BLIND FAITH

Even Republicans are admitting that the Bush tax cuts will not stimulate the economy.  They claim, somewhat vaguely, that letting the tax cuts on the upper 2% lapse (on their own timetable) will harm the economy.

Now if that sounds like a familiar refrain, that’s because it IS!  Yep, that’s exactly what the Republicans said about raising taxes on the wealthy under President Clinton.  I remember it well:  “Raising taxes on the wealthy will destroy our economy.”

Eh, um … we didn’t listen to them then, why would we listen now — when we have the proof that they are WRONG … once again.

Thanks to Moody’s Analytics, not known as a Leftie organization, we know the following FACTS:

REPUBLICAN PLAN FOR GROWING THE ECONOMY

• For every dollar of government money spent on extending the Bush tax cuts — only a 32-cent return on investment in terms of economic stimulus  
• Cutting the corporate tax rate — also a 32-cent return in economic stimulus
• Capital gains tax cuts — 37-cents

DEMOCRATIC PLAN FOR GROWING THE ECONOMY

• For every dollar spent on unemployment benefits, a $1.61 return in economic stimulus
• Infrastructure spending — $1.57 return
• Aid to the states — $1.41
• Temporary increase in food stamps — $1.74
• The Obama tax credits for the middle class — $288 billion of the Recovery Act, up to $1.30

Once again, the FACTS do not support supply side economic theory.  If given a chance to regain power in Washington the Republicans, and their Conserv-a-Dem allies, will balloon the deficit (as they did under Reagan and both Bushes) and undermine our fragile economic recovery — all so that they can give more “tax relief” goodies to their über rich buddies.

We are bewildered that so many of the middle class voters continue to ignore the FACTS in the face of the failure of Republican economic theory, and still have any faith in the Right’s ability to be economically and fiscally responsible.

The middle class has been desimated by this voo-doo policy … and yet so many still “believe.”