There is a public sham underway, disguised by the sides taken by both sides in the phony obsession over the debt and deficit crisis. The sham is not simply that there is no actual economic crisis, only a political crisis created by the stupidity of a mutual “death pact” on spending and taxes. It is that taxes on the rich are far too low — even if the Bush tax cuts expire.
The debate is fixed between two poles — one is the pole voiced by the Republicans who want to extend the two top rates of 33 percent and 35 beyond the expiration of the Bush tax cuts, the tax cuts that bankrupted the economy. The other pole is voiced by the president who wants to set let those rates revert to the level of Bill Clinton’s presidency, at 36 percent and 39.6 percent. Well, whoopie.
Those Clinton-era rates are far too low. So, what we end up with is two sides negotiating from a place where the rich either keep getting away with outrageous robbery or they keep getting away with with more plain and simple robbery. Whew.