel like I just listened to a Yogi Berra skit. So which part of it hasn't worked Nancy? Is it the 780 billion or the 4 trillion? It's not as if the middle class will suddenly have an additional 4 trillion to spend, they will have exactly what they have today and what they have today has produced no real economic growth and 9.6% unemployment.
Folks, this is logic running this country. God help us all.