WH warns of deeper economic crisis
December 8th, 2010
04:32 PM ET

WH warns of deeper economic crisis

WASHINGTON (CNN) – In a dramatic escalation of the rhetoric over President Obama's controversial tax cut deal, senior White House economic adviser Larry Summers warned Congress on Wednesday that failing to pass the legislation could lead to a double-dip recession in 2011.

"If they don't pass this bill in the next couple weeks it will materially increase the risk that the economy would stall out and we would have a double dip," he told reporters at a White House briefing.

Pressed for clarification given the dire nature of his statement, Summers stressed that he was only saying it would "significantly increase the risk" of that outcome and was not predicting an actual double dip recession, which is defined as a recession followed by a short-lived recovery and then another recession.

While some economists feared the possibility of a double dip recession for parts of 2009, White House aides have said for months that the possibility of such an outcome was remote.

Summers' statement seemed to be a clear attempt by White House officials to raise the stakes in the tax cut fight, with senior White House adviser David Axelrod adding at the same briefing that "there are real consequences" for the American people if Congress fails to approve the package, which includes a two-year extension of all the Bush tax rates as well as 13 months of unemployment benefits and a two percentage point cut in the payroll tax.

Summers also warned that failure to pass the bill could reverse the positive predictions for the economy that various analysts like Mark Zandi of Moody's Analytics have offered since Obama's announcement of the tax deal. Echoing the views of other analysts at Goldman Sachs and elsewhere, Zandi now says that real Gross Domestic Product growth in 2011 "will accelerate to four percent, job gains will pick up to 2.8 million, and the unemployment rate will decline to around 8.5 percent by year's end."

However, Summers said that a "set of downward revisions would commence" on Wall Street if the tax package doesn't pass by the end of the year.

Also raising the stakes in the tax fight, White House Press Secretary Robert Gibbs for the first time held open the possibility of Obama heading to Capitol Hill at some point in the waning days of the lame duck session of Congress to personally lobby wavering lawmakers on the matter.

Gibbs noted that Vice President Joe Biden and other administration officials will be on Capitol Hill Wednesday evening for the second straight day lobbying lawmakers and "that doesn't preclude at some point" the president heading to Congress as well for a dramatic personal appeal.

The comments came just hours after Obama himself downplayed tensions among Democrats and told reporters he expects the deal will pass in the end.

"I think it is inaccurate to characterize Democrats at large as feeling, quote unquote, 'betrayed,'" Obama said. "I think Democrats are looking at this bill and you've already had a whole bunch of 'em who've said, this makes sense and I think the more they look at it the more of them are going to say this makes sense."

Obama said he is confident that after lawmakers "examine it carefully" they will see this is the right course to ensure a healthy economic recovery.

"You've just had economists over the last 24, 48 hours examine this and say this is going to boost the economy, it is going to grow the economy, it is going to increase the likelihood that we can drive down the unemployment rate," said Obama. "And it's going to make sure that 2 million people who stand to lose unemployment insurance at the end of this month get it; that folks who count on college tax credits or child tax credits or the Earned Income Tax Credit, that they're getting relief; and that tens of millions of Americans are not going to see their paychecks shrink come January 1st."


Topics: Larry Summers • President Obama • Tax cuts • The News

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  1. Four and The Door

    Larry Summers is pretty much right on with this warning. Raising taxes right now, especially on people who own small businesses could drive unemployment up quickly. Certainly I do get the message from Democrats that all of these $250k/ year 'billionaires" don't deserve government money. But that's not how it works.

    The government makes lots of money right along with these people when they build their businesses. I wish I would have made even 10% of the money the government has made from my business so far. But I haven't. And if the Federal government raises my taxes it will directly cause me to have less money to invest in the business. I'm not alone.

    December 8, 2010 at 5:00 pm |
    • Ted

      @Four and The Door:

      The money the government taxed your business was the cost of doing business in a place that printed the money you use for transactions and has a few hundred thousand people with guns making sure that money is good. If you didn't make 10% of the money the government took from your business, what happened to the other 90%? Are you paying yourself the entire revenue of your business and writing off all of your expenses as tax deductible? Have you ever heard of incorporation? You get a lot of extra rights by doing that.

      December 8, 2010 at 5:17 pm |
    • thersa

      Do you want to show me where the jobs are that the Bush tax cuts created in the last 8 years? They must be overseas because the only job growth here was in the public sector. We lost 700,000 private sector jobs under this tax scheme when Bush was in office, and more immediately in his aftermath. How does this suddenly become a job creator?

      December 8, 2010 at 5:33 pm |
    • Tom

      I am so tired of people like "Four and The Door" above who claim that tax cuts for wealthy people automatically translate into business growth. Please stop the B.S. People who say this have no clue how business works. Businesses expand (hire people and expand their infrastructure) when DEMAND FOR THEIR GOODS AND/OR SERVICES increases. Give a tax cut and they simply pocket it. When companies want to expand due to new market opportunites, the way to help them is by low cost business loans, not tax cuts. We can debate the tax code and who pays what, but thats a separate issue. Please conservatives, get educated on how business works! This is nonsense!

      December 8, 2010 at 5:58 pm |
      • Dave G

        Tom- I'm afraid it is you who doesn't understand.

        Companies don't pocket money that comes in. They invest it. If the tax structure is favorable they invest a lot of it, which causes more jobs. They may invest it in their own growth, in research, in expansion, or just in the market.

        Money in a pocket doens't grow.

        December 9, 2010 at 7:38 pm |
    • William DeVaul

      If you are making more than a million dollars in income, particularly in this economy, you can afford to pay more in taxes to help the unemployed. It's not like businesses have been hiring with the existing tax cuts in place!

      December 8, 2010 at 6:01 pm |
    • Tom

      "if the Federal government raises my taxes it will directly cause me to have less money to invest in the business. I'm not alone." This comment shows that either you are not a businessman and you're pretending, or you are a very poor businessman. If the government gives you a tax cut, are you going to hire more people even if you have no more work for them to do? Please, get real!

      December 8, 2010 at 6:02 pm |
    • notoj

      Let me see if I have this right not giving the Wall Street banker and rich people a tax break on their estate taxes stops a double dip recesion. I understand the Fox crowd has been suckered into this by fear as thats how there leaders roll. These rich people have created "NO" jobs in the USA. They have created them in India and China. Increasing the national Debt to give the wealthy a break they don't need and haven't use to create jobs is unwise. As far as the Fox argument on medium size bussiness's on 2% of medium busseness take home 250K and they are doing very well. The Fox argument never says the fact the Wall Strreet bankers who have to pay taxes on their bonuses will now continue to over profit on the backs of the people.

      December 8, 2010 at 7:00 pm |
      • Fred Magyar

        Yep, you got it!

        December 9, 2010 at 7:37 am |
      • Pmorris

        what I don't understand is why does one group of the coutnry have to completely support everyone else? Why is it that ANYONE who loses a job according to democrats, well it was NO fault of their own? I only make about $90K a year and no I dont want my taxes to go up, nor do I think ANYONE's should go up. Why do you liberals think you are entiteled to a penny that anyone else makes? How are you? How about everyone be resposnible for themselves. These arent tax cuts for the rich you idiot, its an extension of the current tax rates. No one is getting a tax cut, they simply arent going to rasie our taxes. Your media push keeps saying "tax cuts to billionaires", since when is $250K eqaul to a billion. Its time people take care of themselve, no more gov funded cell phones, or cable TV. No more generations lviing on welfare while stil spawning off children. Its my job to take care of myself and my family not you and yours.

        December 9, 2010 at 8:48 am |
      • Rick

        notoj, poor misguided soul. You don't understand that the tax break is for people making > $250K. That's not a "Wall Street Banker", that's a small business owner like me. With the extra money I would have with this tax break I can hire more people, expand my business, and pay even more taxes so that people like you can ride on the coattails of the hard working business owners in this country.

        I'm assuming you want my taxes to go way up so that I have to stop hiring, stop expanding, and lose money? Until you have spent 20 hours a day for the last 10 years building a business, you shouldn't try to comment on things you don't fully understand.

        December 9, 2010 at 9:09 am |
      • Bill Wallace

        notoj. Since the top 5% of US Income Tax payers pay over 50% of the Income Taxes in this country, and the top 50% pay virtually ALL the Income Taxes, who exactly is creating the jobs in the US? Is it the bottom 50% of Tax Filers, who pay NOTHING??

        December 9, 2010 at 9:12 am |
      • Nick

        Good points here. Besides, Mr. Summers thinks a 1.5 quadrillion dollar worldwide black hole of dirivitives bloated in value is a good thing. It's thinking like this that got the economy in the condition it is in the first place and now we are suppose to take his advice?

        It's time for an American taxpayer bailout!!

        December 9, 2010 at 9:15 am |
      • Attention to Detail

        Spelling mistakes and run-on sentences don't give readers any confidence or ability to understand the points you are trying to make.

        December 9, 2010 at 9:16 am |
      • Gyrogearloose

        "They have created in India and China." WRONG!!!

        Jobs in India and China have been created by the Indians and the Chinese and are a result of the same industrious ethic that we once had. This is a result of people working to better themselves, plus the international nature of the market place. Workers in the US are now competing internationally. Businesses in the US didn't create this. It evolved due to better international communications and transportation, and due to the opening of trade barriers by governments (Clinton included).

        December 9, 2010 at 9:30 am |
      • Skeetz

        Big companies realize their profit margins are going to get squeezed by outsourcing. The key statement to look for from companies that have outsourced goes something like "We've decided that we have the right mix of domestic workers and outsourced workers, a balance, we have no plan to increase outsourcing over current levels today". What is really being stated in not so clear terms is something like "We cut out wages and salaries by getting rid of the American workforce but now we found that the culture we outsourced into, we are not getting the same level of productivity from the workers in those other countries, the productivity is just not there and the governments in those countries wont let us squeeze the productivity out of those workers like we did in the US. We cannot make the workers feel like they are lucky to have a job and pick up more work, especially when our competitors in those countries will give these workers on average a 15% increase in wages over there when they leave. Our profit margins will begin to deteriorate because foreign labour costs in those countries are going up and what do we tell the major stock holders if they press us to show where the fabulous profits would becoming from the millions we spent offshore? Our only prayer at this point is to put pressure on Washington to allow us to repatriate our overseas profits, all us Executives can then get really big bonuses going out the door before anyone catches on".

        December 9, 2010 at 9:37 am |
      • 0704American

        Its nice to see that you are able to see past the smoke n mirror BS the republicans have been pushing for the last 2 years. Have the republicans done anything to help improve the economy or create jobs? NO
        The republicans will continue to do nothing to help the economy and create jobs while a democrat is president thereby HURTING Americans who need JOBS.

        December 9, 2010 at 10:17 am |
      • Jack

        The tax cuts......more good news for the richest Americans:

        With the Republican driven tax cuts just approved by Obama, I think it is important to point out who continues to benefit most from these cuts. The wealthiest Americans, of course. The top 5% wealthiest Americans will get $670 billion in savings and the remaining 95% of America will get $160 billion in savings.
        One "compromise" was that the Democrats were allowed to extend $56 billion in unemployment relief to families whose unemployment benefits expired on friday.
        This sounds like a generous gesture until you consider that the Fed's QE1 and QE2 gifts have totalled over two TRILLION dollars so far. And guess who got all of that money? The banks and the bankers – yes, the same group that received most of the billions in bailout money in 2009. And what did these Wall Street bankers do with this money (American taxpayer money, our money)? Well, the first thing they did was to give themselves massive bonuses. Around $140 billion
        in 2009 and around $144 billion in 2010. These bonuses were the largest paid in Wall Street history.
        Think about the irony and inequality in all of this. They were the highest paid Americans before the recession. Their foolhardy banking practices resulted in the near collapse of the American economy. Surprisingly, not only did most of them not lose their jobs for terrible performance, but our government rewarded them with taxpayer money to save their companies and preserve their high paying jobs. Then, instead of thanking America for rescuing them, they turned around and paid themselves all time record bonuses. For example, the average Goldman Sachs employee (35,000 of them) received a bonus of $371,000.

        December 9, 2010 at 10:17 am |
      • sickandtired

        Okay let me ask you this. Most individuals who you consider “rich” worked very hard to get the money they have, so why is the government entitled to tax them more and more. It is NOT the government’s money. Secondly, this so called estate tax is a bunch of crap. You work, you pay taxes, and you get money to leave to your family, so why should the money that this individual already paid taxes on be taxed again, because they died. That is not fair. Also why should the rich create more jobs when the economics earnings due to possible tax rate increases loom over them. Make the cuts permanents, o that these businesses can establish their plans ten years out and you will see job growth and creation. When you are worried about this administration and Congress taking what you make, what is the incentive to grow?
        Think about the farmers who pass on. Most of their wealth is in the equipment and other inventory they utilize to run their farms. They pass the farm and the equipment onto their children and now they may have to sell a lot of the equipment used to make a living to pay taxes to government who already got their money once before. How is any of that fair?

        December 9, 2010 at 10:21 am |
      • Tony

        I do make over $250K and have created 20 well paying, American, factory jobs with nice benefits. You are the one that creates the jobs in China and India by spending your unemployment check at Wal Mart. Open your eyes and close your mouth, use your brain.

        December 9, 2010 at 10:48 am |
      • grwohio

        So, you are saying that the government should take more money from wealthy people because??????????? Remember, we are not talking about a tax cut. We are merely keeping the existing rates the same. By the way, I think a tax rate that approaches 50% when federal, state and local taxes are considered is more than enough. Would you want to give half of your earnings to the govt?

        December 9, 2010 at 11:05 am |
      • Robert Koscick

        These "rich" people are small business owners, Physicians and Attorneys and Accountants with office staff, not hedge fund managers and bankers and CEOs outsourcing jobs.
        And like it or not, if any jobs are there to be created, they're going to be created by a "rich" person
        Stop letting class envy and jealousy fuel your viewpoint

        December 9, 2010 at 11:39 am |
    • bill

      I would be curious as to how many people small businesses actually employ. I hear all this talk about how raising taxes right now would kill any job creation that small and large businesses would have. Yet I sit back and wonder why these same businesses weren't hiring during the past 10 years when these tax cuts were in place. What exactly is going to change now? Personally I think small and large businesses alike just want to keep more money in their pockets and could care less about hiring people.

      December 8, 2010 at 7:22 pm |
    • Dr Nalin Palin

      lol government you lie...you said we we're out of recession and not a chance for a deeper one (dont spur panic kind of b.s.) but in reality economy is still tanked and you know it. Unemployment figures are 2x what you think they are but you dont mention that since not everybody qualifies for unemployment and some people just stop searching

      December 8, 2010 at 8:30 pm |
      • taz

        Actually unemployment is measured in different ways being more or less inclusive for different reasons. The government and educated citizens are well aware of that. I consider not counting someone who isn't looking for work, a reasonable measure. You apparently do not as you seem to advocate promoting the more inclusive between u6 and u3 unemployment measures.

        December 8, 2010 at 11:43 pm |
      • 4WatItsWorth

        No, you lie (or are just woefully ignorant of the facts). No one in the government ever said we were out of the recession. The most optomistic statement I've heard to-date is that the economy has stabilized (ie: stopped plummeting into the abyss) and has begun to move toward recovery. That is not the same as saying we have arrived.

        December 9, 2010 at 9:50 am |
    • Four and You're out the Door.

      @ Four and the Door,
      Unless you lack any hypocritical principles of wreckless spending exemplified within your own life, for example, by charging more onto your personal credit card (deficit) beyond it's limit and interest despite realizing you would have to forfeit groceries and rent (unemployment check basics) to make those credit card payments only because you feel bad economic times dictate such spending habits; You should bite your tongue from the knowledge of understanding the aforementioned example emphasizes the stupidity in providing tax cuts to the rich (adding on to this Nation's credit card).

      December 8, 2010 at 9:13 pm |
    • taz

      What in gods name makes you think these rich people are creating jobs with their tax cuts? We just lost 8 million jobs under this tax plan and job growth through the entirety of this tax structure for almost 10 years has been non existent.

      December 8, 2010 at 11:38 pm |
      • Truth

        Correct, Taz. Repubs have been spewing this NONSENSE for decades, but the stupid American people just keeping following along like sheep off a cliff.

        My opinion, the Dems in Congress have NO reason to pass this legislation. The American people DESERVE to let the Repubs fight for tax cuts for the wealthy. Let's see what happens to the middle class now.

        December 9, 2010 at 8:37 am |
      • PBob

        When was the last time a poor person hired you or created a job.

        December 9, 2010 at 8:44 am |
      • Pmorris

        Your right, this one doesnt work, how about a plan where everyone has to pay eqaully. Maybe if they have somethng invested they might get off their a$$es and hold the politicans accountable, instead its pay nothing, contri bute nothing, get gov handouts and gov programs for all their needs. Let me ask you a question genius, ever get a job from a poor person?

        December 9, 2010 at 8:50 am |
      • sickandtired

        Sure, if you don't know how much more you will have to pay once the tax cuts expire what is your incentive to grow. Most businesses go overseas, because they are already being taxed to death over here.

        December 9, 2010 at 10:22 am |
    • Ryan Patton

      If you believe what you are spouting then you are no better than the liars in Government. "For the good of all"? Pure bullshit!

      December 9, 2010 at 7:08 am |
    • Dr. Sioa Maxac

      Man, Oprah isn't straight?

      December 9, 2010 at 8:05 am |
    • A. Goodwin

      I think your whole statement forgets that the "small business owner" is NOT being taxed on the business but the INCOME that person receives. So if I own a "small" business and pay my employees...pay my bills...pay the things that I need to and my INCOME is $250,000 after all is said and done – then that person is doing pretty damn good. Not to mention they wouldn't be taxed at a higher rate. But do you REALLY think its a "small" business owner if that person takes home $300,000, $400,000, $500,000? NO. My father is a small business owner, and after all is said and done – he probably takes home LESS than $75,000 a year (he is an autobody repair man and owns his own autobody shop)....THAT, my friend, is a SMALL business owner. Besides the fact – WHERE ARE ALL THE JOBS that were supposed to have been created since Bush passed these tax breaks?

      December 9, 2010 at 8:22 am |
    • Carlos

      What? you said "Certainly I do get the message from Democrats that all of these $250k/ year 'billionaires" don't deserve government money."

      You are buying it hook, line, and sinker. Those high earners are NOT "getting govt. money", THEY ARE GIVNG THE GOVT. MONEY, AND WANT TO HAVE LESS TAKEN FROM THEM TO BE WASTED BY THE GOVT.

      We are doomed when people believe that tax breaks to the people who pay the most taxes is unfair to those that pay little to no tax in the first place. Un-freaking-believavble.

      December 9, 2010 at 8:30 am |
    • John

      Sounds good, but in reality these rich folks have been operating under this tax rate for years and no growth or investment. Taking them back to a Ronald Reagan tax rate seems more fair. Perhaps even a 1970s rate where they were in the 70% bracket would be better. Sorry I don't buy trickle down. Its a rich mans scheme to keep more. Our country needs the revenue now more than ever.

      December 9, 2010 at 8:35 am |
    • kc

      "it is going to increase the likelihood that we can drive down the unemployment rate," said Obama. I could use a tax break but I dont understand how extending unemployment an additional 13 months will drive drive down unemployment. I support temporary unemployment, but people eventually have to take a job and move on, it is difficult hiring a $13.00 an hour employee when we pay people 200-400 a week not to work.

      December 9, 2010 at 8:50 am |
    • rick52

      Four and the Door - you do know that there's a line on your tax form where you report how much you invest in your business, right? You're taxed on what's left. You don't pay the taxes first. Maybe you need a little help figuring out your taxes??

      December 9, 2010 at 8:54 am |
      • John

        Rick52: Your statement is not necessarily correct. You are making assumptions that would vary depending on the cash flow, type of investment, and type of company. Many companies, including mine, have to use after-tax funds to pay for equipment, real estate, etc. We eventually get to deduct the investment over a certain time frame (up to 27.5 years), but the initial investment has to be made with after-tax funds. That is where this tax cut will be beneficial.

        December 9, 2010 at 11:33 am |
    • Jon

      It doesn't have anything to do with the upper class. If he raises taxes on the middle and lower classes, on the other hand... that could destroy what little progress we've made towards a recovery.

      December 9, 2010 at 9:10 am |
    • Publius 13

      Either you do not understand taxes or you do not speak the truth. An increase in your tax rates will not affect the amount of money you have available for your business, whether for existing or new jobs, or for new equipment. As I believe you know, the money you spend on your business is deducted from the business' gross income. The tax rates, whether high, low, new, or old, are not applied to business gross income. Tax rates are applied to, and taxes are paid on taxable income. Taxable income is gross income less the costs of doing business. You and Joe the Plumber seem to have the same amount of business acumen. Very little.

      December 9, 2010 at 9:24 am |
    • dewlapski

      You EcoSmurfs need to understand that tax breaks for rich people increase the level of money available for loaning to have-nots for the purposes of starting a business or buying a house. People are rich because they don't waste their money. Tax breaks for poor people cause vast amounts of money to be sent to China (for cheap useless junk) Columbia (for dope) and Miller Brewing. Rich people pay for 80 percent of the cost of the federal government. Jobs go overseas because many American workers are lazy and unproductive.

      December 9, 2010 at 9:55 am |
    • Patrick Lewis

      For the last time, if your small business is paying individual tax rates you are not a good businessperson and shouldn't be mollycoddled by the GOP. Where in the realm of GOP personal responsibility does incorporating a business fall? It's just irresponsible to your workers to have them working for you personally. What if you die? What if one of your guys runs afoul of the law? The GOP got their way by spouting this utter garbage, but don't LIE to me and tell me that it's real. It's BS, and if you had an ounce of sense, you'd know that.

      December 9, 2010 at 9:56 am |
    • Clyde

      As someone who has worked on the budget at both the state and federal level I can honestly tell you that your analysis of the situation is crap.

      December 9, 2010 at 10:01 am |
    • mxs

      If a business is investing in growth or job creation, that money is an expense and isn't taxed. It is only the money that is not invested that is taxed, and only the portion of that over $250K would be taxed more.

