Senators Mitch McConnell (R-KY) and Orrin Hatch (R-UT) tried to make the case for “trickle-down” economics on the Senate floor yesterday. Unfortunately the Bush tax cuts never created jobs, and their argument is complete nonsense.
Via Think Progress:
[Yesterday's] jobs report from the Bureau of Labor Statistics paints an ugly picture of lackluster job creation and increasing long-term unemployment. The Federal Reserve — which is taking its own steps to boost employment after dithering for months — has been reduced to pleading with Congress for further fiscal stimulus, in the hopes of averting an even longer jobs slog.
So, naturally, Congress is …debating whether or not the richest two percent of Americans should receive a tax cut (in addition to the tax cut they will receive on their first $250,000 in income if, as everyone in Congress wants, [those] tax rates are extended…).
One more thing. How long are we going to have to listen to Republicans who complain about deficits, while at the same time pushing to explode those deficits? Senate Majority Leader Harry Reid:
“We’ve all heard Republicans weep for the deficit they say they fear. Democrats agree that we need to do something about it,” Reid said. “But what did Republicans do? They…said: Rather than reduce the deficit, we’d really rather give an unnecessary, unwanted and unaffordable handout to the richest of the rich.”
UPDATE: After two failed cloture votes in the Senate this morning, Republicans are now in a position to demand outsize tax cuts for the rich before they will allow the extension of unemployment benefits for millions of jobless Americans. Democrats apparently lack the ability to do anything.
UPDATE: Senator Russ Feingold (D-WI) also voted against the tax cuts, but for the right reason. He wants ALL the Bush tax cuts to expire in order to solve the long-term deficit problem.
UPDATE: Senate Minority Leader Mitch McConnell is confident Democrats will soon cave on tax cuts for the super-rich.