December 17, 2010 was the day that the President actually proved his ignorance in all things economic, in deficit spending and his blind fear of Republicans. Intimidated by the ferocity of the fascist element of the Republican Party, the poor man, brought to tears by their cruel insults, the President of the United States agreed to extend the Bush tax cuts. Failing to study history, next to economics his weakest subject, the Chief Executive left a trillion dollars of deficit reduction on the table, the amount in added interest and devaluation of the deficit bond, applied the very second he signed the “Living Dead” bill. This was the most cowardly and inept decision since the President and his “living Dead” congressional majority had permitted Republicans in the House and Senate to change 300 billion dollars in infrastructure jobs into useless tax-cuts, thereby negating the only useful idea poor Larry Summers had developed in years.
The Bush tax cuts, financed directly from payroll tax revenue, a trillion and a half dollars stolen from the Social Security surplus, represented the most precious of all possessions for those fascist Republicans who could be overheard offering their first-born children in exchange for their extension. This was, of course, unnecessary, as the President, in what has become a typical example of abject ignorance, traded away the taxes for a nuclear treaty, an extension of unemployment insurance and thirty shekels of “good will” from his shocked adversaries who would have been forced to pass these things anyway.
No compromise was offered by the President’s “Living Dead” economic advisors and “free-marketeers,” or by equally “Living Dead” ultra liberals who favored raising relatively meaningless amounts of taxes only on the wealthy. Nobody suggested a 3%, 2%, or even a 1% tax hike on everyone as an alternative compromise to the full 4% in tax cuts. In fact, in an effort to further advance the Republican agenda, the President further encouraged them by lowering payroll taxes. That way the deficit problem could be made even worse and even more money could be borrowed from the White House’s Chinese friends. In all fairness, this could be seen as a brilliant move to insure that the tax cuts could no longer be financed by Social Security/ payroll tax surpluses, since now there would be no surpluses. Like they say: “Every cloud has a silver lining.”
Allen Finkelstein, D.O.