      December 9, 2010 at 10:06 am |
    • Dan

      Actually Larry Summers is wrong and you are wrong as well. The economy will not have a double dip recession even if taxes go up. Why is that? Because according to the Economic Cycle Research Insituite, their leading indicators are turning up and the economy is on a "soft landing track." Once the economy is on such a track, any shocks to the economy can NOT derail the recovery. If taxes went up earlier this year when the economy was slowing down, yes the risk was greater of a double dip recession due to their indicators going down.

      December 9, 2010 at 10:16 am |
    • rufus

      the rich should be taxed unfairly unless they use their money to create jobs. One way or another, the money of the rich needs to be redistributed to the not so rich. This is only fair. If the government will not do it through even higher taxes then the rich need to part with their money and hire people.

      December 9, 2010 at 10:19 am |
    • Jack

      and my brother furthers the sentiment;
      Tax policy is really important and powerful and sets the tone about a society’s priorities. There are serious debates worth having about what kind of society we want to live in.

      Is income disparity ok? If some disparity is ok, then how much disparity? Under what conditions?

      Is inter-generational wealth disparity ok? If so, for how many generations?

      Should lower-income people pay taxes? In the same proportion as rich people? If not, in what proportion…

      Tax policy should be the result of these types of questions. BUT…mostly we hear from narrow-minded pols who focus on scoring points on tomorrow’s talk show against the other team.

      The Repubs are embarrassing because they so clearly are on their knees fellating wealthy backers. The Demos are embarrassing because they can’t make a cogent argument like the one you made, that is IN THE SELF-INTEREST OF 95% OF AMERICANS. And the Obama administration is embarrassing because they’ll pretend this week that if Congress doesn’t pass their compromise bill RIGHT NOW, the ECONOMY WILL IMPLODE!!!! , which is a very short-timing way of getting serious things done.

      Where are the grownups?

      Actually, the grownups were the leaders of the Deficit Cutting commission which came out with thoughtful recommendations last week. Far-reaching stuff, and something to be hopeful about.

      December 9, 2010 at 10:21 am |
    • maine liberal

      Without customers there is no business. Business expands when demand for products or services increases.
      Any business i know of does not pre-hire based on projections.

      December 9, 2010 at 10:28 am |
    • Ronnie

      That is just ridiculous. You don't "invest" in your business with after tax dollars. Any money you put in your business, including wages of people you hire, is an expense you deduct from your profitability and thereby reduce your tax liability.

      December 9, 2010 at 11:25 am |
      • Bill

        Ronnie, that's not true. Investing in one's business is not immediately deductible as an expense. Many times, capital investments have to be written off over 15 years. That's tied up, "frozen" capital–money that has to be available for investment in the first place. Accelerated depreciation, such as Section 179 and other short-term stimuli, actually have rather small annual limits. Moreover, the return on investment has to be there in the short-term, or many businesses wouldn't be able to borrow any capital at all with which to expand (or even make improvements to existing models). The numbers have to pencil out both on an after-tax basis and a pre-tax capital cost.

        What's irritating to so many business owners I speak with (and I'm one myself) is not the "top" rate going up to 39.5% from 35%. Nobody I know has yet to shut a factory down over that. It's the stealth increases in ObamaCare on income (of many different categories) that are coming down the road on top of those top rates. Nobody's been forthcoming and honest about those. Some of the cost "reductions" promised in that disaster are already being quietly mitigated out of existence (carve-outs for McDonald's, the State of Maine, etc–in addition to the possible repeal of the dreaded 1099-to-incorporated entities). The Medicare cuts alleged to reduce the overall cost will never happen; they're already being reversed because doctors and patients hate them. That's one of the reasons why Medicare has been so mismanaged from the beginning. Also, the canard that ObamaCare is going to 'control' health premiums is one of the most vile representations this government has yet made to us.

        A two-year extension of Bush era tax rates incites people to hire others–for two years? And then what? We need to look more closely at the Simpson/Bowles restructuring plans–so business owners, families, municipalities and non=profit organizations know what the rules may be for a longer term than a few years. Stability is vitally necessary, but only a piece of the puzzle.

        December 10, 2010 at 10:50 am |
    • Carl

      Oh no! If this tax cut deal with Republicans doesn't pass, tax rates go back to what they were in the 1990's!!

      The 1990's!!! When the economy was horrible and unemployment was around 4%. We don't want that!

      We want this fantastic economy of today, which 9 years of Bush tax policy has left us with! Make the deal with the GOP!!!

      December 9, 2010 at 11:27 am |
    • Jon

      This is the same trickle down nonsense we've been hearing for decades. What's happening in the real world is that wealth is being siphoned up to those who are already wealthy. Federal taxes are the lowest they've been in six decades, and yet people that are relatively well-off continue to whine about it. If you really want to do something about it, start raising your voice about the ridiculous levels of "defense" spending. We spend more on "defense" than the next 27 countries combined, and 26 of those are our allies!

      December 9, 2010 at 11:34 am |
    • RE McKay

      Congress and the Senate need to be fired if they fail on this one .... everyone should watch to see what happens and then have an up-close and deeply personal chat with their Congressional representatives and Senators on why they let the economy slide ... If you can't do your job in Washington, you should let someone who can.

      December 9, 2010 at 11:47 am |
    • James

      Hey, I understand your point, but at some point 'all' of us must make some serious sacrifices for our country. As an independent, I see the President as a realist and the republicans as political jockies. If they were serious they could easily craft tax legistlation to help people in your position instead of being willing to borrow more money to give to the upper end income earners.. And I guarantee you the President would have signed it.

      If republicans were truly serious about tackling the deficit, the bush era tax cuts would have been a good place to start. Considering, the very painful choices they will have to deal with soon. like defense, medicare, medicaid, and social security which are the only places they can go to make a real dent in our deficit. The CBO has determined that the healthcare law will save over a trillion dollars over ten years. So that is one major save on the Presidents part. Here is where the Republicans make trouble for themselves because seniors are not going to give up their benefits to give to the wealthy, and it would be immoral to cut off service to the poor to give to the walthy, and I am not willing to have them raise the age on my SS and keep borrowing to pay for tax benefits for the the wealthy.

      The farce about the tax cut creating jobs is laughable. For the past ten years these cuts have been in place, but we have seen fewer jobs created and yet with higher corporate profits. So lets not talk about job creation in the same breath when we talk about tax cuts. At this point the 'only' possible good is that it will not cause a double dip. I would like to see just how many jobs are created as a direct result of tax cuts.

      Currently the only honest broker I see is the President. He has gone against his own party in recognition of what it could cost the american people if nothing is done before 12/31 about the tax cuts.. President Obama may not be your choice of president and maybe the republicans will have a better candidate for 2012, but for now, he is the only voice that the people have in government that appears not to be playing games. Both the democrats and republicans are more interest in the uppoer hand, not the people.

      December 9, 2010 at 12:03 pm |
    • Deadmanwalkin

      I would love to see the ratio of poor man's children to rich man's children becoming military service members. Follow this with the rich man's complaint about a higher tax rate in order to prevent economic doom.

      Ask Prince Charles how his ride down middle class lane was today and you have a harbinger of things to come, only in this country there are a lot more hand guns and the poor man's children have hand more training while in uniform.

      December 9, 2010 at 10:45 pm |
  2. Ted

    The real problem is that the people who have complete control over whether our economy double-dips or not are the executives and managers and traders that have accumulated all of the wealth! They're so singlemindedly greedy that they're willing to destroy everything to increase their own personal wealth, and they know that ruination for everybody else would just result in them having more power! This is why we need good, strong government: to prevent people like Larry Summers and Roger Ailes from dictating what happens for their own personal profit.

    We need:

    Trust busters
    Unions and collective bargaining
    Public sector jobs
    Infrastructure
    Education
    Energy
    Technology.

    That's it. The capital gains tax going up 5% may ruin your day, Mr. Bond Trader, but you don't produce anything of any value except capital. These fools need a reality check.

    December 8, 2010 at 5:11 pm |
  3. Roxanne

    So WHEN will Obama fight to keep his promise to let the Bush tax cuts for the wealthy expire??? Cave once, cave twice?

    December 8, 2010 at 5:11 pm |
    • Pmorris

      Can you please explain to me with logic why the tax cuts for only one group should expire and not all groups. Does the constitution not say " All men are created equal" then why do some men/women have to support everyone else? Why should some do nothing and yet enjoy the benfits?

      December 9, 2010 at 8:53 am |
    • Parick

      Not gonna cave again....Heh Heh Heh.

      December 9, 2010 at 8:56 am |
    • John

      Unfortunately this is the down side to compromise. Everything in the bill but the tax cut for the wealthy is really great for the economy. He had to compromise on that point in order to do the good for the other people of the nation. Otherwise they all would suffer by letting a complete expiration of the cuts. Could the nation survive? Yes, we're all here and didn't die during the Clinton years, but the only way to turn around the economy is to create 'churn' where you give monies that get spent back into the economy. The best way is through the unemployment benefits and now the lesser payroll taxes for EVERYONE so they have more to spend. The key is spend, if the typical American just saves right now then the whole thing is tanked.

      December 9, 2010 at 9:51 am |
    • Marshall

      If the Bush tax cuts expire in doesn't just effect the wealthy,it effects middle and lower class.I do not understand why so many people think these tax cuts are only for the rich.And in a capitalistic society like ours which is driven by money,why should someone who has accomplished the American dream be taxed more for there success?They don't just hoard there money.They do a lot of good in the communities they live in.And yet so many people on here think they should be punished for that.And I am not wealthy.I'm not even middle class.

      December 9, 2010 at 10:08 am |
    • 0704American

      Please understand that Obama really does not want to give into the Republican tax break demands. However he has no choice but to compromise otherwise the Republicans will continue to shoot down any and all proposals to improve the economy or create jobs. The Repubs are HURTING America by not cooperating with the president. Remember the #1 goal of the Repubs. is to make Obama a 1 term president. You would think their #1 goal should be to help improve the economy or create jobs. This is why they are called the party of NO.

      December 9, 2010 at 10:23 am |
    • Jamie

      Reply to Roxanne: When the congress is no longer in the pockets of the most wealthy–big oil, insurance companies, bankers, and coal companies.

      December 9, 2010 at 11:17 am |
  4. Please

    The Bush tax cuts have been in affect since 2001, How many jobs have they created? The answer is not very many! Failed policies that just keep sinking the country more and more.

    December 8, 2010 at 5:16 pm |
    • bones

      If you recall the unemployment was under 5.0% for several years after the tax cuts were in place!

      December 9, 2010 at 8:55 am |
    • Realist

      If the govt. Is counting on small business to create jobs, it's not going to happen. The only way to create jobs is to repeal NAFTA.

      December 9, 2010 at 9:15 am |
    • John

      You are right, but now is the 'put up or shut up' time for the Rich. They need to spend money and create jobs otherwise their power through Republican representation will be greatly diminished. Of course, with the massive tax break they can just spend that money back into the economy, not change ANYTHING about their lifestyle and still feel they were doing their part. =)

      December 9, 2010 at 9:54 am |
    • The Fact Checker

      52 STRAIGHT months of continue job growth, that's what the Bush tax cuts provided.

      December 9, 2010 at 9:56 am |
    • Dude

      The economic recovery that followed the Bush tax cuts was the first one in history that had negative wage growth. More than 100% of economic growth went into profits for the wealthy. People worked more, had higher productivity and made less money.

      Before Bush, working people always got some benefit from a growing economy. But, bush managed to give all new growth to the wealthy and at the same time take money away from working people to give to the wealthy.

      December 9, 2010 at 11:07 am |
    • Carl

      Unfortunately, for Republicans, ideology trumps evidence.

      It doesn't matter if the Bush tax cuts failed to help our economy. We should extend those tax cuts anyway, or else our economy will suffer...or something.

      December 9, 2010 at 11:28 am |
    • frank

      Been out of work since 2004, not only GOP policies but the damned H1B visa program has killed my career. WE need to shut that down. But again the rich love it, bring in all the wogs who work cheap, live 4 in a one bedroom, or better yet stay overseas and don't get taxed by the Federal gov.

      December 9, 2010 at 12:38 pm |
  5. AZLib

    Sorry, but the ONLY thing that will turn around this financial problem in the US is to renegoiate unbalanced trade deals. NAFTA, GAT and others are plundering the US Middleclass. Sorry there really is a price to pay for the $39 DVD at WalMart.. its paid in lost jobs. American Labor cannot compete NOR should they with CHinese Communist Slaves. This tax package that is Truly a gift for the unproductive wealthy in this country is a real waste. 1. Any money given to the middleclass goes to Walmart and then to China.. when it's spent it's done. Similar to Bush money give aways a few years ago. long term job grown from such is NONE. Rich people for the most part are trust fund babies and they don't create any jobs only suck from society. The best thing Obama did was help out GM and there needs to be more of that... I make 50K a year (+/-) TAX ME if that means adding new jobs and financing real industry in the US. Stop with the unbalanced trade to slave countries. I'll pay $199 for the DVD if that means American Workers go back to work. I'm sorry but Obama listened to one to many GOP economist speaches. French people drive Citron cars... Why? Not that they are the best.. but because they understand that their people have to work. I'll be happy to pay twice the amount for my shoes if it puts america back to work. Cutting taxes for the ubber wealthy does nothing long term. Giving me and other $1,000 only does good for a few months and they its shipped overseas. W proved that NONE of this worked. TAX cuts don't work, short term hand outs don't work. Forcing American Business and their lacky banks to stop the job loss is the ONLY thing that will work. It's time for the American worker to start shutting down ports a call! Time to find a leader that has guts to put america back to work. I have been the biggest fan of the President until he just proved he is truly gutless and won't stand up to the GOP bullies who are worthless lackings of Wall Street.

    December 8, 2010 at 5:18 pm |
  6. vidkid

    Well, I will venture to say that raising oil/gasoline will send us into a double dip recession. A LOT of people are financially on the edge right now......

    December 8, 2010 at 5:19 pm |
    • Codifex Maximus

      vidkid, agreed. Oil and Gas prices are what broke the back of the US Economy in 2008. They were just too greedy. A month or so after the damage was done, you saw gas prices bottom out in an effort to halt the hemorrhaging but the damage was already done. Now, prices are moving steadily up once more.

      December 8, 2010 at 9:57 pm |
    • lauradet

      Gas prices went up .10 to .12 cents two days after Republicans slithered back into the House.

      December 9, 2010 at 9:36 am |
    • DJ

      Yes, and as oil creeps higher there is very little concern shown by the WH. They want it to rise so they can push alternative energy sources. As long as it is traded as a commodity there will be no economic recovery for the middle class.

      December 9, 2010 at 10:10 am |
  7. frank

    Barf. NOT putting regulations on Wall Street and the Banks, means its going to happen again. Tax cuts for shipping jobs overseas was not repealed, financial markets were not tightened up, tax cuts for the rich, so money goes there instead of Main Street. Yeah, we're going to be in a world of hurt. Getting GOP control (read clueless idiots) is not going to help.

    When Obama did his world tour hat in hand, there was a reason he didn't get a lot of money or help. He's not serious, nor is this country on tightening up its finances. And its not that stupid debt reduction commission. Its reining in the rich. Who have been acting like drunken sailors since Reagan.

    December 8, 2010 at 5:21 pm |
  8. Gordon

    Summers is just preaching the politicans line, including Obama.

    Whether they like it or not, they have only held off the depression. It's going to come. You can't stop hard cycles, you can just stall them. In the meantime, the're costing us a financial collapse. They could have gotten it over two years ago.
    But that's what politicans do. I'm so disappointed in this administration, which promised us real change, thay I will fight every Democratic reelection in 20012. I'm a registered Republican who voted for Obama, a mistake that I've seen coming for two years. Gordon

    December 8, 2010 at 5:24 pm |
    • Codifex Maximus

      So, you are saying that Obama is acting like a Republican? And your answer is to vote Republican? Might as well vote Democrat.

      December 8, 2010 at 10:00 pm |
    • Jeff

      I am also a registered Republican who voted for Obama. Do you really wish you had voted for McCain instead? I admit disappointment with President Obama in some areas, but I remain primarily disappointed with the Republicans in their lock step opposition to every attempt to improve our country's situation. I think Obama's biggest mistake was in underestimating the Republican commitment to making him a one term president, as some prominent Republicans have publicly indicated is their primary goal – not fixing the country but bringing down Obama.

      December 9, 2010 at 9:07 am |
  9. Eric Treanor

    This tax deal is an outright victory for liberals, for Obama, and for America.

    We need to begin with the understanding that Republicans are right: it’s a terrible time to raise taxes. Had Obama been less cagey, he would have openly admitted that he didn’t want ANYONE to have a tax increase right now–including the rich. Absolutely the only way that he would have agreed to raise taxes on the rich would have been with the knowledge that he could then spend that money on economic stimulus. But that’s impossible after Nov. 2.

    So he was confronting a situation in which a) he needed to keep the tax cuts; yet b) the tax cuts were going to add hundreds of billions to the deficit.

    His solution: get his tax cut extension by allowing the GOP to demand it!

    And now the GOP gets blamed for the deficit hit.

    The GOP has danced right into his trap. For liberals and most independents, Republicans held the government hostage to protect the rich from higher taxes. (The liberals falsely think that Obama acquiesced to this hostage-taking. Brilliantly, he invited it.) To conservatives, turncoat Republicans have now added $900 billion to the deficit.

    This "compromise" will haunt the GOP through 2012. Republicans have been exposed as defenders of the wealthy and as fiscal hypocrites. The responsibility for this $900 billion stimulus package falls directly in the Republican Party’s lap. It’’s not the lap-dance they think it is, when they have to explain how the deficit went from $3.7 trillion to $4.6 trillion simply because they didn’t want Warren Buffet to have a 4.6% tax increase. Good luck with that talking point.

    Obama has pulled off one of the most brilliant political maneuvers I’ve ever seen. And by extending the tax cuts he's made a huge step toward ending the financial crisis.

    December 8, 2010 at 5:24 pm |
    • Rob

      Interesting (albeit somewhat convoluted) theory...my only problem with it is that I don't think Obama is that smart or experienced.

      December 8, 2010 at 7:49 pm |
    • gop4voldmrt

      Not really. With a couple of exceptions Republicans have always supported extending the Bush tax cuts and were exposed long before this. So Obama already had this and could have gotten tax cuts for the 98%. They tried to make tax cut negotiations for 2% and the seemingly unrelated unemployment benefits atomic. That was a lame attempt that Obama could have easily called their bluff on. Leave it to Democrats to turn a airtight win-win into a loss.

      December 8, 2010 at 7:55 pm |
    • Mikew in MN

      If only that were so. He capitulated to the extortionist Republicans and gotten a pittance in return and in 2012 they'll be all over him for permanent extension for the wealthy and still blaming him for everything that's wrong that they've created. You don't negotiate with extortionists.

      December 8, 2010 at 8:31 pm |
    • John

      Since the deficit is very largely of the Republicans' making, and in particular the product of the Bush tax cuts, it's completely appropriate that they be made responsible for it.

      December 8, 2010 at 9:16 pm |
    • Bil Wallace

      Eric, I can't help but wonder if you realize who currently pays all the Income Taxes in this country. Source: U.S. Treasury, Office of Tax Analysis.

      •In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

      •The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

      •Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes.

      December 8, 2010 at 9:37 pm |
      • Parick

        Those facts are not in dispute. It's also not in dispute that within a capitalist system a progressive tax structure WORKS. In the 1950s and 1960s the wealthiest Americans use to pay a marginal tax rate twice as high as they do today. letting the tax cuts expire would lead to a maximum tax rate increase of 6% and that is only at the very top end. The GOP is so far out of touch and in the woods they are like captain Ahab. Their obsession with saving money for the wealthy will be their down fall and possibly the downfall of this country.

        December 9, 2010 at 9:03 am |
      • Marshall

        Very true,even though income taxes are unconstitutional.

        December 9, 2010 at 10:14 am |
      • JW

        I'm not completely against extending the tax cuts for the top income brackets, but your argument is an abuse of statistics.

        It has been well documented that the share of wealth of top 5% wealthiest, and even more so for the top 1% has risen by much larger amounts than their increase in percentage of reported income would imply. They're making a lot of money that's not going into their reported income for variety of reasons (mostly loopholes). Many high earners (possibly most, but I don't know the exact numbers off-hand) pay a signficantly lower effective tax rate on their true income than their maids do, even if their rate on what technically counts as income is higher.

        December 9, 2010 at 10:26 am |
      • ConjureUp

        I get so tired of folks comparing Incomes when Wealth Distribution is what's important. Google it. The bottom 80% has only 15% (2007 figures ... triennial surveys ... the new 2010 Survey of Consumer Finances is being wrapped up this month). But the amount of taxes paid by the bottom 80% is significantly higher ... while the tax paid by the upper brackets is not proportionate with the wealth that they hold. There has been an ongoing concentration of more and more at the very top for many years. What's next? Throwing "crumbs" of 8-10% to the bottom 80% of our citizenry? Unfortunately much of our populace is unaware of this imbalance (partly because of outcries such as yours about how high taxes are on poor widdle millionaire/billionaires!) I wish our country had more interest in responsible governance, because there is a correlation between wealth distribution and public interest in good governance. Other countries ranking at the top of surveys of citizen longevity, well-being, and overall prosperity are more balanced (with 50% or less of wealth being held at the very top). Yet the U.S. keeps dropping in those rankings. Perhaps the questioning of "trickle-up" socialist economics is overdue? And to pop any illusions/assumptions ... I *AM* in the top 20% that holds 85% of the wealth, but I am greatly disturbed by the increasing wealth inequity/imbalance. So are many others (cue Buffett's ongoing comments about the unfairness of his paying a 17% tax while his staff is nearly double). I think continued "trickle-up" welfare for millionare/billionaire and TBTF corporations will lead to rebellion (as it should!)

