Wednesday, December 22, 2010

Tax cut agreement was not "lousy"

So, dear reader, are you glad the deal to extend the Bush-era tax rate for two more years passed or do you think we should have held out for a better deal from January when the Republican Congress takes over?
I'm happy with it. The way I see it, if this incoming Congress is as efficient as we're hoping, let's strive for another tax deal and lower rates even further once those Republicans take their seats.
Sarah Palin said the agreement was "lousy." Sure, it was a compromise between the GOP and the White House. But she concentrated a little too much on this being a victory for Obama. She's right when she contends that "Obama is so very, very wrong on the economy," but I don't think the Prez "spinned" Republican tax-cut goals.
Newt Gingrich, meanwhile, supported the agreement, while Mike Pence advocates making the Bush tax rates permanent. John Thune, Tim Pawlenty and Mitt Romney have all indicated that the effect of the tax package remains to be seen, but stopped short of criticizing it.
If this is a victory for Obama, so be it. We needed, at the very least, an extension of the tax cuts to keep helping the economy to recover. It was necessary. Obama may have complained about it, spoke of being held hostage to it, and struck a somber note in announcing it. But in the end, he did the right thing, stood up to the far-Leftie "purists," and endorsed a tax package that will keep America on track.
So here it is: Good for you, Mr. President.
So let Anthony Weiner, Barney Frank and Nancy Pelosi squawk all they like. They didn't get to screw the middle or working classes on a tax deal and that's what matters.
Besides, it's a little nauseating to see the die-hard Tea Party stalwarts moaning along with the far-Left. Do they really want to be seen to agree with Paul Krugman that this tax deal is "bad stuff"?
Now if we could just bury the DREAM Act once and for all, instead of watching its seemingly never-ending death throes, then 2011 is looking up.


rocslinger said...

The next two years are going to be tough. Overall, keeping tax rates where they are is a good thing and perhaps the best that we could hope for but I get a little tired of being told that congress must pass a bill in a hurry.

More incouraging is the take down of the omnibus spending bill that the house attempted to pass.

I do worry that we might see single payer healthcare happen as a way of "solving" the mess that we call Obamacare.

Nightdragon said...

I'm not a big fan of rushing through legislation either. I have an eternal bone to pick with Clinton for pushing NAFTA through a lame-duck Congress. Never mind whether it was successful or not; it deserved more research and debate.

But this was an emergency. We needed a tax deal right now and couldn't afford to dither any further. Keeping the present tax rates where they are for two more years was the best option. Lame-duck or not, Congress had to approve it.

Oh man, it was a relief to see that omnibus package shot down! Too true.

goddessdivine said...

I have mixed feelings about it. I am glad the tax cuts are staying in place; I don't care for unemployment benefits being extended. Nor the fact that nobody talked about making cuts. I'm just hoping the GOP figured if they got the cuts in place they could make some headway towards budget slashing in January.