        December 9, 2010 at 11:19 am |
      • jonnie5

        So the ultra-rich haven't been getting gaining as much wealth as the very rich and the moderatly rich. Because there is no trickle down and the separation between the middle class has been increasing at such a rate that this suffering group have to pay more taxes.. Boo Hoo. 1% earns 33.7% of total income. Wow, wonder what the breakdown is for the middle 70 to 50 % of individuals. I'd be surprised if it was more then 25% of total income. Anybody know?

        December 9, 2010 at 11:52 am |
      • REEKO

        Income taxes aren't the only taxes we have. When you consider sales tax, payroll tax, local and state taxes the middle and lower income Americans pay a much higher tax burden as a percentage of their income. Buffet and Gates both have pointed this out and are in favor of taking some of the weight of the tax burden off of the Americans who actually drive this economny.

        December 9, 2010 at 12:08 pm |
    • Paul

      Thank you for explaining this, but the right wing idiots nor the far left losers won't listen.

      December 8, 2010 at 11:26 pm |
    • Robert Nicholson

      Where's the proof that extending the tax cuts is good for the economy?

      December 9, 2010 at 12:28 am |
      • DYLANSDADDY

        Making less money from being taxed more = less money to buy goods and services. Common scenes.

        December 9, 2010 at 9:45 am |
    • Boba Phett

      Eric,
      You're failing to see that Obama literally bowed down, worked the shaft and swallowed the republican love gravy while doing NOTHING TO HELP THE POOREST AMERICANS.

      December 9, 2010 at 1:35 am |
    • Dina

      Bil, why not add that the top 10% OWN 85% of the wealth, the top 50% own 95% of the wealth. Your letter is a bit misleading without that.

      December 9, 2010 at 8:01 am |
    • max

      You my friend are in a fantasy world, Bush tax cuts are at the center of this recession, along with the lax policing of the financial industry.

      December 9, 2010 at 8:13 am |
    • Parick

      Interesting take. I keep hoping he has some long game plan because it sure seems like he is getting worked over.

      December 9, 2010 at 9:06 am |
    • Richester

      Eric, Your "brilliant" plan falls apart with your statement that extending the tax cuts is a huge step toward ending the financial crisis. If that works, that is the end of the story and Obama and those who opposed it have nothing.

      December 9, 2010 at 9:39 am |
    • Clyde

      Idiot

      December 9, 2010 at 10:03 am |
    • Joe

      GOP responsible? At the end, it's the more Democratic congress and Obama's signature that would pass this bill if done by years end. Sorry, GOP is having the lesser of responsibility.

      December 9, 2010 at 10:10 am |
    • dan spotts

      Well Eric, you are part right. Hypocrisy is on grand display here with Tea Party (remember them?) demanding no more deficits. Will Jim Demint join Bernie Sanders to filibuster this garbage? The Bush tax cuts were projected to blow a 1.3 trillion dollar hole in the budget over the past 10 years and they were much worse. Larry Summers was a big reason why we are in this mess and now he is trotted out as an expert? America has been brainwashed for 30 years. Federal tax cuts DO NOT stimulate the economy! PERIOD! get that in your head and it all starts to make sense. The sucking sound you hear is all the private money in banks, money markets, the Federal Reserve and even China going into Treasury bills to cover the debt. That is money that could have been available for private investment, loans and JOBS! For republicans, this is a WIN-WIN; their wealthy base is covered AND this guarantees a double dip recession over the next 2 years AND they got the Democrats to do their dirty work! brilliant and pathetic at the same time.

      December 9, 2010 at 10:23 am |
    • Jeremy

      I agree. Obama saves face by laying the extension solely on the republicans, and then can claim victory by extending jobless benefits. Well played.

      December 9, 2010 at 11:08 am |
  10. elidude

    "If they don't pass this bill in the next couple weeks it will materially increase the risk that the economy would stall out and we would have a double dip."

    The Pres.' advisors are double dips for having agreed to EVERYTHING the Rep.s wanted. They got rolled. Idiots.

    December 8, 2010 at 5:26 pm |
    • Mike in MN

      Got that right!

      December 8, 2010 at 8:33 pm |
    • awaker

      Maybe you should take time to read the bill.

      December 9, 2010 at 7:50 am |
  11. justj joey

    ....couldn't we just have avoided the whole damned issue fi we just got rid of "lame duck" congressional folks ...all of them...who were voted out of their offices, you know, by the folks whom they are supposed to represent. Throw them out on a Tuesday night in November, and present the problem to the newly elected on Wednesday......why do we have lame ducks deciding for us???????????????????????????????????????????

    December 8, 2010 at 5:27 pm |
  12. Mike

    The rich have had the pleasure of this tax reduction for the past eight years under George Bush. If it were so great for the economy why are we in the mess we're in now? Where's that trickle down been the last eight years? The simple truth is the politicians are taking care of their rich friends and we are steamrolling toward a two class society. Obama is breaking every promise he made during his campaign and proving to be no different than George Bush.

    December 8, 2010 at 5:27 pm |
  13. Jack

    Looks like the tables have turned in the dems. The dems risk a hugs voter backlash by stopping this bill.... Huge.... so huge that Obamba will not even want to run to represent his political party.......huge backlash......

    December 8, 2010 at 5:30 pm |
  14. JMM

    Tax breaks for the ,middle class help, tax breaks from the rich just add trillions to deficit. Most small biz owners DO NOT make 250K a year, plus when people say small biz is the engine of economic growth, they are talking about start ups and innovative companies with really smart people, not the local newspaper stand or the local hardware shop. Those businesses may hire 1-3 people if economy turns around. Start ups could hire 50-100 if things take off. So much BS out in the media. Basically the GOP represents the richest 1% of Americans and all the others that vote for them are either extremely stupid, or they are drunk on Jesus and want to legislate your morals (not so bright either). So America, do you think the GOP really cares about you? Think again.

    December 8, 2010 at 5:36 pm |
  15. jbart999

    Screw the Republicans, screw the Democrats, screw the billionaires! Let all the tax breaks expire!. The governement runs on tax money collected. Collect more and you can spend more. Collect less and somebody else has to get screwed.

    December 8, 2010 at 5:41 pm |
  16. Rick McDaniel

    Totally disagree. It will simply amount to more wasteful spending, which will accomplish nothing, and bankrupt the country.

    The Unemployment extension, will simply cause NOTHING to be done to create jobs, just as it did for the last 2 yrs.

    This "deal" is all about wasteful spending, which is all Obama seems to know how to do, in exchange for the Senators keeping their personal tax cuts. That's bad for the citizens, and the country. Let the Senators of both parties, pay fair taxes on their high incomes, and let the tax cuts expire for everyone.

    December 8, 2010 at 5:41 pm |
  17. Georgia Jim

    I know BS when I hear it.

    December 8, 2010 at 5:44 pm |
  18. Big_D

    I didn't like the deal to begin with and now since they are pulling out the GOP style fear card I trust it even less. How about no tax cuts for the wealthy and we will talk. You are just taking Social Security away now with the deficit. We are already paying 10-15% more than the top 2% already. This deal is a joke for rich people. They are playing Obama like a fool so they can destroy him later. Hint for Obama: The GOP hates you!

    December 8, 2010 at 5:48 pm |
  19. CBRP

    Most of us were not complaining about those making $250,000. The cuts should be applied to them. However, those making over a million need to show more reasons why they should receive the cuts. I am not sure the small business reason works.

    December 8, 2010 at 5:51 pm |
    • Moose

      CBRP - YOU are an azz clown as well. Turns out, there's a small little detail.....yeah, the rich are the ones that hire taxpayers.

      December 8, 2010 at 6:36 pm |
      • xyz10

        Who let this AZZ Clown post here?

        December 8, 2010 at 6:49 pm |
      • Paul

        If the rich are the ones that hire taxpayers, where were they from 2001-2008 during Bush's reign of terror? Oh yeah, they sat on their money and let more employees go. Your logic no longer computes, so you're the clown.

        December 8, 2010 at 7:00 pm |
      • frank

        I know this is really hard for you, but people are hired because they bring something to the business, more income, expertise. Just because someone is rich does not mean he hires anybody. In fact,, CBO has said tax cuts for the rich are the worst things to do. Unemployment insurance expansion is the best (especially for the 'ninety-niners'), SPENDING is what economies run on , not tax cuts.

        December 8, 2010 at 7:19 pm |
      • Tim

        You've got a point there. Problem is, they're not AMERICAN tax payers!

        December 8, 2010 at 10:18 pm |
      • jim

        No, you are an idiot. First small businesses employ people, not the rich. Second, they don't need to put 250,000 in with multimillionaires. Third, no one yet has even mentioned anything to do with the scam that took place over the last decade by our government and the banks. The governments fingerprints are all over it, from congress repealing the Glass/Steagel act, to the free trade bills, to the cash incentives to companies leaving the country, mix in the default swaps and the mortgage backed securities fraud, the TARP fund and the trillions in "bank bailouts", now backed by tax payers as debt unpayable, minus huge inflation. Is anyone even paying attention?

        December 9, 2010 at 12:56 am |
      • pw

        Yeah....Indian and Chinese taxpayers.

        December 9, 2010 at 4:03 am |
      • Stephen

        Yes, and they've been hiring less and less of them every year for the past three decades.

        December 9, 2010 at 8:08 am |
      • Robert

        We have those same tax cuts for the past ten years, but all we got was more lost jobs and unemployment for the middle class. The idle rich and Trust Fund Babies send their money to off-shore accounts to avoid ANY tax. The small business excuse is lame – if you are paying taxes on more than 250K you are no longer a SMALL business!

        December 9, 2010 at 8:24 am |
      • Epicurious

        Moose, do you know what percentage of millionaires actually hire people or are you just quoting something you heard? I would like to know. My guess is not as many as most think. And...........what percent of those benefiting from the Estate tax break hire people........besides butlers and maids?

        December 9, 2010 at 8:30 am |
      • A. Goodwin

        Moose – Yeah, there is no evidence of that whatsoever. My father is a small business owner – takes home after all is said and done about $75,000 a year. He happens to also employ people...now THAT my friend is a small business owner. We're talking about giving them tax breaks on their INCOME not their BUSINESSES!!! Do you really think someone who owns a business...that takes home $500,000 a year is going to take money out of their own pay to hire someone? That is what you folks think will happen. But frankly...we've had these tax cuts in place for YEARS and all it has done is drive up our national debt. My guess is that you are ALL about fiscal conservatism...well, unless your rich friend needs a tax break. Jeesh.

        December 9, 2010 at 8:31 am |
      • bobo

        you say the rich are the ones that hire taxpayers. hahahahahaha you really have NO CLUE do you !! the rich are the ones SENDING JOBS AWAY FOR PROFIT !!!!!!

        December 9, 2010 at 8:55 am |
      • Jeff

        Part of the problem is that the "rich" have not been hiring taxpayers while they've enjoyed the Bush tax breaks. Furthermore, we can discuss the philosophy of whether government should be redistributing income, but one thing our current situation has in common with the great depression is the wide gulf between the richest and the average citizens of our country; it could well be that if government does not step in to even this out, our economy will collapse to everyone's detriment. I also think that a good argument could be made that our current problems are caused by governmental influence in redistributing income upward by creating an uneven playing field in which wealthier entities (be they individuals or corporations) enjoy greater benefits and fewer restrictions than those who hold fewer assets.

        December 9, 2010 at 8:56 am |
      • dcskeptic

        Most small businesses don't make over 1 million a year. If Schumer's proposal had been adopted, extending the tax cuts for $1 million and below, almost all small businesses would have been saved increases and Obama would have been seen as protecting middle class interests. Huge deficit increases that will eventually need to be paid off by higher tax rates and cuts in spending don't help the middle class. The middle class is the largest beneficiary group for Medicare, Social Security, infrastructure spending, public education systems, etc.

        December 9, 2010 at 9:17 am |
      • What Jobs

        Moose, provide some, ANY reliable source that shows the relationship between job growth since 2000. What should be coming out of the mouths of those demanding a continuation of the current tax structure should be 'give into our demands for these tax cuts or we will cut more jobs'. Keeping the jobs that exist is NOT the same as creating new jobs. the American people are being held hostage, give me another way to describe this situation, with our fear being the weapon keeping us tied to the chair.

        December 9, 2010 at 9:18 am |
      • B

        Small businesses provide a large portion of the employment in the US, and are the most likely source of new job opportunities. Also, payroll costs are pre-tax, so hiring more workers is a good thing. Taxes only burden those who seek to hoard troves of money. Anyone earning an honest living or running a business that hires workers and invests in itself will do just fine regardless of the tax rate.

        December 9, 2010 at 9:25 am |
      • Money Grabbers

        Don't delude yourself, Moose. The only ones they're hiring are additional accountants to count their added wealth!

        December 9, 2010 at 9:35 am |
      • Your Fault

        Now people are beginning to realize how their vote translates into obstructionism with the Republicans! Now, they're beginning to get it! Had they voted Democrat this November, we would not have the uphill fights we are seeing and the Middle Class and Lower Class would be the winners. As it stands, with the Republicans pushing for tax cuts for immensely wealthy Americans, the American people realize that their vote sc-rew-ed them royally in the end. With a Republican majority next January It will be nothing but stalemate from now on, especially in the House and nothing will get done unless it benefits the ultra rich, thanks to the Republicans! So, are all of you rich who voted them in? If so, then you needed to vote for them, but if you are not rich, then you voted the wrong way and sadly you will end up paying for it dearly from now on.

        December 9, 2010 at 9:48 am |
      • Luis

        They do hire the tax-payers but they haven't, they just laid them off and hired them in other countries for $1/hr instead of 10

        December 9, 2010 at 10:14 am |
      • Brian

        Yeah, the rich create jobs with a business, not their own personal income. The tax cuts were going to expire for individual earned income, not business profits. Extending the tax cuts for the rich does not create even 1 job.

        December 9, 2010 at 11:03 am |
      • Agent Stan Smith

        These aren't NEW tax cuts. They're the same ones that have been in place for 10 years. And they haven't really done much to get the rich hiring, have they?

        December 9, 2010 at 11:03 am |
      • IG-88

        YOU are the clown, Moose! Who do you think keeps all the businesses in business? Without the demand for the products and services from the "little guy", there would be need to expand jobs. The rich folks seem to quickley forget whose pockets their money came from! There are LOT more of us than them, and any politician (or economist) should NEVER forget that!

        December 9, 2010 at 11:25 am |
      • Hous784

        In India and Malaysia

        December 9, 2010 at 11:43 am |
      • Braun06

        Who says that the wealthy only exist to hire people? Who says tax breaks will entice them to hire more people? This idea is far too simplified. In some instances it is just as easy to outsource or have technology do the work of employees. Many may not even have thier money through owning companies or making products/services. Money comes in many ways. Money can be made by investing your money into companies and voting to axe jobs to keep a company solvent just as easily as it is to hire through thier own private company.

        There isn't an exlusive link between being wealthy and providing jobs. Its a far more diverse and complicated process. What large number of people own a big business anymore on thier own anyway? Privately held companies do not offer the number of jobs that public corporations do. Private corporations can pay for personal expenses through write offs in thier own company, but any business can do this. The problem is our country makes it easier on big business that only succeeds in making our country a one business nation of competitive choices.

        A person who owns a small business could write off so many things with strongly elaborated "business uses" just to keep thier income below a certain number if they needed to. They could even invest the money back into the business, if tax wise, it is more beneficial than taking home larger sums of money. That in itself likely would mean more jobs wouldn't it? 250,000 is very different from NYC/LA to many other places in the country though, it can be a low figure for some areas. However 1,000,000 is a lot anywhere. All this aside from the fact that loopholes abound that prevent most taxpayers the benefit of paying what they owe in the easiest of terms. The number the government would be asking for would NOT be what is actually paid unless someone is an idiot that actually plays by the rules. What smart business person does?

        To compare of course our government doesn't play by rules because human kind will always find ways to better itself. We blame our government for so many things but it is our business that runs this government. Powerful people with money or influence are the ones that get to these levels in our society. Your common middle class voter could never reach the level of politician without the aide of big business to pay the way and get thier votes on thier side. You have to pay the piper.

        December 9, 2010 at 11:59 am |
      • Tron

        The rich hire taxpayes from others countries for their over seas businesses. They don't hire or make American jobs body

        December 9, 2010 at 12:30 pm |
    • DK

      I agree. They could've even set it at $5 milliion.

      December 9, 2010 at 6:49 am |
    • God

      Moose-breath – the rich send our jobs overseas to maximize their profit.

      December 9, 2010 at 8:24 am |
  20. rob

    President Obama:

    "You've just had economists over the last 24, 48 hours examine this and say this is going to boost the economy, it is going to grow the economy, it is going to increase the likelihood that we can drive down the unemployment rate,"

    He is admitting that raising rates on the so called "wealthy" will hurt the economy next year and in the future. Recognizing the economic and POLITICAL reality Obama, like Clinton before him, will abandon his principals and the Ultra Liberal base to get re elected in 2012. Of course Clinton was the master because he has no core values.

    This will be fun to watch over the next 2 years.

    December 8, 2010 at 5:54 pm |
  21. Diane

    The reality is, things have to get worse before they can get better. All of this stuff is just prolonging a consequence of the last 4 years of mismanagement of the economy. Bailing out fat cats on wall street and giving 1 billion to foreign banks to help bail them out was a stop-gap measure. If companies go out of business, other businesses will come in eventually to fill the void. That's why we call it a free market economy. This is anything but a free market economy at this point. No wonder people don't want to invest in hiring or the markets. I wouldn't either. I don't blame anyone with half a brain. Just look around? Stop believing your own PR about the summer of recovery, and just let crash happen.. Because the sooner it happens, the sooner we can have a real recovery.. Not this shell game.

    December 8, 2010 at 6:00 pm |
  22. LiberateUs

    Socialism, FTW!!

    December 8, 2010 at 6:02 pm |
  23. sparky

    Hey Mr President, those that believed you don't any longer. This is a GOP tactic you're using now. Fear!!!

    December 8, 2010 at 6:03 pm |
    • Rob

      Hmmm...I think it's another "strategy"...it's called The Truth.

      December 8, 2010 at 7:50 pm |
    • Bob

      Obama and the Democrats KNEW this was coming. There is no surprise here. They chose not to deal with it. Well lack of planning on their part does not make a crisis. Tthe American people do not have to swallow whatever President Obama and the Republicans want to force down our throat.

      I say NO to this bill. Let's move the House bill authorizing just the under $250,000 tax cuts to extend. If the Republicans want to filibuster that, then put the blame where it belongs. I am truly disappointed in President Obama and his capitulation in what was a cornerstone of his campaign.

      December 8, 2010 at 8:34 pm |
    • John Richardson

      To the idiot who implied that fear is specifically a GOP tactic: What planet have you been on? Both major parties and all minor parties use fear appeals constantly, and not always illegitimately. As for what Summers said here, he has a point. The DEAL includes extending tax cuts for everyone and extending unemployment benefits as well. Those Dems who say they'll oppose the deal are saying that they will raise taxes on EVERYONE (NOT just the wealthy) and let uneployment payments lapse just to stop the extension of tax breaks for the wealthy. That draconian tactic IS scary in today's economy and one OUGHT to be afraid of such recklessness. (The Dems are also reaping the harvest of an unwise decision to cap their proposed tax break at $250K. People making that much are doing a lot better than I am, but to suggest that they are essentially indistinguishable from billionaires is ridiculous, even appalling. Many of them ARE small business owners whose prosperity is critical to job growth.)

      December 9, 2010 at 11:16 am |
  24. RunningBare

    Good Night America, where are you?
    Don't you know me? I'm your native son!
    I'm the train they call the City of New Orleans
    I'll be gone 500 miles when the day is done

    December 8, 2010 at 6:04 pm |
    • R Pascal

      As I went walking that endless highway
      I saw a sign there said "Private Property"
      But on the other side it didn't say nothin',
      That side was made for you and me.

      December 9, 2010 at 6:55 am |
  25. JohnnyInSNJ, Blackwood, NJ

    2012, I'm not voting for Obama again...But I sure as hell am not going to vote for the republicans.

    December 8, 2010 at 6:06 pm |
    • Jim

      Indeed, it is true that both major political parties have run this country into the ground. It is time for a 3rd party candidate or an Independent to run a viable race for President. WAKE UP AMERICA, before it is too late! Neither the Dems nor the GOP have the courage to face up to this mounting debt, which will eventually make the U.S. a second-rate nation if it is not brought under control. They will only do so if forced to by the will of the people.

      December 8, 2010 at 10:54 pm |
    • sweetmod

      Yes...we need a Democrat that is looking out for OUR interests....not his (or her) own....

      December 9, 2010 at 11:14 am |
  26. Scott Trent

    Wait... How many Bills has Obama passed on the threat of a major or double dip recession would occur if we don`t pass this bill? Pass the extension...

    December 8, 2010 at 6:07 pm |
  27. JW

    We have gone insane and the mob has taken over...why the middle class is not out in the streets protesting is beyond me. We have swallowed every myth or Reaganomics, of the definition of what a small business is, and what really drives our economy. Just google things like tax revenues and tax breaks and you will find that reasonable tax rate sdo not affect anything and that the economy did better under higher rates in the past. How can the Republicans justify holding everyone hostage as Obama said to please the 1-4% of the wealthiest americans. This is not class warfare it is common sense. Most very wealthy people never come close to paying the % we are talking about. And 1/2 of the biggest corporations have not pain anything in taxes. The tax breaks just for the wealthy is more than the stimulus package. We have gone thru a time just recently that proves that just standing back and let a unregulated free market system just do what it wants leads to disaster and the concentration of wealth and therfore power in the very few. What we need is the truth which is tedious and long and is difficult to compete with the deceptive soundbites you here all the time on Fox News. Free markets are great and have the greatest potential for the best in living but commonsense must rule.

    December 8, 2010 at 6:10 pm |
    • Rob

      JW, the reason that we're not rioting in the streets is that the majority of Americans (as demonstrated by the last election) obviously don't feel the same way that you do. And if some people like you didn't vote, why not? It's not a huge conspiracy; it's called "not liking the direction the country was headed and not confident in the leadership that was at the helm".

      December 8, 2010 at 7:51 pm |
    • Bil Wallace

      JW,

      First we need to clarify the Tax Issue. Income Taxes are based on Income, not Wealth. So any discussion concerning how much Income Taxes the wealthiest 1-4% pay is completely irrelevant. ow much they pay is bases on their INCOME for the Tax year. Corporations taxes are not a discussion of personal Income Taxes either. Now if you discuss the Issue of this article, continuing the Bush Tax cuts, then we need to look at facts. The Source of these facts: U.S. Treasury, Office of Tax Analysis.

      •In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

      •The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

      •Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes.

      So whatever the reason for your anger with people who have worked to accumulate wealth, wealth does not translate to Income. From the facts,rather than the rhetoric from the Democrats and liberal press, the top 50% of Income Tax Filers pay virtually ALL the US Income Taxes. So if you need more Income Tax revenue, why not have the lower 50% of Tax filers at least pay their share? Better yet, let's eliminate all the governement's wasteful spending.then we won't need any new taxes.

      December 8, 2010 at 9:47 pm |
  28. BK Beach 4X4

    That is the biggest crock of political speak I've ever read. There is only one program that will help the economic & employment disaster do a 180 into the green, and it is the $15K, "Trickle Up, " Recovery Plan.

    I'm not going to go into detail now, since the subject has been posted on CNN, FOX and MSNBC, as well as delivered to the President. But suffice it to say that focusing a one time investment in law abiding US citizens 18 and older making under $100K a year would have an immediate positive impact in all fifty states from main street to Wall Street.

    The $2.4 Trillion investment would stabilize the housing market, increase employment and loosen the string holding back business loans.

    Then again, when did Washington DC ever act in the interest of the US citizen as opposed to their own interest?

    December 8, 2010 at 6:11 pm |
  29. Jamie jackson

    Rich people r greedy they only care about the rich!

    December 8, 2010 at 6:12 pm |
    • DK

      I'm not sure how many you actually know but I'm thinking None. They pay more than their share of taxes, volunteer, give money generously, etc. When their children have tough times, they help them out, rather than have the government help them. They also pay tuition, no grants or government help for them. At least the ones that I know! So, try getting the facts.

      December 9, 2010 at 6:53 am |
    • Pmorris

      That is one of the stupidest things I have ever read. What do you base this on? Who do you think give more to charity rich people or poor people? The richest poeple in our country, i.e. Bill & Melinda gates, Warren Buffet they have given most of their wealth to charity. You are as stupid as many of the other dem liberals on here. Want gov to take care of you and you want someone else to pay for it. Pure lazy

      December 9, 2010 at 8:59 am |
    • guidi82

      That is so prejudiced. Look at the CNN headline where 57 families of the top wage earners are pledging more than half their fortunes to charity. That is more money than millions of middle class and poor people would ever produce. Although a lot of people who are rich are greedy, so are a lot off middle class and poor people. You just don't care about their money because it's not as much. Typical.

      December 9, 2010 at 10:33 am |
  30. Bob

    Wow, this is eerily reminiscent of when W was pushing for the bailout. "You must act now or we are doomed! DOOMED!" Heck, it worked then and Americans have short memories. My guess is it will work now too.

    December 8, 2010 at 6:12 pm |
    • Bil Wallace

      Bob,

      If I am correct, the government bailouts have been repaid by the receiving companies, with interest.

      December 8, 2010 at 9:48 pm |
    • Todd

      Actually, Bush said we were domed.

      December 8, 2010 at 10:41 pm |
  31. BestProfitBusiness = WAR

    All economics is theory! This is the same screw up (Larry Summers) who open the door for Wall Street to act recklessly. He lobbies Bill Clinton (who later regretted! Too little too late) to sign a bill to repel glass-stegall act. Larry also said that almost 1 trillion dollar stimulus bill will reduce the unemployment by 8%. Now he is saying if this doesn't pass it will give us a double dip recession. This screw up must have not read "The boy who cried wolf” STOP BEING SUCKERS AMERICANS!!! LET THE BUSH TAX CUT EXPIRE.
    What really pisses me off is Obama created the debt panel to get rid of 4 trillion dollars in debt by 2050 or some year where Obama won't be president. How much do these tax cuts cost? 4 trillion. nuff said.

    December 8, 2010 at 6:12 pm |
  32. Scott Trent

    You just got to love how Stoner who is doing just enough to get by in life earning $18,000 a year screams that the evil hated rich guy needs to pay his fair share who let`s say is making $1 Million a year and paying an income tax rate of 35% pays $350,000 a year in taxes while Stoner only pays a 10% rate and only pays $1,800 a year until of course until Stoner files and qualifies for tax credit after tax credit and ends up not only NOT paying any Federal income taxes but also actually gets a check!

    December 8, 2010 at 6:12 pm |
    • Moose

      You sir are a dou che bag!

      December 8, 2010 at 6:35 pm |
    • xyz10

      You need to look up a tax schedule. They only pay 35% on the higher end of their income, so your $350,000 is way too high.

      December 8, 2010 at 6:44 pm |
      • Bil Wallace

        You need to look at more than the tax tables. Look at the Factsfrom the U.S. Treasury, Office of Tax Analysis.

        In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

        •The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

        •Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes.

        So if you think the top tax filers in the US don't pay their share, they not only pay their share but they pay the share for the bottom 50% of the filers share as well. How about EVERYONE with income pays their share??

        December 8, 2010 at 9:53 pm |
      • Pmorris

        Add in state taxes too, whell XYZ d*ck head, how much is enough....all of it? I should work my a$$ off to carry you? why? we are teaching our children to strive for mediocrity. How about instead of 1 group having to support everyone, people start being Americans and paying their fair share, if you dont want to put into the system....leave.

        December 9, 2010 at 9:05 am |
      • Joe

        While his math is incorrect, his thoughts are correct. The top 5% of the country pay 53% of the taxes. The bottom 53% pay nothing. The bottom 25% actually pay less than nothing, they get money back in the form of credits, most notably, the Clinton era earned income credit. That's the problem with our system. Progressive rates aside, our base, through constant politicial fighting, is too narrow. Everyone that earns needs to pay. 10% of $1million is a lot more than 10% of $10,000. There is nothing unfair about that.

        December 9, 2010 at 9:26 am |
    • notoj

      That post was pretty much dishonest and probably not very well thought out. With tax breaks most rich people pay less than 10% and some pay/paid nothing. The rich are creating jobs in China and india and have seen their encome rise 408% while the working class american has lost income after taxes. My guess is tariffs would solve the unemployment crisis.

      December 8, 2010 at 7:17 pm |
    • Timothy

      So you are saying that all unemployed or people in the lower income bracket are stoners. I'm sorry but there are millions of people with MA, BA and decades of experience out of work right now and tax breaks are not going to help them. We need to do something new to help. http://www.theefficiencytheory.com

      December 8, 2010 at 7:24 pm |
    • Pat-San Jose CA

      Get your facts straight. 1) It is only on TAXABLE income, not gross income. 2) There are plenty of deductions between gross income and taxable income (itemized deductions, tax free income, retirement plan contributions, etc.) 3The 35% tax rate is on the amount of taxable income over 209K, not on the entire $1million. I know someone who made $2.7 million in 2009 and she paid less than $400k in federal taxes. That is the reality.

      December 8, 2010 at 7:39 pm |
    • Rob

      I agree with you, Scott...how quickly people forget some of the basic fables from childhood, including the one about the lazy grasshopper who fiddled away his time until he needed help from others to survive. Not everyone is like this, of course...many people desperately want to work and the economy stinks right now. But having a Stoner tell me that I'm evil and greedy because I make a good living (and that I've worked hard and honestly for) and the he deserves some of my money is ridiculous beyond belief.

      December 8, 2010 at 7:54 pm |
    • Scott Trent

      Well, no schtic sherlock... So it would be more like $320,000 – yet Stoner is still screaming for his tax increase because he needs to pay his fair share yet Stoner is paying nothing... Just like You clowns. Stoner is an Obama supporter.

      December 8, 2010 at 9:53 pm |
      • DK

        Scott, you are so right. It's amazing how people have no idea what other people pay but can form an opinion that we should pay more. Sad to say, mostly uneducated people that shouldn't be allowed to vote.

        December 9, 2010 at 6:56 am |
    • Publius 13

      Scott, you need to read "Taxes for Idiots." First, gross income is not taxed. Your $1 million guy gets to take out all of his ordinary and necessary costs of doing business (in effect, everything, including the 2 martini lunches), the costs of his employees ("job creation") and his 401(k) payments. The result is adjusted gross income. Second, adjusted gross income is not taxed. Your $500,000 guy ($1mm less $500k of business expenses and job creation) gets to deduct his mortgage interest on his $2.5 miillion house, his alleged charitable deductions, his medical expenses, and his state and local taxes. The result is taxable income. Third, the tax rates are now applied to your $250k guy ($500k guy less deductions). But the top rate doesn't apply to all of his $250k in taxable income. He pays $0 on the first $15,650, 15% on the next $48,050, 25% on the next $64,800, 28% on the next $67,350, and 33% on the last $54,150. His total tax is $60,135, not $350k. This is what is meant by "marginal" rates, Scott.

      December 9, 2010 at 9:45 am |
    • Luis

      the bottom 50% still pay taxes. Making 50,000 dollars a year last year and Only got under $2000 in income taxes back when I paid nearly 10,000 in taxes. So don't say the middle to lower middle class don't pay taxes. That is an idiotic idea to think about.

      December 9, 2010 at 10:20 am |
    • sweetmod

      Sorry if I don't have sympathy for millionares, billionares, and Wall Street....the way I see it, they got their tax cut when I bailed them out with my money in 2008. It's not about fair...They got a bailout and I didn't....It's time they paid their share....

      December 9, 2010 at 11:15 am |
  33. Flash

    Ending UI and raising taxes will most certainly stall the economy. This needs to go through soon. Tax cut extensions for the highest earners will be very difficult to change because the people that make the laws are in this group and they won't vote for a tax raise on themselves without making everyone else pay as well.

    December 8, 2010 at 6:12 pm |
  34. Dennis

    Odd that the Whitehouse has no hope that the Republicans don't want a deeper crisis

    December 8, 2010 at 6:15 pm |
    • Jon

      @Dennis – if that's the case, that just goes to show that the White House has been paying attention for the past two years.

      December 8, 2010 at 6:25 pm |
  35. Alan

    Current tax rates are some of the lowest in the 20th century. The only time tax rates were lower was in 1928,,,with the exception of a few years between 1988 and 1992. The reason why the US is in such a mess is irresponsible spending during Bush years and unpaid programs such as the prescription drug program for seniors projected to cost over a trillion dollars in the next ten years. Combine reckless spending with tax cuts during war time and you have today's mess. Couple that with financial sector shenanigans and you have the worst economic situation since the GD. Extending already historically low tax rates to wealthy folks is not the answer..if it was then we should have been growing like crazy for the past 8 years..we didn't.
    The bottom line is that living in America costs money..although much less than our Euro neighbors...it still costs. The progressive tax system is the only way it will continue to work...time to pay up and shut up or move...good luck.

    December 8, 2010 at 6:18 pm |
    • Pat-San Jose CA

      Exactly.

      December 8, 2010 at 7:43 pm |
    • Bil Wallace

      Alan. "The bottom line is that living in America costs money..although much less than our Euro neighbors...it still costs. The progressive tax system is the only way it will continue to work...time to pay up and shut up or move...good luck." I agree, living in America does cost money. Given that, I think we should ensure everyone living, and making income, in the USA should be paying.

      Since the top 5% of Income Tax filers pay over 50% of the Income taxes, and the to 50% pays over 97%,(Source: U.S. Treasury, Office of Tax Analysis) I think the bottom 50% who are riding everyone else's coat tails need to start paying to live in America like the rest of us do.

      December 8, 2010 at 9:58 pm |
    • Jayse

      Alan – thank you for pointing out what nobody seems to be focusing on. IE – A very effective measure of reducing the deficit and improving economy is by our govt simply cutting costs and spending less. It doesn't always have to be about how can we make more money to pay for stuff but about where the extreme layers of fat are that we can trim to make it more manageable.

      When you try to lose weight, you might cut out all your snacking. Right there, you'll drop 15 pounds without blinking.

      When it comes to Congress – there is so much out of control spending and layers of fat that can be trimmed that it may almost catapult this country back to respectability overnight. Sunset programs and committees that have run their course. Reduce a public figure's salary to that of what a public figure's salary should be. (kickbacks and deals will still exist but at least the base salary won't be $200,000+). Instead of printing 500 copies of a 4,000 page proposal in a genuine leather bound book, how about just editing it down to a few hundred pages, and emailing it to everyone. In layman's terms, how about requiring these public figures to actually examine what they are unnecessarily spending instead of looking for other ways to bring more money in. This country's making cagillions. But we sure as heck don't NEED to be spending that much. Great perspective Alan...more should be thinking like you.

      December 9, 2010 at 10:29 am |
  36. Liz

    Obama does not now and never did stand a chance in this fight. The Republicans only goal was to destroy him and his presidency and maintain the status quo for the wealthy. They have not paid their fair share of the tax burden since Bush signed this tax cut into law and this is just more of the same bs! Trickle down economics never did work. That is a proven fact. All Obama can do now is grab what he can for the rest of the folks below the $250,000 line, When are the American people going to wake and realize that these tired old white guys don't give a damn about the average American? This is all about feathering their own nests and not helping to foot the bill with the rest of us. Obama at least has a heart and soul. Can't say the same for the likes of McConnell, DeMint, Boehner, Mc Cain and the rest of the privileged. What a despicable slice of humanity! I don't know whether I am more embarrassed to be white or more embarrassed to be a powerless American.

    December 8, 2010 at 6:20 pm |
    • Rob

      What exactly IS the wealthy's "fair share", Liz? Because it's about 75% or higher now...paid by, what? 5% of people? Oh, I get it...you think OTHER people (the rich greedy evil bastards) should pay everything. That's not how it works, fortunately. But if you've got your heart set on that, head to France or elsewhere where their economy is not only tanking but will NEVER recover due to their economic system.

      December 8, 2010 at 7:56 pm |
    • Scott Trent

      So you are at war with Capitalism, the rich and tired old white guys? Ok. Have fun with that!

      December 8, 2010 at 9:55 pm |
      • Harvey Sarnat

        "Sooner or later, the entire capitalist system will collapse from the weight of its own greed."
        - Vladimir Lenin, 1917

        December 9, 2010 at 9:49 am |
    • Bil Wallace

      Liz, may I suggest you actually find some FACTS, rather than repeat the liberal press' rhetoric. The Republicans don't want to pay their fair share??? I was unaware that the Income Tax rates were based on your political party. When did this happen?

      If you were talking about the wealthiest not payign their taxes, Income Taxes do not count wealth, only Income, hence the name Income Tax. as far as who pays the Income Taxes in the USA, here are facts from U.S. Treasury, Office of Tax Analysis:

      •In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

      •The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

      •Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes.

      The Republicans are trying to keep the the top Income Tax filers from having to turn over100% of income to subsidize the bottom 50% who pay NO Income Taxes at all.

      Tell us all, how much is enough for the ones currently paying all the Income Taxes, to pay????

      December 8, 2010 at 10:05 pm |
    • Robert Nicholson

      So why exactly do you think Obama has surrounded himself with Rubinites if he "has a soul?" Their only goal is a pretend their is a recovery by making people feel better about the wealth effected created by the bubble that is the stock market.

      December 9, 2010 at 12:32 am |
    • Pmorris

      Have not paid their fair share?!??!? How stupid are you. who do you think pays the majoriy of ALL the taxes, not people making $250K or less thats for sure. If you truly want it to be fair, enact a flat tax, 10% to everyone not below the poverty line. Then limit all BS gov free programs like, cell phones, and TV, since when is that a necessity. Limit the amout time people can stay on welfare, stop raiing the benefits for the more offspring you have and lets see how the poeple like that. can't find a job, the military is taking applications as we speak. You have no idea what fair is.

      December 9, 2010 at 9:12 am |
    • Bill Wallace

      Wow, tired old white guys!! My prejudice alerts is screaming at full volume.

      Besides sounding like a flaming racist, Liz is completely out of touch with who pays the Income Taxes in the US. Facts from the U.S. Treasury, Office of Tax Analysis:

      In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

      The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

      Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes.

      To summerize, the bottom 50% of Tax Filers in the US pay NOTHING in Income Taxes while the top 50% of filers pay EVERYTHING. Read the facts and get over the rhetoric from the Demos and the lies perpetuated by the liberal press.

      December 9, 2010 at 9:22 am |
    • eugene

      Liz, you dare to be brave and speak the truth. Many of you Obama haters need to realize that America was placed in a bad economical situation because of Greed and de-regulation. The heads of Citi, JPMorgan, and the likes of, has always been white men, men of knowledge and wisdom in regards to business...the motto of capitalism has always been "every man for his-self and the devil get the hind share".. You do not become a success by being honest in America...Thank you White men for fuggin up America! Own up to that if your men of honor!

      December 9, 2010 at 11:05 am |
    • Jamie

      Reply to Liz 6:20 post: You are exactly right.

      December 9, 2010 at 11:23 am |
    • Ron

      Right on Liz! You are correct. It is embarrasing. Greed and the need to be super rich without care of those not as "good" as the super rich.

      December 9, 2010 at 11:44 am |
  37. a slozomby

    so the recession is over, but if we dont approve tax cuts the recession will be worse, tax cuts for the rich are bad, but as long as we can keep handing out unemployment for 2 years its ok.......
    it would be nice if the WH would at least be consistent with their rhetoric

    December 8, 2010 at 6:20 pm |
  38. Cara

    No one has yet adequately explained how, if the Bush era economic policies got us to the brink of financial ruin, how does it make sense to continue them–?

    December 8, 2010 at 6:21 pm |
  39. bailoutsos

    Too bad America elected an "empty chair."

    December 8, 2010 at 6:23 pm |
  40. Jon

    Yeah, thought this might be the case. Summers is probably thinking of the Japanese housing crisis/recession in the 1990's. They tried raising taxes and going after the deficit a little too soon, and wound up destroying their economy's recovery and extending their recession another few years. Which is why I figure Obama was trying to raise taxes on only the $250k crowd; he figured he could use that to pay down the deficit without destroying the economy again. The $250k+ people were the ones best suited to take the hit, and once the economy recovered, he could raise taxes to normal levels again.

    Problem is, the Republicans – not to mention the Democrats in Congress – kind of destroyed that one. So given the choice between cutting everyone's taxes and potentially ruining the recovery effort - versus playing a game of political chicken over the tax cuts - he got the best deal he could.

    Man, this guy's luck... what is this, the fourth no-win scenario he's had to deal with?

    December 8, 2010 at 6:23 pm |
  41. Liz

    Dont even bother making excuses as to why Obama had to go along with this piracy. Just tel the truth about it, the Republicans just dont wnat to pay their fair share of taxes and this is all this is about. Unfortunately, through a major blunder at the poles, these thieves are back in power. It is just that simple!

    December 8, 2010 at 6:27 pm |
    • Rob

      Liz, you crack me up. That "unfortunate blunder" at the polls is democracy in action...the very same democracy in action that put Obama in office and that you (I'm quite sure) HAILED as a victory. You either respect the will of the American people or you don't, Liz...you can't have it both ways.

      December 8, 2010 at 7:58 pm |
    • guidi82

      What's "fair share" mean, anyway? I am a wage worker and I am considered wealthy. I pay not only a much larger amount of total money for the same services as a middle class citizen, but a higher PERCENTAGE as well. My thoughts are that a truly "fair share" for the same services that everyone else gets would be the same amount of money as any other citizen would pay. So again, explain the "fair" part to me that you are implying to us terrible rich people.

      December 9, 2010 at 10:40 am |
  42. Dennis

    @Scott Trent – Clearly you have no idea how the tax table works.

    December 8, 2010 at 6:29 pm |
    • Scott Trent

      Oh yes I do. Bottom tax rate is 10% and progressively increases all the way up to 35%. And I understand how the top rate doesn`t kick in until rich guy hits $250k. So his tax bill will still be more like $320,000 but you get the picture, right? Stoner is paying nothing and he is screaming that the guy paying $320,000 a year needs to pay his fair share. Like I said, go figure...

      December 8, 2010 at 9:58 pm |
      • Please

        except for the loop holes which hold certain money from being taxed. If your going to talk about it tell the whole truth.

        December 9, 2010 at 12:53 am |
      • Taxpayer

        Scott... I agree with you! The RICH pay over half of the tax burden but the one that pay nothing or next to nothing after taking all there credits recive 90% of all the handouts. Fair share for who?

        December 9, 2010 at 11:15 am |
  43. J. Strnad

    Now it's the Democrats, in the person of Obama, hitting us with the scare tactics.

    How can this be anything but a loser for the Dems?

    First, Obama appears weak. People do not elect people they see as "weak" to the office of President. This is not seen as a brave, principled stand on Obama's part. It's seen as caving to the Republicans. Weakness.

    Second, while people are crying for fiscal responsibility, he does the most irresponsible thing: extends tax cuts, cuts Social Security funding (there go the elderly voters), and extends unemployment benefits. The result is another trillion or more in debt, which the Republicans will use against him.

    Third, where is the evidence that tax cuts even help? And even if they do, how do you quantify that help in a way that helps your re-election prospects? It's like trying to get mileage out of the stimulus...it's too vague to resonate with voters.

    Fourth, whose tax cuts are they? They are "the George Bush tax cuts." They will never be "the Obama tax cuts." So he won't even get credit for them!

    This was a very, very dumb move on Obama's part. Dumb, and weak. No wonder he's so defensive and resorting to scare tactics to make people think he did well. He didn't. He blew it.

    December 8, 2010 at 6:34 pm |
    • Former Obama Supporter

      Very well said. You got it right on all 4 points. I used to like Obama. I really hope the dems nominate someone else next time. Obama, don't waste time running for re-election, focus on being president for 2 more years instead.

      December 9, 2010 at 8:39 am |
    • Agent Stan Smith

      Fifth, he's as much as said "We'll negotiate with Terrorists if they actually want to hurt someone". Which both says "we'll cave to terrorism" and the "republicans are terrorists". The latter I would almost agree with, but you can't say stuff like that and not follow through.
      I really really wanted him to succeed, but it looks like he's going to be another Great-Ideas-No-Followthrough president. *cry*

      December 9, 2010 at 11:11 am |
  44. Moose

    "In a dramatic escalation of the rhetoric over President Obama's controversial tax cut deal, senior White House economic adviser Larry Summers warned Congress on Wednesday that failing to pass the legislation could lead to a double-dip recession in 2011."

    SO THIS AZZ CLOWN WHO WORKS FOR OBAMA JUST FIGURED THAT OUT!??? lmao!!!! THIS ADMINISTRATION IS THE WORST IN HISTORY.

    December 8, 2010 at 6:35 pm |
    • xyz10

      Bush/Cheney have gone down in history as the worst ever for starting illegal wars and lying to the whole world about WMD. They are war criminals. Not to mention taking a huge surplus and turning it into a huge deficit.

      December 8, 2010 at 6:46 pm |
  45. Moose

    Why is is that Liberals JUST DON'T GET IT. How's that hopey-changey thing workin for ya?

    December 8, 2010 at 6:37 pm |
    • Please

      Better than your stimulus from your boy Bush. How many jobs were being lost a month Einstien?

      December 8, 2010 at 6:46 pm |
    • xyz10

      Take your tiny brain back to Faux.

      December 8, 2010 at 6:47 pm |
    • Tom

      your problem Moose, is that your blind devotion to ideolgy, prevents you from thinking. You hate anyone not in your camp and automatically dismiss whatever they say. Where are your facts to back up your opinions? I see only nothing intelligent from you except "hate Obama, hate liberals, hate dems, hate anyone not on my side". You are a perfect example of why our country is so screwed up.

      December 8, 2010 at 7:03 pm |
    • frank

      I know this is going to be hard, but droooling and watching Fox is not going to help you understand this. I know, you have to move your lips reading the scrolls...

      December 8, 2010 at 7:21 pm |
    • conoclast

      Not so good to be honest. But let's look at "hope" for a sec. Does aping Palin's cynical little quip make you feel better? If, in your own life you dismiss "hope" as useless, what do you use to replace it? This is a serious question. Hope for the future is that little reason why we don't all commit suicide. Think your cynicism through if you have the intellectual cojones; if indeed hope doesn't exist in your life then please kill yourself and get out of the way of those for whom it does!

      December 8, 2010 at 7:25 pm |
    • Chuck

      You sir, are an idiot.

      December 9, 2010 at 11:35 am |
  46. Mash107

    For the last time people- the money in question never has and never will belong to the government.

    All tax money is owned by people that work hard and earn it that the government decides to take from you. It is the property of the wage-earners that's being "stolen" from there by bureaucrats that want to lined their own pockets.

    They usually spend it in horrendous ways, like bailing out Wall Street, giving nice bonuses to Wall Street, killing brown people overseas, ensuring the military industry is well financed, etc. The few good uses of it (police, fire, hospitals, etc) can be done by the state or even the city.

    December 8, 2010 at 6:40 pm |
  47. Mash107

    We need to eliminate the income tax if we're to have any hope of avoiding a double dip recession.

    December 8, 2010 at 6:41 pm |
    • Dug

      Absolutely. Support everything with casinos, lotteries and toll roads.

      December 9, 2010 at 12:54 am |
  48. Everett

    QE1, QE2 and proposed QE3 are always not enough for you gluttonous field swine and your families. I know that you covet what should not belong to you. I believe that this is the third commandment in your bible among the ten but there is no God among you that you may know the truth of it. YOU ARE RULED BY THE GOD OF THIS WORLD AND LICK HIS BALLS WITH COFFEE BEFORE WORK EACH MORNING!

    I know each of you by name... Pleased to meet you, hope that you know my name! What is confusing you is just the nature of my game.

    December 8, 2010 at 6:48 pm |
  49. obo

    I can only hope that it is the 'baggers' and their children that reap the benefits of voting the guardians of the wealthy elite back in office. Let's whine and spin this around to look like its the "Liberal Democrats" fault! Better hang on to yer guns n bibles....that's all you will have to help you survive in the world you've created.

    December 8, 2010 at 6:53 pm |
  50. R Pascal

    That's pretty rich coming from Summers, who was instrumental in advocating the policies that led to the "first" recession!

    December 8, 2010 at 6:53 pm |
  51. bailoutsos

    Congressman Frank R. Wolf (R) is too much of a pu$$y to go to the Nobel Peace Awards. I guess Democrats and Republicans are afraid of China. America, we have an "empty chair" in the White House.

    December 8, 2010 at 6:58 pm |
  52. Johnny Badger

    First, I echo the earlier Scott Trent reply. Obama's declaration that the 'sky will fall if we don't do something fast' reminds me of early 2009 rhetoric. At the same time, I do find it ironic that in the fall of 2008, in the midst of the worst financial crisis in almost 80 years, Obama said over and over, "I will make sure that the Bush tax cuts expire for those making more than $250,000 a year." Now, two years later, he is claiming that doing just that will harm the recovery. What's changed? The only thing I see is the fact he is now in office, and he wants to stay there. Further proof that he has no idea what he's doing.

    December 8, 2010 at 7:05 pm |
  53. Ted in Ottawa

    With a net worth of about $2 million it's my duty to pay high taxes. How can you excuse the even richer people who control the Repulican Party who don't want to pay. We in Canada cannot understand how ANYONE with less than a million can vote Republican! But I guess the less wealthy have ALWAYS been stupid. That's why they're NOT rich!

    December 8, 2010 at 7:09 pm |
    • Bill Wallace

      With a net worth of about $2 million it's my duty to pay high taxes. How can you excuse the even richer people who control the Repulican Party who don't want to pay. We in Canada cannot understand how ANYONE with less than a million can vote Republican! But I guess the less wealthy have ALWAYS been stupid. That's why they're NOT rich!

      Ted in Ottawa: Your net worth has absolutely NOTHING to do with how much Income Tax you pay. Income Taxes are based on INCOME, hence the name Income Taxes. And since you're from Canada, we can forgive your complete misunderstanding of the US Tax System. Here in the United States of America, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

      •The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

      •Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes.

      Do you know why we vote Republican? It's because we realize that half the income makers in the country should not be paying virtually ALL the Income Taxes. And they should not have the 50% of Income tax Filers who pay NOTHING in Income Taxes demanding those who foot the entire Income Tax bill to pay even more. We could not care less what a non citizen of our great country has to say concerning our Tax situation :)

      December 8, 2010 at 10:16 pm |
    • frank

      I live in rural area that is solid Republican. 80% never went to college, they hate unions because they have retirement and benefits that they don't get. Its pretty sad, they get used and tossed and keep voting against their interest. Kansas was the same way. Never saw a more miserable state in my life, except Nebraska.

      December 9, 2010 at 4:10 am |
      • Pmorris

        Ahh yes unions, another sad excuse for keeping america stupid and slow. You don have to be good jus tbe a member. we wil make sure you pay is too high for America to compete, will make sure someone has to continue paying you long after you stop working and you dont have to be very productive. All unions need to go .

        December 9, 2010 at 9:17 am |
    • Rob H

      Hey Ted in Canada they vote republican because of race, guns and Religion....! It's the called Dumb down theory americans are just not smart enough to vote on what effects them and there family's the most it's just that plain and simple

      December 9, 2010 at 8:38 am |
  54. Debbie

    Either Obama lied a month ago when he said there would be NO double dip recession or he is lying now. Either way he is lying and that is right in lockstep with Bush and his Weapons of Mass Destruction.

    December 8, 2010 at 7:11 pm |
    • frank

      Hiis holdover economic team from Treasury to FED are not doing him any good. Economics is not his field. Wall Street needs to be reined in, the banks are still playing fast and loose with the financial institutions, they never learned. They expect another bailout. ITs going to be a lot harder.

      December 9, 2010 at 4:08 am |
  55. conoclast

    You mean there is some doubt about our descending into another recession? That we're not exactly bouncing back from the last one kind of begs the question: will we ever "recover"? Until the US once again makes something the world wants will we all work at McDonald's? The feeling is that as a country we're like the family surviving one-paycheck-from-the-street: we're running on empty and we're one major disaster from bankruptcy.

    December 8, 2010 at 7:12 pm |
    • ExLonghorn

      I'm glad you said this. America has become a society of blame-shifting, short-attention-span, immediate-gratification-oriented, spoiled children. We are losing our will to compete in the global economy. Anybody catch the recent global PSAT test results? The U.S. finished middle-of-the-pack. China finished #1. Big surprise. We'd all better wake up and realize that the rest of the world is putting their game face on, with a goal of taking our cheese.

      December 8, 2010 at 8:40 pm |
    • So tired of BS

      I can't even get a job at McDonalds, I don't speak spanish. It's not just the tax issues affecting the economy, now we have the Dream Act. I wish I was dreaming....

      December 9, 2010 at 8:19 am |
  56. notoj

    This is a one term president and the liberal crowd who are generaly well educated and employed have no party to vote for. Lets see what we can do about that over the next 2 years.

    December 8, 2010 at 7:20 pm |
  57. Byron

    At least the WH finally admits that we're on the brink of a double-dip. I think that the tax breaks will accelerate it, but whatever.

    December 8, 2010 at 7:20 pm |
  58. Timothy

    Tax break are not the answer there is so much more we can do with the money. The tax system is the most inefficient system. Wen need to do something completely different to fix this mess. See how: http://www.theefficiencytheory.com

    December 8, 2010 at 7:20 pm |
  59. Midniteblue

    Democrats ! you are a whole bunch of loudsy lawn makers..

    December 8, 2010 at 7:34 pm |
  60. CynicLgrrl

    As long as the powers that be , including our blind president, are completely ignoring approximately 6 million 99ers..there WILL be continued crisis on an ever expanding scale. They've been pretending like 6 million people don't exist. The media as well as some 'senators' and 'congress members' are misinformed to think this (raw)'deal' includes the 99ers and is somehow going to help the 99ers. It is not. The 6 million 99ers are 'expendable hostages', evidently. Hmm...systematic extermination of 6+ million people sounds vaguely familiar. This is their way of thinning the herd. To help millionaires over and above the long suffering is unconscionable. The lunatics are in charge of the asylum. This whole country is out of order. Absolutely disgraceful.

    December 8, 2010 at 7:35 pm |
  61. Pat-San Jose CA

    @Scott Trent: Get your facts straight – no one pays $350k fed taxes on $1million income. 1) It is only on TAXABLE income, not gross income. 2) There are plenty of deductions between gross income and taxable income (itemized deductions, tax free income, retirement plan contributions, etc.) 3) The 35% tax rate is on the amount of taxable income over 209K, not on the entire $1million. I know someone who made $2.7 million in 2009 and she paid less than $400k in federal taxes. That is the reality.

    December 8, 2010 at 7:46 pm |
  62. Pat-San Jose CA

    Sorry, my mistake. The 35% is only on the amount of taxable income over $373K, not $209k.

    December 8, 2010 at 7:48 pm |
  63. Concerned & Tired

    Ladies & Gentlemen, as a Country we must start to get realistic with ourselves. Whether rich, middle, or poor we must pay these taxes to end this downward spiral. Not the first thing that I want to do, but the resposible answer to what has to be done. Take action, it is not about Republican or Democrat any longer, it is about the people, as our Consitution states. The children that cannot even carry on an adult conversation in Congress must go. Lets ask our leaders to take a pay cut to earn nothing at all. I can guarentee we will learn very quickly who is here to serve us and who we are here to serve.

    December 8, 2010 at 7:51 pm |
  64. Big_D

    It sounds more like they are letting the rats take the cheese as they leave the ship.

    December 8, 2010 at 7:51 pm |
  65. USD

    President Obama did not cave, everybody here caved when you voted Repub in Noverber, so you got just what you voted for.

    December 8, 2010 at 7:52 pm |
  66. Fort Worth

    Well, he actually did it. I am now prepared to vote against Obama and for any Democrat who will run against him for the 2012 nomination. ANY!

    December 8, 2010 at 8:15 pm |
  67. Free the Leaf

    hemp economy

    either way, the revolution is here.leaf
    cannabis=industry.medicine.peace.

    December 8, 2010 at 8:16 pm |
  68. U.S. Citizen

    Giving the Obama and Clinton corporatists the benefit of the doubt and accepting Summers at face, the compromise will exacerbate the disparity of wealth and income, weaken Social Security (payroll tax holiday), increase our deficits and debt, strengthen corporate influence on our government, further threaten our somewhat illusory democracy and the nation, itself. Great alternatives. We couldn't afford the tax cut when they were enacted and we certainly can't afford them now.

    The best part of this is the extension unemployment benefits and may be the overriding reason for accepting it. Even the extension for the incomes below $250K is not worth extension for the over $250k cuts. At best, Obama is a poor negotiator. He should have given up less in return. My compromises to the compromise are to extend the unemployment benefits in exchange for eliminating the payroll tax holiday and extending the Make Work Pay Credit, extension of all cuts except for the reduced rates on dividends and interest for income over $250k, permanent estate tax exemption of $3.5 million and a 55% rate, only a one year extension for the unemployment and the tax cuts,

    December 8, 2010 at 8:18 pm |
  69. T

    I don't think there are many (relatively few actually) in this country who knows what the hell is going on. Unfortunately, these people realize that their confidence in their reality would never (EVER) sell to the American public as credible political discourse. "Release the lemmings!"

    December 8, 2010 at 8:20 pm |
  70. Martin

    They've been sniffing the same glue as the Bush administration.

    Now resorting to fear tactics (there's gonna be a collapse of the banking system if we don't pass TARP) and blatant lies (Saddam has weapons of mass destruction) in order to get the Democrats to vote for unpopular items.

    This time it's fear tactics (there's gonna be a double dip recession) and blatant lies (most Americans support tax extensions for the rich).

    Business as usual. Obama once had my support. While I will never, ever, vote Republican if I lived in USA, I certainly wouldn't be able to vote for Obama/Biden 2012 either.

    December 8, 2010 at 8:31 pm |
  71. Bob

    You are EXACTLY right! Fool me once, shame you you. Fool me twice, shame on me.

    December 8, 2010 at 8:37 pm |
  72. R Pascal

    At this stage it seems likely that Obama will be a one term President whatever he does–so why is he doing this? I can believe that he is genuinely concerned about those who need the unemployment benefits extended, but he has to see that it is purely a Republican thing to have linked that issue with the tax cuts. I'd like to see him use the next two years to push hard for things that were put on hold up till now–climate change legislation, for example–and let the electoral fallout happen as it may. But I have to think he's decided to "triangulate" like Clinton. And that's unfortunate, to put it mildly. It's a whole different ballgame now, and playing footsie with the intransigent opposition in hopes of attracting the swing voters isn't likely to work.

    December 8, 2010 at 8:40 pm |
    • Pmorris

      R Pascal .....read this slowly and try to understand....THEY ARE NOT TAX CUTS, THEY ARE THE CURRENT TAX RATES, we are tryigng to keep this administration from raising taxes on everyone. It kills me you cant understand this...wait public shcooling corret? You see the republicans are trying to keep taxes from being rasied on ALL Americans and the Democrats say they are evil, the Dems want to pick out or discrimante against a prticluar group and say they should pay more, how is that right? How is that fair?

      December 9, 2010 at 9:21 am |
  73. davidn1205

    This is total BS!!!! The bailout did NOTHING to save jobs. The stimulus did NOTHING to stave off job losses, and finally this will do nothing. Doesn't anyone actually realize what this is all about. Everyone of these POS politicians are trying to give themselves a tax break on top of all the pain and sufferign that they have caused for years, and in turn, give all of their friends that also contributed to this a tax break too.....Why doesn't anyone stand up for themselves? Why don't we stand up and take OUR COUNTRY back. When is the last time that any of these life-long hacks did something that actually helped the majority/middle class???? We keep getting squeezed and squeezed and everyone just sits around and asks for more of it b/c we do NOTHING TO STOP IT.

    December 8, 2010 at 8:47 pm |
  74. jon

    First, I am a high-earning Republican who has never voted for any democrat. I have not yet earned $250,000 in one year, but i'm close and will earn it in the next few years.
    I am sorely disappointed with our entire political leadership. And Americans in general. I see so few people who are honestly willing to put the good of this country before their own pocketbook. WE HAVE A PROBLEM. Our national debt is going to be THE CAUSE of our fall as the leader of this world in so many ways (not just financial) that so many people before us have fought, died, sacrificed, and worked their entire lives for. The time will NEVER EVER EVER be good to raise taxes and cut spending in order to get our financial sh*t in order, but that's the ONLY thing that will solve the problem. Even growing the economy will not help. The reason is that when our gov't sees more income coming in, they still are in spend like it's going out of style mode. So more revenue will still lead to more spending. THere are only 2 solutions: increase taxes and decrease spending. That's it. And I for one will raise my hand, not happily, to pay more to save our country from disaster. I have no idea why people who earn over $1 million/yr claim that they can't afford to pay more in taxes. They can. I have 7 kids and i can afford to pay more. Come on fellow Americans. We need to start paying for all the past years where we've been completely irresponsible in our spending. We can do it but we can't wait for our economy to get "good" again before we start. It may be 10 yrs before that's the case again. The reason this didn't go through is because of all the wealthy influence with politicians and it's disgusting. I sure hope my fellow Tea Partiers start realizing that paying taxes is not evil. It's necessary in a capitalist economy. If you don't like it, go start your own country. But here we need to start paying our bills.

    December 8, 2010 at 8:48 pm |
  75. Moose

    Dontcha just love the Demoncrats whining about fairness to the rich. I say Thank God for Fox News! Where else would we get the truth???? Certainly not from the Old York Times.

    December 8, 2010 at 8:53 pm |
    • Byron

      Just keep in mind that on average Republicans make 30K a year, and Democrats make more. There's also lots of super-wealthy Dems, especially these days with the big tech companies and whatnot. Many Dems like the tax cuts because they'll benefit them. However, the cuts will harm the economy.

      Last week the WH said that the states are going bankrupt and that alone will ruin the recovery. Tax cuts won't help to finance states, it'll bankrupt them.

      December 8, 2010 at 9:22 pm |
      • jopus

        That's what's most entertaining about the whole thing – the people who make less than me vote to cut my taxes and increase their own poverty. You gotta love those low-income Republicans. Someday if I lose all my income and end up bagging groceries, I'll have to switch to the R party.

        December 8, 2010 at 9:32 pm |
      • frank

        Red states get the most Federal help, pork or whatever. So much for their get government off their back. But 2011 has NO stimulus money budgeted. Its going to be really rough out there. Our governor has his GOP head in the sand and we have as high an unemployment as anybody. And our legislators think a term is a leg is a stepping stone to high paying pork lobbyist jobs. Oink... They don't get back to some good old FDR type restructuring, we're going to be in a world of hurt.

        December 9, 2010 at 4:05 am |
  76. jon

    ps extending the jobless benefits is also a joke. I have a relative who has decided to ride the unemployment train for almost 2 yrs now because it's a better deal than working and paying for day care. What a joke. I bet 85% of people using unemployment long-term right now do not search for employment until they think they're getting close to their "benefits" (i.e. their neighbors' taxes) run out. I'd be willing to bet that if these benefits stopped right away the unemployment rate would go down by 1-2% within 2 months. (I mean no offense to anyone using unemployment as it was intended to be used: as a short term aid to those honestly searching for employment but honestly can't find any)

    December 8, 2010 at 8:56 pm |
  77. libnausea

    White House warns of deeper economic crisis. What crisis. For months liberals have been proclaiming that the economy is on the road to recovery.

    December 8, 2010 at 9:00 pm |
  78. Robert

    With rise in fuel cost hitting and going over $3.00 a gallon and rising we will see our economy take a hit far worse then a double dip recession. People soon will not be able to afford to go to work at this current rate or afford food cause the stores will pass the bill for fuel on the consumer as they have done in the recent past. Bravo Mr. President and his elite party, Bravo!

    December 8, 2010 at 9:13 pm |
  79. jopus

    The more threatening real crisis is a DEBT crisis. Raising taxes now would knock that down, and doing the opposite – more government stimulus – is throwing fuel on the fire. When there aren't anymore buyers for US debt, they will have to raise taxes and cut spending at the same time – the worst possible scenario.

    December 8, 2010 at 9:29 pm |
  80. jopus

    Summers looks like he's had enough of being trashed at Harvard and in Washington – time to ride off into the sunset with his millions and Russian cronies.

    December 8, 2010 at 9:33 pm |
  81. Struggling

    All you people bitching about this are probably rich people living in million dollar houses and driving luxury cars. From one of those struggling to find a job in this destroyed economy where you can't get hired without defacing yourself: shut up and blow it out your butts! Just cause you are privileged, don't doom those that aren't!!!!!

    December 8, 2010 at 9:47 pm |
  82. codergirl

    Hey remember it is not the faults of the democrats! It is also the fault of the american people who voted for people Like BUSH who got us to where we are in the"Recession"! Stop blaming the Democrats and take a look at the larger picture!! It started with bush and now Obama has to Clean up the crap he left!! Give me a Break!!! If it wasnt for unemployment our country and the stock markets would be way worse off!! Damn Republicans look at the bigger picture and stop your whining!!!

    December 8, 2010 at 10:06 pm |
  83. tony

    When Unemployment goes up to 15-20% soon after the tax extension, who are the electorate going to blame???

    December 8, 2010 at 10:16 pm |
  84. Mike

    What are they thinking?!? Just how are they going to pay for all of the military??? Maybe they could tax business. NO, WAIT, WE DON'T HAVE ANY AMERICAN BUSINESS'S THEY ALL HAVE BEEN SENT ELSEWHERE. The tax breaks are BS anyone that believes in them probably believes in trickle down economics. And who came up with the term trickle it should be called tinkle that way at least they have the decency of letting us know that they are pissing on us. Wonder what that would make them?

    December 8, 2010 at 10:18 pm |
  85. JustBaffelled

    I don't understand why so many of you are blaming Obama for this state that we are in. Where were you when the message was being hijacked by the tea baggers, where were you my fellow scared democrats to speak when our president needed us to push the agenda. He offered change and reform and you became paralyzed. If you were like the republicans all of the agendas would have made it through when we had the numbers but soo many turned your back on him and now you want to compalin like he doesn't have a pair. C'mon for real. If you screamed and yelled like tghe tea baggers we would not be in this situation. So we are getting what we deserve democrats for being coward when it counted.

    December 8, 2010 at 10:58 pm |
  86. tontosh

    I am not sure who is the biggest IDIOT/CRIMINAL between Summers, Ben, and Timmy. They don't know what they are talking about and everything they have done in the past have proved that. Summers was the guy who was all for deregulation and now he is complete the opposite. It is because of his failed advise to Clinton that we are in this mess and now he wants us to believe him, what a joke. He says that it will increase the chances for a double dip, the truth is that it assures the collapse of our economy, we will never be able to pay our debt as it stands right now and it is just getting worse and he wants a tax cut for the rich. These people have no honor.

    December 8, 2010 at 11:29 pm |
  87. Matthew

    Obama knew this going in. He knew that if he taxed businesses at the rate he was trying to, to cover his spending spree, then it would nearly destroy the United States and force us into the European Union. But I honestly think that is his game – to devalue the dollar, destroy the U.S., and force us into a global economy that his backers would control. He also knows that the 2nd amendment would cease to exist if our government falls, and that the liberals will be able to take over totally. Communism on a global scale!

    December 9, 2010 at 1:08 am |
    • steven STEVENS

      your a damn idiot...lay back and continue to listen to glen bect and those other idiots that run talk radio for the conservatives....

      December 9, 2010 at 9:27 am |
  88. noncomformist

    The problem is that 99% of our politicians, even though they are grown men, behave like children playing in a sand box. They let personalities and emotional feelings and such help decide legislation. Plus, they are the most power hungry, manipulating among us, which just being that excludes them from the list of the best choices to create legislation, etc.

    December 9, 2010 at 1:40 am |
  89. OrlandoPatriot

    It is AMAZING how many people post comments on this board that certainly have never taken a college Economics course!! I guess that means most of the Democrat comments above must not have gone to college (or certainly finished!!). End result is EVERY Economics textbook states taxes CANNOT be raised on ANYBODY during a recession. We are in the worst economy since the early 70's (and this economy did not start to tank until AFTER the Democrats took control of Congress in 2006 then when Obama was elected in 2008, and the Democrat majority grew, is it a coincidence we are now in the worst economy in almost 50 years?). End result is I suggest you don't spew out nonesense but rather listen to what EVERY Economist states and that is DO NOT RAISE TAXES IN A SEVERE RECESSION!!! The old saying of "a person who does not know would be better to keep quiet at the risk of sounding like a fool than to open their mouth and relieve all doubt". For those who spew "class hatred" and "punish the rich" just simply do not have the intelligence to know any better. BTW, I have been working in the labor force for almost 30 years. What is amazing is in all those years I have NEVER met anybody who has been hired by a poor person. Maybe it makes just a little bit of sense not to punish those business owners who are the only creator of jobs if we want employment to rise? Hmmmm, maybe if you could find a rare piece of intelligence lying around somewhere and think about this that you would finally realize that you sound like an idiot when you scream "tax the evil rich!!! They can afford it!!".

    December 9, 2010 at 1:47 am |
  90. ADAM

    Stop letting them take all the jobs over seas... Make the people from the USA keep the jobs in the USA....

    December 9, 2010 at 2:21 am |
  91. ADAM

    I went to the store not to long ago and i was looking at these little american flags... they looked sooo cute, i was going to get one for my son, but then i seen the tag on them " MADE IN CHINA "... That made me sick.... Of all the things... At least we should have to make our own flags in the USA.... The recassion will never stop and things will never get better unless we as a nation stop allowing all the rich to take thier companies and businesses over seas... They need to ban that for good... Keep our jobs here in the USA... I honestly don't care what it takes, but all the politicians and elected officials need to put there heads together and come up with a plan that will work... there are no jobs and it does not look like there will ever be any at the rate we are going....

    December 9, 2010 at 2:31 am |
  92. Clark1b

    wow ... even the WH is now admitting that lowering taxes stimulates the economy ... which then helps who? .... everybody of course. So if lowering taxes stimulates the economy ... ask yourself ... what happens to the economy when the government increases our taxes?

    December 9, 2010 at 2:35 am |
  93. michael

    No matter what your people say the bottom is coming up fast if they new what they were doing we would no be talking about it right now. Pay all your bills ,pay off your house owe nothen you have about five to six years to bottom!

    December 9, 2010 at 3:22 am |
  94. Banderman

    Evidently no one in the Obama Administration owns or knows how to use a simple calculator.

    December 9, 2010 at 3:35 am |
  95. CynicLgrrl

    99ers=6million+' expendable hostages'. Guess he forgot about them. Looks like systematic extermination of 6million. This senario seems vaguely familiar.

    December 9, 2010 at 3:40 am |
  96. CynicLgrrl

    thanks for the kokblock, mods. gj

    December 9, 2010 at 3:42 am |
  97. R Pascal

    Those who argue that ending the tax cut is taking money from the top 2% that is rightfully theirs are deluded. The rich are rich in most instances because they have been given–and/or helped themselves to–a disproportionate share of the national resources, including both what the land yields literally and labor capital. Taxing them isn't taking money that is in some metaphysical sense "theirs;" it is reclaiming but a fraction of the communal treasury, for the good of all. (Ideally for the good of all; the fact that much of it finances wars, for eg, is the stuff of another post.)

    December 9, 2010 at 6:43 am |
    • YB Communist

      Wow. Really. Wrong. You need to do some reading on economics, friend... and the repeatedly-discredited Communist Manifesto doesn't get you very far. Try Mises or Rothbard instead.

      December 9, 2010 at 8:30 am |
    • Rick

      R Pascal, obviously you don't understand the economics of this country. Small business drives the hiring, spending, and tax revenue for all of us. Small business owners are taxed on their income just like you and I. These are the people that have worked hard to get where they are. They deserve the benefits they get. Just like you would deserve the benefits you would get if you worked your butt off for 20 hours a day for10 years (I have)...

      Please try to understand that small business hires employees, which generates spending, which in turn generates taxes and more jobs.

      All liberals want is a free piece of my hard work. I've got news, you won't get it.

      December 9, 2010 at 9:05 am |
    • Pmorris

      You truly have no understadning of the crap spewing from your mouth do you. Who's to bame for all the wrong in your like Pascal, its those eveil rivh people. I dont even make a 6 figure salary and I know that this is a load of crap. Yo make sound like no one ever make money by working for it. every rich perosn in maerica got that way becasue it was handed to them or they stole it. You are a miserable excuse for an American. This coutnry was founded on the idea that all have the right to try, some will succed some will fail, thats life, no one owes you jack, go out and earn it, work for it.

      December 9, 2010 at 9:27 am |
    • CPA Bob

      Wow. This sounds like a cut and paste right out of The Communist Manifesto. Communal treasury? What I earn is mine and has been accumulated through my talent and hard work and I don't feel guilty about it.

      December 9, 2010 at 12:34 pm |
  98. DK

    The reason Obama agreed is because he knows it's a good plan but doesn't want to admit it because a Republican came up with it. Now, he can be secretly happy while appealing to the public how "he didn't want to do it". These rates should be permanent. This money is OUR money and they take too much of it. The problem is not revenue, it's spending and Obama keeps printing it out and giving it away. That is why we have no money.

    December 9, 2010 at 7:01 am |
  99. Matt

    If they didn't pass this P.O.S we won't go back into recession.I work in the financial market and I'm telling you this is B.S.

    December 9, 2010 at 7:25 am |
  100. jbart999

    Millions of dollars in tax breaks for the millionaires and billionaires but a louse $250 for us social security recipients is considered by Republicans to be too generous. Whats wrong with this picture?

    December 9, 2010 at 7:30 am |
  101. mhomi

    I argued and went against George Bush when he used the mushroom cloud story against Saddam to fool Americans, not because of Saddam, no because of lies, Saddam even if he had bombs which he didn't, he didn't have a delivery system to attack the West, We all knew he had no air force and Irag's air was ours to rule 24/7.
    It was fear mongering and I thought it was dishonest and they started a war that way.

    For my life, pinch me, wake me up, I wouldn't believe Obama's men like Summers would sink so low, to defend a bad policy of extending tax cut to the rich that costs $700B unfounded liability to our nation agreement he made with Republicans who absolutely have no scruples but to defend the 2% very rich, they actually come out straight and say that, "we are the party of the top 2%" and then they keep saying American people want this and that. Which really what they are saying is that the top 2% say they want this or that.

    What can I say, you can't trust no one these days. This takes me to another subject, when I see our politicians engage in this shameful behavior is when I think its my duty to support Wikilink founder who aims to expose them and show the public the through face of their transparency in all democratic government of people for the people.

    December 9, 2010 at 7:31 am |
  102. John

    I do not agree with the 2 percent credit or whatever for S.S. Also. I think it is time to reduce the unemployment. THe longer they are on it. The less they get. THEY need an incentive to go out and look for work.

    December 9, 2010 at 7:46 am |
  103. Brian

    SO, let me get this straight. One of Obama's campaign promises was to let the Bush tax cuts expire. The Republicans backed him into a corner, and instead of showing he has a spine and fight, he caved in to their demands. So now now only has he reversed position on one of his campaign promises, both he and his staff are warning the American people about the consequences is these tax cuts are not extended. Real nice. Here's another disappointed Obama voter and wavering supporter.

    December 9, 2010 at 7:50 am |
  104. So tired of BS

    conoclast: I can't even get a job at McDonalds, I don't speak spanish. It's not just the tax issues affecting the economy, now we have the Dream Act. I wish I was dreaming....

    December 9, 2010 at 7:51 am |
  105. So tired of BS

    conoclast: I can't even get a job at McDonalds, I don't speak spanish. It's not just the tax issues affecting the economy, now we have the Dream Act. I wish I was dreaming....

    December 9, 2010 at 7:55 am |
  106. Chedar

    I have a lot of respect with only one economist and that is Mark Zandi. The rest of the economist just lie to their own satisfaction.

    December 9, 2010 at 8:03 am |
  107. Chedar

    The problem here is they lump the tax cut together with the extension of unemployment.
    So the republican took this opportunity to held hostage the democrat. The unemployed need their extension badly and it also help stimulate the faltering economy.

    December 9, 2010 at 8:10 am |
  108. joe

    fear keeps them in line...

    December 9, 2010 at 8:12 am |
    • Agent Stan Smith

      Fear of this battlestation?

      December 9, 2010 at 11:14 am |
  109. joe

    fear keeps them in line...keep it coming..

    December 9, 2010 at 8:12 am |
  110. Deal Breaker

    So, the White House is now using fear to gain public support for bad decisions. There was no such rhetoric before Obama caved this week. Now, it's dooms day if he didn't agree to their demands. Is there actually a democratic party anymore or are they just their to give the Republicans a break from time to time. Democrats controlled the house and senate and couldn't do anything for their constituents. The republicans did more in a month for their supporters than the democrats did for the past two years. Maybe I should switch parties. At least that party fights. Obama, you will be a footnote in the history books. All bark and no bite.

    December 9, 2010 at 8:14 am |
  111. MattSky.com

    Temporarily this makes sense. We can't afford a stalemate – where Republicans hold up any progress and where the middle and lower class even would temporarily start losing tax breaks as a part of this long-term political battle.

    This is basically their holy grail, their only issue – tax cuts for the wealthy. Republicans will get what they want but now they'll have to show the American people what they want to cut to pay for it, chances are most Americans won't be too happy with their proposals. Come 2012 we may see a few less Republicans in office as a result and a final end to these ridiculous cuts without having harmed our currently growing economy.

    The flip side would have been Obama allowing this fight to drag on and watch the economy start to tank, something Republicans are willing to watch to regain power in 2012 sadly enough. So Obama didn't take the bait and kudos to him for that. Now their party is shown for being what they really are. Willing to risk the well-being of those in need to protect the super wealthy.

    December 9, 2010 at 8:15 am |
  112. Steve

    o.k. THANKS FOR THE HEADS UP BUDDY...NOW GET SPENDING THOSE TAX DOLLARS ON FREE STUFF

    December 9, 2010 at 8:30 am |
  113. cindy

    Let it all expire. The States that receive the most aid are "Red" States. If Obama wants to get elected again he will let them expire. Give those voters what they are asking for!

    December 9, 2010 at 8:33 am |
  114. vegas01

    Translation: Idiots wake up, we have pushed this unpopular and economically destructive agenda long enough, and look at what it has cost us. If you stay course in opposition to this "real" adverse effect on the taxpaying public, you serve to do nothing except give new meaning to our party symbol.

    December 9, 2010 at 8:33 am |
  115. Stephen

    Bull. The government cries wolf on behalf of the aristocracy again. Let the tax cuts expire!

    December 9, 2010 at 8:34 am |
  116. Harry

    Come on down to Uncle Barry's Cabin. Massa say it be grand!

    December 9, 2010 at 8:34 am |
  117. Larry

    More scare tactics..I would expect it from Republicans, but not Obama.. It's bullshit, let the tax cuts expire. We can not afford to go deeper in debt by lossing 900 billion dollars to the top 2% of this country. They only use it for shipping more jobs out of this country.

    December 9, 2010 at 8:35 am |
  118. Marc

    Sadly, no one ever realizes that there really is no such thing as tax cuts to earners over $1 Million. They hire accountanta and tax experts tomake sure they pay as little as possible via investments and deductions. The taxcuts for them are vaporware, they don't really exist.

    Continuing the tax cuts for everyone under $250K is absolutely needed.

    December 9, 2010 at 8:36 am |
  119. Mark;)

    Look, look..its Chicken Little.....the sky is really falling. Get the most important people to provide scare tatics and the rest will follow.
    OT: Anyone know what the cost will be for the DREAM Act? Congress had no problem passing that.

    December 9, 2010 at 8:38 am |
  120. Iceman

    My understanding is that many European countries are roughly in the same boat as we are. They have decided to make up something like 35% of their deficits with taxes and 65% with spending cuts. Surely this formula wasn't devised by complete lunatics. Why wouldn't this work for us? Are the economy structures that much different (other than that they pay much less for the same quality of healthcare)?

    December 9, 2010 at 8:38 am |
  121. b combs

    Quick history lesson for you: 1980-1991, Republican in the White House, low taxes, big deficits. You can't blame 4 years of Carter for 12 years of debt.1992-1999, Democrat in the White House, higher taxes, better funding for infrastructure, big budget surpluses. 2000-2007, lower taxes, less infrastructure spending, huge deficits. The unemployment rate is inversely proportional to the deficit over this same period. We've fallen for this supply-side myth for long enough.

    December 9, 2010 at 8:40 am |
  122. Blake

    Has anyone ever heard of "share cropping"??? This is what the few wants to do to the many... They wish to "COMMUNIZE" the wealth, but "SOCIALIZE" the risk... thus the majority will NEED to go to the few for all things... Read the Book of Acts...verse 32...it is the communist manifesto...many do not know that Christianity is the father of communism...but it is...

    December 9, 2010 at 8:48 am |
  123. Christopher Koczan

    guys, blaming the rich for the problems of this country is easy to do for sure. our jealousy/envy is understandable and is fueled by the class warfare mentality of the media and the left. bottom line is that under Obama (2years) and the Leftist government of the past FOUR YEARS, the overspending and mismanagment of this country's affairs BY THE GOVERNMENT has tanked this economy. No single class of citizens tanked the country. No single tax bracket can bail us out.
    And its awfully short-sighted to question what the rich do to help the country... i know its often said, and seems cliche, but it doesnt make it untrue... the rich provide jobs, the corporations provide jobs, the rich spend the money that helps contribute to the need for jobs in all the service and manufacturing industries, the corporations of wealthy businesspeople do ALL OF THE HIRING in this country.... the government does not create ANYTHING or ANY JOBS EVER!...it takes money from the wealthy, and from businesses and gives away under the guise of job creation.
    To all your people who have been sucked into this "hate the rich, hate the successful" mantra, ask yourselves who benefits when a rich guy buys a car, builds a home, installs a pool, paints his house, eats at a restaurant, hires a tutor. Ask yourselves if the rich and the business owners are the problem... or is the problem more likely rooted in an entitlement driven society of complainers who expect much for doing little... is the problem rooted in a ridiculous pension plan for government and public workers like firefighters, police officers, politicians and their staffers who retire at early ages with tax funded ridiculously high pension payments for life. is the problem rooted in the idiocy of our governing body as demonstarted by choosing such difficulut financial times to push a ridiculous, impractical overpriced agenda down the throats of the public who doesnt want it... ie Health care, DREAM ACT, CRA, etc etc etc.
    When i read of this "tax the rich mentality" its scary and ignorant... as if the rich dont already pay MORE THAN ENOUGH in taxes for services they never use. The rich pay most of the tax bill in this country, yet rely upon none of the tax funded services like social security, unemployment, medicaid, medicare, health care reform.
    Im still trying to recall a time that a poor person hired me, funded a charity organization, or contributed significantly to the financial coffers of this country. Its not the poor people who are the vital economic foundation of this country...
    At the end of the year, if a person pays more than 50% of his income in taxes between state, fed, sales, property taxes...isnt enough enough?

    December 9, 2010 at 8:48 am |
  124. lucas

    What a mess

    December 9, 2010 at 8:51 am |
  125. Ron

    If extending the Bush tax cuts is good for the economy, then it only stands to reason that having more tax cuts would be better for the economy. So the real solution to the recession and unemployment problem is to abolish all income taxes. Not only would this boost economic growth, but think of all the money we could save by not having to fund the IRS.

    December 9, 2010 at 8:52 am |
  126. Rae

    Quick! Now! Give us some more money, we'll give it to wall street so they don't wig out on us. No, no, no... don't think about this... just give us the money, trust us...
    What? You're not buying it?
    Umm...
    Oh! Hey, we'll go into another recession if you don't! You don't want the US to fall apart, do you? You better do what we say, just give us the money and no one will get hurt.

    Who is being the hostage now? We elected our congresspeople. The checks and balances are in place so that one wing cannot overstep their bounds. The fact that the president is fighting his own base on this decision is terrible (I do not believe we should allow the tax breaks to continue!). The fact that the president wants congress to just 'come along' with him on this one because he knows better than the rest of us is terrible as well.

    Don't get me wrong, I wish the Dems could get their ducks in a row and agree on some policies and try and move the country forward. But regardless of policies, politics, and whatnot...
    I'm sick and tired of presidents rushing through financial legislation like it isn't a big deal. Billions added to the defecit? Hand it off to those who worked in the industry? Yeah. Great idea. I'm so frustrated with this crap.

    December 9, 2010 at 8:55 am |
  127. bobo

    I say only give the tax brakes to the ones that KEEP JOBS HERE IN THE US, tax the heck out of the ones that send them overseas !!!!!!!!!!!!!

    December 9, 2010 at 8:57 am |
  128. Scott Trent

    Obama just sealed his fate for 2012. This unemployment extension just galvanized a 10% unemployment rate thru Jan 2012 – an election year. I do agree that the tax rate extension is a good fit. I find it funny that Stoner, who does just enough to get by in life making $18K a year only has an income tax rate of 10% (thanks to W who gave him a tax break from the Clinton rate of 15%) will only pay $1,800 in income taxes – until files anyway where he will qualify for tax credit after tax credit and not only will he get out of paying any income taxes at all – he will most likely get a check – screams tax the rich guy and make him pay his fair share – who is making $1 Million a year with a top current tax rate of 35% will pay income taxes well over $300,000 a year. You people are funny. The rich guy is already paying all the taxes and the ones screaming for him to pay his fair share are paying none – and getting a check to boot. We don`t have a tax problem in the US – we have a spending problem. Government is too damn big – it takes too damn much out of the private sector for distribution and it spends too damn much.

    December 9, 2010 at 9:01 am |
    • Byron

      So the rich guy should pay Stoner 300K a year and then Stoner will pay taxes too...

      Oh wait, the rich guy got rich because he doesn't pay his employees squat, doesn't provide benefits or healthcare.

      Rich guy's taxes pay for the school system, public transportation, road system, food stamps, etc that Stoner uses so he can survive, learn his trade, and work for Rich Guy, because Rich Guy doesn't want to pay Stoner jack.

      December 9, 2010 at 9:25 am |
      • Gaboy02

        Byron, You should probably tell your stoner friends and maybe yourself to go back to school so you don't have to complain so much about not making money. Rich people are rich because they are smart, they know how to invest, they know how to save, and they are sought after more than a stoner with no education. I have no sympathy for poor people. There are tons of ways out of it, and one of them is paying attention in school and not doing drugs. I make my money because I worked my tail off in school got a college degree and a masters degree and worked my way up. It wasn't just handed to me like you think we should hand poor people our hard earned money. Benefits and healthcare are not mandatory for any company to provide. Employee's pay is directly related to experience, education, and performance. Get over yourself and get back to work.

        December 9, 2010 at 9:35 am |
      • Scott Trent

        Wow... Concentrated wealth envy...

        December 9, 2010 at 9:41 am |
      • Byron

        Scott – it's highly unlikely that you're wealthy, so why do you support the wealthy? The average republican makes 30K, less than the average Democrat. Do you think Steve Jobs, the Buddhist vegan, is a republican? Do you think the Google people are republicans? You are just another poor American getting taken hard by the rich, who are Repub and Dem.

        December 9, 2010 at 9:59 am |
    • 2008 sucker

      Why did America's first Black President have to be such a bad one. I'm so disappointed the problem is there are a lot of people out there that still believe in him.

      December 9, 2010 at 11:16 am |
  129. David C.

    Obama must be feeling pretty desparate at this point to start using fear mongering to twist peoples arms. He's looking more like W every day.

    December 9, 2010 at 9:02 am |
  130. ozilot

    If Obama spent the energy he is expending to get the DEMs on board with the tax plan fighting the GOP instead we might have a had a decent tax comprismise without tax cuts for the rich or at least getting UI for the 99ers!

    Given Obama's leadership and accomplishments - mainly alienating his base, I predict the risk of Obama as a one-termer is increasing significantly!

    December 9, 2010 at 9:04 am |
  131. Pmorris

    Hey Alan who do you think was running the congress and writing the bills during the bush years especially the latter? Why is it that the curent Democrats dont wnat to have to pay as you go now. They want the spending, they want all the entitlement programs and they want less than 10% of the population to tpay for it.

    December 9, 2010 at 9:07 am |
  132. nfl1

    What did the GOP give up?? If this is supposed to be a compromise to allow it to pass, and it includes ALL tax extensions PLUS the estate tax...what happened?? Did Obama completely give up without a fight? He can see that they've held the country hostage for 2 years without any willingness to open their minds to anything but their own (which they got under Bush)...please stand up for all of US too (not only the rich, like the GOP).

    December 9, 2010 at 9:09 am |
  133. Gaboy02

    It's funny that there are so many people on here that just don't get it. People that earn more than $250k have every right to the money they make. I'm sure most of them have worked hard just like the people that don't make as much money. I said this the other day that not passing this could cause another recession, but people just couldn't get a grip as to why. If this bill isn't passed that means tax increases for everyone, not just the higher wage earners. How many people are just barely making it right now, and if you add in another 8-11% in taxes taken out of their paychecks that could cause more forclosures, layoffs, and less retail spending. Also, the unemployment benefits wouldn't be passed so those people collecting would really be under water.

    December 9, 2010 at 9:09 am |
  134. PrdWolverine

    You pin heads are truly patriotic – " do it my way – I don't care if the country tanks" – real impressive stuff. You've got nothing invested in the game, no wonder you're so happy to roll the dice some more ! Happily the antics of your mesiah have waken the sleeping giant, and the adults have grabbed the remote out of your hands. Now, back to your folks basements with you !

    December 9, 2010 at 9:09 am |
  135. jbird

    Thow all the bums out in '12, from the slightest congressional page to the white house dog. Both parties need to go.

    December 9, 2010 at 9:12 am |
  136. Rudy Gonzales

    The rich stay rich. Example are all abound: Andrew Carnegie – Carnegie Foundation, Standard Oil – Rockerfeller Foundation. Those who say trickle down works speak with forked tongue. Every Republican wants to keep these type of people and companies solvent because they get a whole lot of money from them.

    December 9, 2010 at 9:14 am |
  137. anonymous

    The Democrats are just as useless as the Republicans. Time to move to a third party system.

    December 9, 2010 at 9:15 am |
  138. Rick Beagle

    Anybody believe this guy? Maybe the Fox crowd, but beyond that Moderates, Liberals, and every other hard working person who isn't a complete and babbling idiot thinks this is a trash compromise. Chalk me up as another liberal who will do my best to insure Obama gets replaced in the primaries. We got him voted in, time to must up and vote him out. Bush 2 was not the change I was looking for.

    December 9, 2010 at 9:15 am |
  139. Byron

    From Bloomberg December 07, 2010, 12:56 PM EST:

    Ireland Raises Taxes, Cuts Spending to Narrow Deficit

    Dec. 7 (Bloomberg) - Irish Finance Minister Brian Lenihan cut spending and raised taxes by 6 billion euros ($8 billion) to deal with what he called the “worst crisis in our history” as the government seeks to seal an international aid package.

    Lawmakers will begin voting on the measures, including cuts in child payments, tax credits and some unemployment benefits, in parliament in Dublin from about 7 p.m. today. Prime Minister Brian Cowen has the support of 82 lawmakers in the parliament compared with 80 for the opposition, including independents.

    SO WHY ARE WE DOING THE OPPOSITE???? SOMEONE TELL ME

    December 9, 2010 at 9:17 am |
    • Bill Wallace

      Because the top 50% of TAx Filers in the US are already paying all the Income Taxes, while the bottom 50% pay NOTHING. As for cutting spending, neither party has any idea, or desire to do that. They continue unbridled spending.

      December 9, 2010 at 9:28 am |
    • John Richardson

      @RW – Both parties are showing their true colors. Those Dems who say they will vote against the deal are saying that THEY would deprive people making under $250K of their tax break and let unemployment insurance lapse on the unemployed just to deprive the rich of their tax break. I don't see much nobility on either side, except perhaps for the Obama administration, who seem to understand that getting what you need sometimes means settling for less than you want. Obama is a lot more mature than whiny two year olds who are saying he has "betrayed" them when in fact, given the results of the last election, he simply did what he felt he had to do to avoid a real train wreck. I've long despised the establishment of both major parties, but I must say that the rank and file tea partiers on the right and the "my messiah abandoned me" bleaters on the left are frankly worse than the people they are complaining about.

      December 9, 2010 at 11:27 am |
    • frank

      Thing is, we have a political party, who has blown this economy for 40 years with their tax cuts and other policies. WE DO NOT HAVE SPENDING TO CUT. Medicare? Sorry, people over 65 don't quit getting sick. States and counties cannot afford to pick this tab up, don't get medical care and see need to have medical care get insanely expensive. SS, its funded, don't believe the lies. And its not general fund. Rest of the gov budget, not a big deal. So where in the budget can we cut? Defense. But that is our sacred cow. I've worked in defense, way too many contractors, which end up adding bloat and waste. And they're all connected funneling tons of money to campaigns. Stuff, it needs to be replaced. Tankers were built in the 50s. Anybody have cars from the 50s you drive all day every day? Thought not. Think of all the stuff burnt up, trashed, wrecked in our 2 wars. We could get out of our 2 wars. They are a waste, do nothing and create lots of cannon fodder, which is another additional expense. But we gave the military a raise. Froze Federal pay (do that and after a while the good people quit, gas , food, rent, all that does not freeze because you are a Federal employee). Get out of the wars, we can cut back some of the military, at least Army and Marines. Which are lots of bodies and hence wages. Which is 40% of the military budget. Maybe get rid of DoD, the services pretty much hide their waste and bloat in that organization which realistically does nothing to curb it.

      December 9, 2010 at 12:29 pm |
  140. steven STEVENS

    though i am a obama supporter, am getting very disheartened by his actions of late...i am woondering if he knows that he will be a 1 term president if he keeps going against the people who elected him...and is now trying to protect the millions of dollars that he will be making in the event he nolonger is president...the books and revenue from speeches will all ad up...an so he is going to make sure that his taxes are low...he will be part of that millionaire crowd..after his stay in office is over.

    December 9, 2010 at 9:19 am |
  141. bailoutsos

    Congress should have Miss Cleo speak to them about the future. She will be able to tell them what will happen with jobs because of the extended tax cuts.

    December 9, 2010 at 9:21 am |
  142. makom8

    The People understand that Obama wants to make America into a Marxist/Socialist Society. The People REJECTED OBAMA and HIS POLICY.
    Obama the Lawless One, or what ever else you want to call this Demonic Figure. His words describe him, He is a False Hope, If you listen to him you will love him. He carries a Bow without an Arrow. He will conquer all through his speech, his false hoods will capture all who sit and listen to him. Look and you will See.
    2 Thessalonians 2:11-12
    11And for this reason God will send them strong delusion, that they should believe the lie, 12 that they all may be condemned who did not believe the truth but had pleasure in unrighteousness.

    December 9, 2010 at 9:23 am |
    • Byron

      Obama is pushing a tax deal that will greatly benefit the wealthy and suck money from the poor, and probably bankrupt the states, causing the rich to have all and the poor to go hungry and homeless. This is the opposite of socialism.

      December 9, 2010 at 9:27 am |
      • 4WatItsWorth

        You didn't listen to the president's press conference did you? If you did, you conveniently overlooked the part where he adamantly opposed the high end tax cuts but agreed to it only in order to get the GOP to agree to extending unemployment insurance for those out-of-work along with a number of other middle-class benefits the GOP was holding hostage. If the president is guilty of anything it negotiating with and giving in to extortionists.

        December 9, 2010 at 9:55 am |
      • Tom

        "Causing the rich to have all, and the poor go hungry and homeless"? Byron – have you ever read a history book? Ever seen even one documentary lauding the glorious benefits of socialism? How prosperous do people seem to be in Cuba, how happy were they in the former Soviet Union? How 'bout North Korea? Socialism – in any form – doesn't work, a redistribution of wealth is simply the antithesis to progress and growth. Why should my rewards be looted from me to serve others? It's mine, I worked for it, I made the effort to provide for myself and my family. It's so ironic – I am barely making it from week to week – I should be all over a free meal ticket, and yet I understand how socialism is a cancer on society.

        December 9, 2010 at 10:08 am |
    • steven STEVENS

      you are anorher one of the glen beck crowd...you've ppluged your brain with the mumbo jumbo jumbo of the conservative talk shows....ever know how soured milk is all through the container and not on the top.

      December 9, 2010 at 9:31 am |
    • soxphan

      Plus change the channel from Fox News and get your head out of your A$$!

      PS. Quoting scripture just proves you're an idiot. Go tell your bedtime story to your kids because inteligent adults know not to believe in fairytales.

      December 9, 2010 at 9:47 am |
    • Jamie

      The bill must pass. It is just such a shame that Republicans were given the power by the American people to keep President Obama from implementing his policies. The Republicans are not interested in the well-being of America or Americans-they are cons. They blame Obama for all the messes they made-including the bloody ones. The worst thing is that they are able to sell their hateful lies to the American people. The Republicons are wrapped in the flag and carrying the cross–extreme nationalism and use of God to justify what they do. Are Christians the new Aryans-they certainly see themselves as superior. Worked for Hitler-for a while.

      December 9, 2010 at 10:06 am |
    • HPNIII

      First of all lets get real he is no Marxist, a socialist yes, and two, the people did not reject him, they elected him President of the United States. While we were taught by our parents (in my case) that Socialism is the same Communism, it is not. Virtually every free nation on the planet has certain Socialist programs, that is programs paid for with govt. money from taxes of the total population for the benefit of society, for that nation or others. Social Security is a socialist program, I am 62 and darn glad to have it. When you ride down a public highway you are enjoying the benefit of a socialist govt. and the list goes on and on. Three I don't think that quote from the Bible has any application at all to the point you were trying make.

      December 9, 2010 at 10:11 am |
    • Jamie

      Oh, there is God again. Somehow Jesus's words are never used to defend hate, war, torture, execution.

      December 9, 2010 at 11:01 am |
  143. Paul

    While we argue over taxes and the possibility of a double dip recession, is anyone watching the Oil companies? Looks like they've voted themselves a nice little end of the year bonus. Gas is up 20 cents the last few weeks.

    December 9, 2010 at 9:23 am |
  144. Michael

    Obama is a pathological, political liar; or is suffering from some serious, clinically induced, psychological disorder.

    He was elected by the people to execute a program of change that he repeatedly, swore to adhere to, once elected. despite, the overwhelming support and expectations of his constituency, he has moved during his time in office, on every legislative occasion to back away from each of his pre-election, platform's pledges; leaving his voter base, "paying pawns" to the 2% wealthy of our citizenry and more drastically diminished, both economically and materially than ever before.

    He is not merely spineless, but, thoroughly deceitful. Given the stature and graveness of his office and consistently exibited, flagrantly-fraudulent behavior... his capitulation with the existing, "party-of-no" republicans, I recommend that he be removed, formally reprimanded by his fellow democrats and, if at all possible—impeached for unauthorized, dereliction of duty!

    Put plainly, he can not be trusted by his fellow Americans to run for any governing position again.

    ~ME

    December 9, 2010 at 9:24 am |
  145. mordred

    This is a train wreck. First of all, raising taxes for EVERYONE doesnt stop people from spending money. Especially us Americans. We have the richest poor people in the world. Obama never stops amazing me of how he can do EVERYTHING wrong. There is a fix. Raise taxes. Stop spending. Sometimes you have to be cruel to be kind.

    December 9, 2010 at 9:29 am |
  146. RG

    We're going to have a double-dip anyway, as state workers start getting laid off. The NJ governor is just itching for January 1st, 2011 so he can fire a bunch of state union workers, that were given a sweetheart deal by the previous governor to defer furlough days.

    December 9, 2010 at 9:31 am |
  147. ZOOMER164

    the only tragedy is Obama is still president.

    December 9, 2010 at 9:32 am |
  148. Chas in Iowa

    Now the Obama administration has taken up the GOP montra. Give the rich what they want or gloom and doom with take us all.
    Obama threw 99% of America under the bus on this tax give away for the wealthy.
    I hope the Democratic leadership has enough sense to start looking for a stronger candidate for 2012.

    December 9, 2010 at 9:34 am |
  149. soxphan

    Lets be realistic here shall we...
    1. The Republicans have held Obama over a barrel for the past year. If they didn't get what they wanted, EXACTLY what they wanted, they blocked everything they could.
    2. They indicated that they would keep this tactic up in regard to the tax breaks for rich people if they didn't get their way.
    3. Obama gave them what they wanted, a tax break for rich people and estate tax reduction, but got Unemployment extended, child tax credit extended, tuition credit extended, AND got an additional 2% payroll tax deduction. So the Republicans got what they wanted (tax breaks that do nothing but HURT the economy and deficit) and Obama got what he wanted (tax breaks for real americans who need the money/ the unemployed, which directly HELPS the economy recovery)
    4. Now that the tax issue is off the table Dems can work on the DREAM Act and START treaty, DADY repeal, Deficit reduction, etc.... Basically doing the job that we sent them to Congress to do. You know, where all the elected officials get together, discuss and debate issues, and then compromise on how to move forward as a nation? I know this is a foreign concept, especially to Republicans who apparently thought their job description for the past 2 years was to sit on their butts and do nothing. I don't have a problem VOTING for or against what you believe in, but to block DEBATING an issue is just flat out ridiculous and goes against the job description of a congressman. I don't know a whole lot of jobs in this country where you can simply show up and do no work for 2 years and keep your job. But in the end...

    This sets up the Democrats in 2012 to say "See, we told you the Republicans were only out for the rich and they are still clinging to Reagans Trickle Down Economics BS which has been proven time and time again to NOT work, while we helped real Americans who needed the help"

    And this is a BAD thing for Democrats?

    I don't like tax breaks for millionaires but what we got in return IS beneficial to the majority of the country. Yes it comes with Republican baggage that doesn't work but what did you expect from the party that only helps the rich and corporate America? The job of the PResident and Congress is to help the MOST people they can and move our country forward. This bill does that. It may not be perfect but there are beneficial parts built in that will help REAL americans.

    PS. Where is the Tea Party on this? Wasn't their big thing to stop government spending and reduce the deficit. Strange that they would remain silent on a bill that is chock full of govt spending and adds close to a trillion dollars to the deficit. proving once again that the Tea Party was a sham and was more of an arm of the GOP that anything else.

    December 9, 2010 at 9:36 am |
  150. Todd

    We should base income tax on the JOB a person does. For example, a Banker pays more than a small business owner. A Broker pays more then a Airline Pilot. And of course Dick Cheney (and all Politicians for the matter) would have to pay the most. It should be based on paying back the money you stole from society that lead to the current recession. Pay America Back you friggen criminals.

    You don't create jobs, your Ivy League thieves

    December 9, 2010 at 9:37 am |
  151. Steve

    Would you please talk terms in a way we understand them not the White House gab//Also not to extend unemployment benefits for 99ers which is a simple solution, tier 5 but then we hear for 6 months or longer thru no fault of their own, on the other hand none for 99ers..as long as this game is played nothing will get done..OBAMA get real and work the 99ers work for us for a change..Im sick and tired of the insults the kick and the words JOB CREATION..i have appiled for 213 positions and qt 56..age is the issue regadrless of what you say and also pushing for schools to improve on our education..hell youd think experience was a school ..doesnt count..UNREAL..IM AM NOT LAZY either..

    anymore we are UNITED STATES OF IDIOTIC AMERICA ..

    Im scared and hell worked since 13 and trying to keep what i have invested only to lose it in a matter of one year..so thank you..MERRY CHRISTMAS..enjoy your holiday as millions are crying under bare trees, Kids asking for a real Santa Claus..if you had a heart youd cry along with the rest of us..But then cant change the heartless..the fake smiles form the White House

    Thank you

    December 9, 2010 at 9:38 am |
  152. Charlotte

    13 months (TOTAL OF 99 WEEKS) of unemployment benefits everyone thinks they are adding to unemployment because that what media wants you to think. But no matter what unemployment shuts down at 99 weeks for the long term unemployed. But Bush tax rates are for 2 years

    December 9, 2010 at 9:41 am |
  153. CynicLgrrl

    Every one of my comments awaiting moderation interminably?

    December 9, 2010 at 9:41 am |
  154. Joseph

    There is a time to be prudent and a time to be valiant. And it takes tremendous discernment to know the difference. The only thing between you and your own real experiences is a rational excuse. The case being made here is absent of any rationality.

    December 9, 2010 at 9:45 am |
  155. Tanya

    Only the blind can't see that Obama, unlike many others, is not interested in satisfying his ego, but is promoting the common good.

    December 9, 2010 at 9:45 am |
  156. HPNIII

    What I don't get is the Conservative movement is supposedly made up of middle class America. So how they support the Republican Party which openly opposes any tax increases on people over $250,000 while at the same time totally opposes any type of unemployment extensions is beyond me. There are many many unemployed middle class and (historically) working Americans who will lose every thing they have until this World Recession which was brought on by Rich Wall street types is over.
    To me the message is clear Republicans = people over $250,000 a year and Democrats = people less than $250,000 a year. Wake up middle class America the Republican Party does not represent you.

    December 9, 2010 at 9:47 am |
  157. Chas in Iowa

    The GOP refers to failure to extend tax cuts to the wealthy as "job killers". Good buzzword by the way. Now since the rich have not generated any jobs in the first ten years of this tax dodge for the rich we now expect a different outcome in the next two years?
    I take it more as a threat by corporate America saying give us the money or will continue to send your jobs out of the country.

    December 9, 2010 at 9:48 am |
  158. Erica

    This article is not saying that without tax cuts for the VERY WEALTHY we will have a double-dip recession. It is saying that without tax cuts for the MIDDLE CLASS we will because families who are just starting to recover will be hit very hard when they are suddenly taxed several extra thousands of dollars a year and their unemployment insurance removed. AND the Republicans are refusing to pass a bill that will allow the tax cuts for the middle class to continue UNLESS tax cuts for the very wealthy are extended. Hence, Obama is allowing the tax cuts for the very wealthy to pass so the middle class (and the economy at large) isn't punished. I hate that this is happening, but would you rather everyone suffer just so we can do like the Republicans and refuse to compromise? We will have a chance to vote again on this issue in two years when the tax cuts expire again. Hopefully by then people will vote out these same Republicans who are forcing this to happen now. Obama posted a video explaining his rationale: http://www.youtube.com/watch?v=LhTzXqh7rvk.

    December 9, 2010 at 9:48 am |
  159. Tim

    "You can fool some of the people, all of the time . . ." – Abe Lincoln

    December 9, 2010 at 9:52 am |
  160. Jeffrey Allen Miller NY

    They will drive the unemployment rate lower - just as GW Bush did - as more fall out of the employment pool. That is the goal. Fewer workers, better looking numbers. Has nothing to do with taxation: 310 million people, 150 million work, expect that to drop to about 140 million (while population increases to 320 million.) Backwards thinking here going on all for the benefit of that 30 million wealthy residents.

    Read folks – only the rich (again) benefit from this so called tax break, or everyone making $40K and less would have NO income tax. I also define rich as anyone earning more than $70K. I only earn $50K, always will at this stage of underemployment with my advanced degree and 25 years of corp leadership, and yet my tax burden and that burden for anyone making less than I do is more severe now than it ever has been.

    December 9, 2010 at 9:56 am |
  161. RW

    The Repubs have shown their true colors. They would punish 95% of the people if they don't get their way for the elite few.

    December 9, 2010 at 9:56 am |
    • Gaboy02

      If this bill is not passed then it will be the Dems fault. Why should the people that work hard for their money pay more than their fair share? People making less than $50,000 a year generally don't pay much of anything because they get it back on tax returns. Those of us that actually have to pay taxes at tax time welcome this bill. That's more money to put towards my child's college fund, and more towards retirement.

      December 9, 2010 at 10:02 am |
    • Todd

      Here Here!! But more like 98% of Americans. How then continue to get the support of the underemployed masses is mind boggling

      December 9, 2010 at 10:16 am |
    • Byron

      Looks like they did and will continue to get punished for the next 2 years, because the rich will continue to make out like bandits and the States will go bankrupt and, as the Obama administration said last week, the States are on the verge of going bankrupt and bringing down the recovery with them. No tax increase ensures that the States will fail, because they rely on Fed money.

      December 9, 2010 at 10:34 am |
  162. Tom

    Obama said economists looked over the details of the plan in 24-48 hours and have said that it would work – that it would help the economy. So, if these people can figure this out in two days, and now he's all over the plan like glue, how come he didn't listen to these same economists over the past 2 damn years?! He knew the expiration date of the current plan 2 years ago, did he not? Or, was he so damn arrogant and focused on a liberal, socialist adgenda, that he simply chose to ignore reason...

    December 9, 2010 at 9:57 am |
  163. Paul

    Beat each other up on the tax issue in order to divert attention away from the fact that 8-million jobs are NEVER coming back.

    December 9, 2010 at 9:57 am |
  164. Name*Gary

    I believe that Obama will run as a republican in 2012.

    December 9, 2010 at 9:59 am |
  165. joe

    From the posts here, I think we are headed towards a double dip either way. There once was a time when everyone worked to help each other out. It did not matter if you were rich or poor. Greed has taken over on all sides, and the real crisis is coming. Everyone is all about me and me, not about us.

    The truth is that people need to learn to do with less. Yes, Americans need to learn this fact.

    December 9, 2010 at 10:06 am |
  166. John

    It not Obama ,It the REPUBLICAN. Obama only wanted too keep the TAX CUTS for people making up to 250,000k a years. The REPUBLICAN wanted to keep the TAX CUTS for the wealthy. That all the REPUBLICAN want too help his the RICH and WALL STREET.

    December 9, 2010 at 10:09 am |
  167. DT

    WOW! I SURE AM GLAD IT WAS LARRY SUMMERS THAT MADE THOSE COMMENTS. FOR A MINUTE I THOUGHT THEY MIGHT BE MADE BY SOMEONE IN THE PRIVATE SECTOR WITH A LOT OF CONNECTIONS TO WALL STREET.

    December 9, 2010 at 10:16 am |
  168. Ernie

    Larry Summers must have gone back to his economic books to find out that he was wrong on stimulating the "economy". This is a guy who said that "unemployment would not go over 8% it's nearing 10%. Now his is agreeing with the Republicans that the Bush Tax Cuts should be extended. Larry Summers bunch of "Nit Wits" had two years to fix this but he figured that it would be better to get out of town before the Bush Tax Cuts expired well he figured wrong again now he is saying it's needed. So now he is saying Congress should pass the The Bush Tax Cuts. This guy leaves at the end of the month to back to Harvard to teach economics (another Obama failure). The only people who are going to get hurt by this are the tax payers and small, medium and large business. There's one thing that is puzzling me is that a lot of the denocratic Senator's and House Reps are millionares and they don't want a tax cut what "Kool Aid" are they drinking. This is a great example on "Who's running the Country" Obama is faiing at evey decision he makes. He has turned his back on his Democratic Base. I wrote yesterday that Obama gave Congress the time to get this done (he's the employer) and it didn't get done (as an empliyer) he figured since Congress (the employees) didn't get it done he will get it done and tell the Democratic Senate to vote on it and get it done. Well the Obama's Democratic Senate employees are telling the "Boss" not today. So now the American people are going to pay the price for all the Senators and Congressmen and Congresswomen who either can't think for themselves or are to afraid that they might get punished. Oh one side note Good Ole Harry Reid has made sure that 450 Billion dollar stimulus money is going to China to build a Wind Farm in Texas and will be run the Chinese and the Wind Turbines will be built in China. Let me ask you does Good Ole Harry Reid "Hate" America or what.

    December 9, 2010 at 10:16 am |
    • Byron

      At least we won't have to wait long to see if Obama's right or not (he's not).

      December 9, 2010 at 10:36 am |
    • Jamie

      Love China? Who could love China more than the neocons, they loaned Bush the money to invade Iraq-the $$$ just to get us there-was that Bush's idea of job creation??

      December 9, 2010 at 10:59 am |
    • Cal

      It does not matter that the debt goes up with this massive tax cut for the millionaires and billionaires to the GOP. These are their friends and the middle class will be stuck with the bill in the end anyhow.. Look for the spending cuts to come after this massive tax give away to the rich. It will not be popular or pretty.....

      December 9, 2010 at 11:23 am |
  169. Pot stirring 101

    Geez- Didn’t they have this rhetoric about the Stimulate us package?
    The doom and gloom if you don’t do it routine is getting old.
    Never mind taxes! Cut Spending and Growing Government.

    December 9, 2010 at 10:17 am |
  170. hillcrester

    Dr. Summers is punting for the wrong team. He should have said, "After the President vetoes (or the Congress turns down) this bad deal, we risk a double-dip recession, UNLESS the Republican'ts agree to Obama's original plan–no tax increases except for incomes over $250,000 or maybe $500,000."

    December 9, 2010 at 10:34 am |
  171. Bill

    After I was discharged from the military in 1977, I went on unemployment until I found a job. This was an era after the Viet Nam War and jobs were hard to get back then, and I in fact had to take a minimum wage part time job in the beginning. There was also a rule that I had to go to the unemployment office once a week and show proof that I applied for various jobs and was turned down. You could not refuse to take a job from someone that offered you a job. They provided you with lists of places to go for employment. I worked part time for UPS loading trucks. All physically fit males and females actually qualify for such jobs at UPS and Walmart. The thing that ticks me off is people on unemployment who manage to go on vacation to Disney World, Las Vegas, Cruises, and other places while on unemployment and I am not necessarly talking about just going to one place. Obviously, these folks are not checking in personally with their local unemployment office. Just for the sake of fair play here, I am a democrat who votes my conscious and says what is on his mind. Get the heck out and find a job you bums, it should not take a year to find one. There are no management jobs for unemployed managers, time to go backwards to your roots and start over.

    December 9, 2010 at 10:37 am |
    • Jamie

      reply to Bill: I know people who are looking for jobs-second jobs. They are not bums. We have a problem in this country with a living wage. There are jobs-but you can't live on the wage. Are you somehow thinking that employers actually want to pay benefits? Do you have any idea what has happened to the American Dream of owning a house and enjoying retirement after decades of service?? Consider this quote "They call it the American dream because you have to be asleep to believe it." Wake up, Bill.

      December 9, 2010 at 2:09 pm |
  172. Luis

    How is he lying? a month ago was different then now. Things are moving fast. The rich want to pay less taxes. They don't feel that they need to pay for anything because they "rule the nation." They had the opportunity to show how they can help the nation in 2001, 9 years and failed miserably. Back in the days, when people really believed in an America, it probably could've worked were the rich invested into America. Now, its all about who has more money in their account.

    Also, the reason why the Republicans held the taxes hostage was because they know that the rich would be able to hold on when the economy gets worse because they have lots of money, the middle to lower class don't have that privilege. Thats why the deal had to happen. They are playing poker, if you nearly all the chips, you can bluff and bully around. Those with less chip call and risk losing everything while the rich can bully with a 2 9 or A's. Get what I mean?

    December 9, 2010 at 10:38 am |
  173. David

    Actually, a double dip would hit the rich much harder than the middle class.

    Equities would drop in value far more than the rich would save on taxes.

    The prospect of a double dip is a HUGE ADVANTAGE for opponents of tax breaks for the rich Now if only the Democrats realized it.

    December 9, 2010 at 10:38 am |
  174. DSMurbanite

    Time to cut military spending and bring the boys home. Endless war is just as dangerous as entitlements.

    December 9, 2010 at 10:38 am |
  175. What is WRONG with you people!!

    Has ANY of you EVER gotten a job from a POOR person? Geeze, Louise - your brains REALLY are full of Kool-Aid!

    December 9, 2010 at 10:39 am |
  176. Luis

    The government is playing poker, i mean politics.

    December 9, 2010 at 10:46 am |
  177. Joe

    I wonder how much money this guy makes a year and also wonder how much the news commentators make a year. Could it be they all make over the $250,000/yr. thus have a bias opinion on the matter and are blackmailing us to see it their way. Merry Christmas humbug

    December 9, 2010 at 10:46 am |
  178. OrlandoPatriot

    I am confused – - – is it NOW the position of the Democrats that increasing taxes on ANYBODY (including "the rich") is the wrong thing to do? Isn't that what the Republicans have been saying for two years that giving business the confidence that not the government is not going to unnecessarily raise their costs of business since this will create MORE unemployment and a possible double-dip recession? Seems like the Democrats have FINALLY admitted their economic policy is a failure and the last two years have created MORE unemployment and a stagnant economy. Seems like the "Party of No" was saying "No" because we KNEW it would hurt our economy. Now the Democrats are admitting that is the case. No reason to THANK the Republicans for being right. The Democrats finally admitting that the Republicans are right is thanks enough.....

    December 9, 2010 at 10:48 am |
  179. Byron

    The White House has repeatedly made it clear that we're in the verge of a double-dip. This should serve to drive markets down in a massive way.

    December 9, 2010 at 10:51 am |
  180. Sam Cox

    Mr. president,
    The buck stops with the Republicans not with you! We have seen this so many times! STAND ON YOUR GROUNDS AS THEY DO!

    December 9, 2010 at 10:58 am |
  181. Borysd

    The millionaires will make new jobs in China and India not in the USA. Small businesses have no need to expand since no one is buying. Obama will be a one termer...see ya!

    December 9, 2010 at 11:01 am |
  182. disgusted vet

    We are all citizens of the same country, entitled to the same things; why should some be taxed more than others?

    December 9, 2010 at 11:11 am |
  183. Scott

    According to Republicans, the tax cuts for the wealthy create jobs. My question is–these cuts have been in effect for eight years now so where are the jobs?!?

    December 9, 2010 at 11:14 am |
  184. terry

    Lets forget the party bickering and get on the same side of the aisle. This means we have to start talking of what is right for this country rather than a party vote. The issues should be black and white, whatever is going to help the people as this government was made for the people and by the people. All we ever hear is the democrats say the GOP plan wont work and vice-versa with the democrats.We seem to have enough money to send to Korea or Afghaniston, but when it copmes to helping the people, we are fighting over this tax cut. Forget the tax cut and come uip with a flat tax that evreyone pays based off the W-2 form at 10% or just send the taxpayers 5K apiece and let us get the economu rolling again.

    December 9, 2010 at 11:16 am |
  185. mbc

    If you can't ask someone making over 250k to live with a little less so someone making minimum wage can simply survive there's a much bigger problem than just the deficit in your society.

    How do you get out of this mess? I dunno, maybe common sense and doing whats right for humanity instead of your bank account.

    December 9, 2010 at 11:16 am |
  186. Cal

    The Millionaires and Billionaires have to be taken care of before there is any recovery. That is the American way......

    December 9, 2010 at 11:17 am |
  187. sweetmod

    The wealthy caused the economic collapse in 2008, and my children had nothing to do with it. I bailed them out....It's time they did their part to reduce the deficit so my kids don't have to...

    December 9, 2010 at 11:17 am |
  188. quitsa

    Anyone who thinks that the Republican party represents the American people are dead wrong. Obvioulsy, the GOP only has concerns only for the super rich, the Bernie Madoff's and his Wall street cronies, and for the amount of super $$ that Karl Rove can raise from these groups to buy these GOP seats in the House and Senate. Obama might try a little more backbone.

    December 9, 2010 at 11:27 am |
  189. Ed Morgan

    why so much blaming... didnt we just vote for republicans? so many liberals are venting... did they go out to vote on Nov 2? please take a back seat, you were not around with the dems and obama needed you, now enjoy the ride with GOP

    December 9, 2010 at 11:27 am |
  190. Ramrod

    Where are the Tea-party people? Their silence is deafening. All of a sudden everybody's hand is in the cookie-jar.
    When people discover how to vote themselves money out of the treasury, the country goes bankrupt and dies.
    It all started with Reagan the lumberjack when he introduced the trickle-up economics.

    December 9, 2010 at 11:32 am |
  191. russ gibbs

    Both parties are one and the same.Lawyers passing laws that other lawyers challenge and change!!!All in the name of POWER and GREED. They can't stand it when one of them gets more then the other RICH guy. They keep the middle class at bay or lower than whale dung, and keep the GAME going for themselves. This is not the leadership qualities I watched leading our Wonderful Country will I grew up and worked for 50 yrs to enjoy my retirement. I knew when the people in this country voted in a B-Movie idol we were trouble and then a southern intellingent wife cheater . I really thought we had hit bottom!!! God Bless America !!!

    December 9, 2010 at 11:43 am |
  192. Tardus

    Why to Democrats think its a crime to be rich. All they seem to want is to punish those who get an education, work hard, and make something out of the lives and reward the lazy and ill-responsible by giving them more welfare

    December 9, 2010 at 11:46 am |
  193. Alphonso

    Summers is right, but also wrong. Yes, repealing chimpy's chinese-funded tax cut will slow economic growth in the short term. But the fact is that we need to pay the bills. Now. Unless we want to be governed by china, it's time to bite the bullet. The republican swine who are holding the unemplyed hstage to their agenda for benfiting the rich need to understand that Mrs. Pelosi is planning on becoming a big fat roadblock for them, no matter how much of a doormat Obama decides to be. Obama is done in 2012, I'll support Pelosi for president. At least she understands the real meaning of fiscal responsibility, instead of the whack-job meaning the repubes have been selling.

    December 9, 2010 at 11:49 am |
  194. russ gibbs

    P>S> How are people supposed to create jobs when their all sent over seas!!!!

    December 9, 2010 at 11:49 am |
  195. Michael in Houston

    Good for the dems!! Thats EXACTLY what they should do. Tell the republicans the deal is this...extend the tax cuts for the middle and end the tax cuts for the 250K+. Period. End of discussion. Let the republicans be the ones who dump on the middle in favor of their rich base. If the repubs kill it and all the extensions end in a few weeks, that will bring alot more cabbage into the govt coffers. The Bush tax cuts only enabled the rich to get richer, they have done nothing to generate jobs and extending them again wont inspire a single a new job created. Let the whole thing go down in flames...let everyone pay more tax. Maybe next time they will listen. This negotiating with repubs is a colossal waste of time. Punt them

    December 9, 2010 at 11:52 am |
  196. Sheila

    I say fight the tax credit for the very rich, or as the Republicans stated back during the summer when the extension of unemployment benefits were being blocked by the Republican Party ' they wanted the extension paid for" Well as a voter I want the Tax Credits for the very wealthy paid for before its passed and not by cutting Social Sercurity, Medicare, Medicaid or any other programs that the very poor and old depend on... or we headed in the same direction as Greece, remember what happened in Greece over the summer their economy hit bottom because the very Wealthy did not pay taxes to support the economy of Greece. the Millionaires and the Billionaires have got too pay taxes, it makes absolutely no sense that during a poor economy these people are not paying their fair share of taxes, the Bush tax credits did not create jobs in the U.S and for it too be continued is madness

    December 9, 2010 at 11:53 am |
    • Phillip

      i thought Greece is socialism country how they have the rich people over there- Ah ! I forget the people get rich in that country because they are crooks as liberal leaders in US such Pelosi, Reid, Rangel etc those guys never pay tax

      December 9, 2010 at 7:11 pm |
  197. Jugger75

    If they don't pass this bill in the next couple weeks it will materially increase the risk that the economy would stall out and we would have a double dip." Haven't we heard something like this recently? Something along the lines of "If we don't pass this second round of stimulus right now, the unemployment rate will be over %10." Where did that get us?

    December 9, 2010 at 12:03 pm |
  198. Cory N

    Amazing that while both the Dems and the Reps are holding the middle class hostage, those who lustily slurp the blue or red kool-aid march in even tighter formation behind their faction of choice.

    Sometimes, the American citizenry gets what it deserves.

    December 9, 2010 at 12:08 pm |
  199. Mark L.

    "I think NOT providing us wealthy individuals with a tax break would be so disgraceful. I mean, afterall, I don't want to have to give up my private jet, 65-foot yacht and 75,000 shares of Google and Apple stock. That's just unfair..."...WAAH !!! WAAHHHH !!!!! WAAAAHHHHHHHHH !!!!! Please don't raise my taxes and take my money away....WAAAAHHHHHHHHHHH !!!! ROFLMAO....{:o)

    December 9, 2010 at 12:48 pm |
  200. C. Merrik

    Heard about Brims Ness Corporation? Maine gave them phase 1 funding and required them to hire at least 8 employees- the company spent all the funds on payroll, healthcare,daycare, ect- and ended up bankrupt. WHY? Because there was no money available to develop a product,so nothing got done; consequently, they were turned down for phase 2. This is why we face a double dip recession- it's because of States' stupidity, not the federal government.

    December 9, 2010 at 2:01 pm |
  201. Mike in MN

    Oh God, here we go again! Be Afraid, Be Very Very Afraid. Right out of the Bush Republican Neocon playbook. Who the F@#k did we elect anyway?!

    December 9, 2010 at 7:35 pm |
  202. Mark

    You know what, Im pretty much done with the American Government and ithe American population. You all blame everyone but yourselves for what we are going through now, and what we are going to have to deal with in the future. You support con men and the unqualified running for office, and ignore the factual arguments put forth by those less popular. Even now you are bickering over Rep/Dem when neither are the answer, nor have been since before you were socially programmed in what ever schools you received your education in.

    As of today, I am a citizen of this planet, and I answer to no laws of any government. I will be guided by my morals and do what is best for myself and mine because the rest of you are just plain too stupid to deal with. Yeah, I know I will be persecuted, and quite possibly prosecuted for it, but hell, you morons will pay the bill for the proceedings and housing me with three hots and a cot.

    At this point it is totally ridiculous to remain a citizen of any country on the planet and follow their path. Do as you wish sheeple. You are all far to stupid to realize what you have given up by supporting the popular candidate. Now, just imagine what the world would be like if the Popular opinion had won out and Gore had became POTUS. (shiver)

    December 9, 2010 at 8:03 pm |
  203. johnkc

    The republicans want a double dip recession so they can defeat Obama. The problem is, with the republican policies, we will have a full blown depression along with new wars against Iran and North Korea.

    December 9, 2010 at 8:48 pm |
  204. cc

    "...predictions for the economy that various analysts like Mark Zandi of Moody's Analytics"
    Aren't these the guys who rated the mortgage backed securities as AAA before they defaulted. I'm very skeptical of their predictions.

    December 9, 2010 at 9:24 pm |
  205. Willie12345

    We'll just have another recovery summer and everything will be just fine. Joe, your a miracle worker !!

    December 10, 2010 at 9:10 am |
  206. Okie

    Regardless of the tax deal they do or do not cut, my take home pay is already going to be less beginning in Jan 2011 because of rising insurance rates (mine used to be employer funded, now I must pay part of it). If you add raised tax rates to my already declining paycheck common sense tells you I will be forced to spend less. If this scenario is the same for others, then yes, it will have an impact on the economy. Duh!

    December 10, 2010 at 10:15 am |
  207. conoclast

    "Double-dip" implies that we've recovered from the first one; does anybody in the Real World feel recovered - or anything like it? Would admitting to us that we're in a new economic reality (so we can at least prepare!) be such a self-fulfillint prophecy? We ARE adults; we CAN think for ourselves!

    December 10, 2010 at 11:17 am |
  208. Chris

    The comments posted on this forum are utterly ridiculous... The question of whether the "wealthy", or anyone, for that matter, deserve a tax cut is entirely the wrong question to be asking. Anyone who is fixated upon this perspective is sadly missing the most obvious problem. The left continues to scream foul about these cuts, our "inability to afford them", and fairness to the middle or lower class.
    None of these resources belong to the gov't- they belong to the people which earned said resources. It is not an issue of being able to "afford" the extension; it is certainly an issue of being able to "afford" a significantly bloated gov't. Without worldwide conflicts, perpetual gov't subsidies and transfer payment, grossly inflated gov't incomes and pensions, and a horrendously inefficient gov't system (think DMV) we would not require such vast sums of money to function and thus would have no need to impose further taxations on those that are already the bulk of the US's taxable population.
    It is far past time for Americans to take responsiblity for themselves. This country was founded on principles of limited gov't, not a parent state that panders to particular socioeconomic circles or demographic bases for the purpose of maintaining or achieving public office. Start by cutting the waste (the war on drugs, pet projects for politicians, bailouts, excessive office and travel costs for politicians (that's you, Madam Speaker), and perhaps most importantly, the endless supply of transfer-of-wealth payments.
    The reality that most politicians and hyper-sensative Americans fail to appreciate is that while many of these programs are well-intented and truly needed, a huge proportion of the recipients simply do not have the initiative to provide for themselves, and why would they? Who would work a minimum wage job when one can earn twice the income by doing nothing? This is typically where the hard-line lefties (the real ones, not the TV-personalities and pundits who just regurgitate the views of their employers/ industries) get upset. They have convinced themselves that it is in the interest of fairness to take from those who have earned and give to those who have not in order to facilitate social equality. For those with a limited knowledge of nations that strive for "social equality", please research: Russia, China, North Korea, et al. You will find that what you strive for is in fact acheivable- a nation of miserable peasant-class workers that have lilttle to no motivation to perform at the highest level.
    I find the correlation between political preference and profession to be very interesting. Every single person I know that works in a performance culture (i.e. those who must acheive performance goals in order to maintain employment) is a steadfast conservative- they know and accept that they are responsible for their own success. Contrarily, every last person I know that is either a pure academic, unionized employee, and, perhaps to a lesser extent, gov't employees in general, aligns themselves with socially progressive electorate. Funny that these people bent on social reforms, political correctness, and "spreading the wealth" are not actually the ones funding said activities. That's someone else's responsibility (see Group A above). The hypocrisy, self interest, and lack of accountability is mindboggling.
    To close out my tirade, I'd like to impart all of the bleeding heart lefties out there with a particular piece of wisdom that you seem to have overlooked: those with high/ higher income levels can and will depart this country if they feel they are being robbed by the gov't and people at large. Consider this: if the top 1% of earners pay around 30% of all income taxes, what happens when just ONE of those large earners decides to leave? Given that each one of these people pay more in taxes than MILLIONS of middle and lower class combined, you might want to reevaluate your position on how "affordable" the extension is. And please remember- the gov't is doing anyone a favor by extending tax cuts- they are simply stealing less from the population, and the only people that seem to be content with that arrangement are the people that are on the receiving end of the equation.

    December 10, 2010 at 11:23 am |
  209. Sarah

    I got an idea... let's stop acting like businesses are individual human beings. -.-;;

    Regardless, most small businesses, if they're run tight, do NOT make 250k a year in taxable income. They invest it and make that money "disappear" through various avenues - namely, wages to their employees, bonuses, equipment, etc.

    There are numerous problems in our society as a whole that all feed into the economic crisis. For starters, it is not only socially acceptable, but encouraged, to believe that it's okay to take as big a slice of the pie as possible and make your underlings pay for it. (For example, why we continue to tolerate CEOs who pay themselves enormous bonuses.) The pride you have is derived from the car you drive and your penthouse, as opposed to your scruples and methodology when doing business. We praise the celebrity and the man who inherits 5 million dollars and invests it in a cushiony business, while reviling and calling the man lazy who works 80 hours a week doing hard labor "just to get by". And for those who do it, we parade about under the banner of "a Christian nation" while simultaneously running ourselves in such a way that is utterly un-Christian.

    December 12, 2010 at 12:10 am |
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