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Alternative Reality.
Author: Raine
Date: 12/15/2010 15:46:45
I really have nothing today. I can't write another blog trying to convince people that the tax 'deal' is better than doing nothing. So, having said that-- let's allow the voices of others to give it a go.
To begin with, we have Robert Reich, (no link, he was a guest on Hardball and said he would reluctantly support the compromise) Al Franken, Steny Hoyer, and even Sherrod Brown realizing the reality that this is better than the alternative. From Senator Franken: Regarding that payroll tax holiday: No, it's not a step in dismantling Social Security. For those who haven't heard, this is a meme in some progressive circles. Ezra Klein wrote last week: This is the reality. SOMETHING must be done. There are a LOT of really good things here in this 'compromise'. Then there is this, something that Scoop linked a few days ago: There is a lot of good information there.
Do I need to remind you there is NO estate tax this year? You really think it will be brought back under a GOP controlled legislature? Under this plan it comes back. This is important. Trust me, if you are reading this blog, its return won't effect you.
It seems that people are just plain pissed that the Bush tax cuts are being extended. I am too, but considering the alternative, can't we hang on for 2 more years? I am stunned that the middle class is willing to give up tax cuts for those that need them in order to punish the rich. This is the very definition of cutting off one's nose to spite their face. This is where the rubber meets the road, and choices have to be made. I want my family and friends to keep their tax cuts; I don't know rich people. I want my friends and family to be able to have unemployment benefits so they can at least buy food. The Dems in Congress failed us. They could have done something about this months ago. The President has come up with something that DOES help. That's more than the GOP has offered up.
This deal is not what I wanted, but doing nothing is worse. I know I can't convince you if you have already made your mind up, but I can ask you to reconsider knowing what the alternative really is.
and 
Raine
To begin with, we have Robert Reich, (no link, he was a guest on Hardball and said he would reluctantly support the compromise) Al Franken, Steny Hoyer, and even Sherrod Brown realizing the reality that this is better than the alternative. From Senator Franken:
“There's a lot in here to help create jobs and to help middle-class Minnesotans weather this recession: tax cuts for working families, a payroll tax holiday, energy tax credits, and the extension of Recovery Act initiatives that are already making a difference. And a lot of harm would come to working families if unemployment insurance isn’t renewed. So I’m voting for this reluctantly and will continue to fight passionately to get our economic policies on the right track.”
The tax deal cuts employee-side payroll taxes by two percentage points in 2011. This won't harm Social Security, or at least it shouldn't harm Social Security, because the money will just be replaced by general fund revenues (confused yet?). All in all, that should mean Social Security emerges unscathed.
But some liberals are understandably concerned that the payroll cut will be extended indefinitely. Then Social Security loses part of its long-term funding. And then what? More benefit cuts? Privatization?
I say, bring it on. Cutting payroll taxes and replacing them with general fund revenues is appealing in two ways. First, payroll taxes are much more regressive than income taxes. Second, I'm actually fine with breaking the sanctity of Social Security's closed funding loop. A lot of liberals disagree with me on this point, but hear me out.
The diary points out a number of things, one of which is that this will further reduce the social security fund – something that I initially thought as well. But this is not true – monies would be shifted from the general fund to cover the amount of money the social security tax would otherwise take in – something that was already done for the new hire credits in the HIRE Act earlier this year..
Don’t want to believe that Obama will do this (as one commentator said to me)? Fine. But let’s not say that he will further reduce the fund when the only example to date confirms that money will not be further depleted from the social security fund.
Do I need to remind you there is NO estate tax this year? You really think it will be brought back under a GOP controlled legislature? Under this plan it comes back. This is important. Trust me, if you are reading this blog, its return won't effect you.
It seems that people are just plain pissed that the Bush tax cuts are being extended. I am too, but considering the alternative, can't we hang on for 2 more years? I am stunned that the middle class is willing to give up tax cuts for those that need them in order to punish the rich. This is the very definition of cutting off one's nose to spite their face. This is where the rubber meets the road, and choices have to be made. I want my family and friends to keep their tax cuts; I don't know rich people. I want my friends and family to be able to have unemployment benefits so they can at least buy food. The Dems in Congress failed us. They could have done something about this months ago. The President has come up with something that DOES help. That's more than the GOP has offered up.
This deal is not what I wanted, but doing nothing is worse. I know I can't convince you if you have already made your mind up, but I can ask you to reconsider knowing what the alternative really is.
and Raine
Comments:
Order comments Newest to Oldest Refresh Comments
Comment by 
wickedpam on 12/15/2010 14:29:51
wickedpam on 12/15/2010 14:29:51
Morning 
Glad to hear your feeling a little better
Glad to hear your feeling a little better
Comment by 
Scoopster on 12/15/2010 14:44:30
Scoopster on 12/15/2010 14:44:30
Comment by 
TriSec on 12/15/2010 15:24:25
TriSec on 12/15/2010 15:24:25
2 posts at 10:30?
A certain Blogger Joseph will be visiting the post office this afternoon.
A certain Blogger Joseph will be visiting the post office this afternoon.
Comment by wickedpam on 12/15/2010 15:36:14
wickedpam on 12/15/2010 15:36:14
Its been a slow week really :S
I know a Blogger Joesphine will be probably going on Saturday - priority mail is her friend
I know a Blogger Joesphine will be probably going on Saturday - priority mail is her friend
Comment by Scoopster on 12/15/2010 15:37:16
Ah that reminds me I need to procure that particular item and get it in the mail!
Scoopster on 12/15/2010 15:37:16
Quote by TriSec:
2 posts at 10:30?
A certain Blogger Joseph will be visiting the post office this afternoon.
Ah that reminds me I need to procure that particular item and get it in the mail!
Comment by 
Raine on 12/15/2010 15:49:55
Raine on 12/15/2010 15:49:55
Just put up the blog. I have my editor giving it a once over. 
Comment by Raine on 12/15/2010 15:50:28
Raine on 12/15/2010 15:50:28
Comment by wickedpam on 12/15/2010 16:02:56
wickedpam on 12/15/2010 16:02:56
First!
Comment by wickedpam on 12/15/2010 16:28:15
wickedpam on 12/15/2010 16:28:15
well, now that they merged I'm no longer first
Comment by TriSec on 12/15/2010 16:30:55
TriSec on 12/15/2010 16:30:55
My schedule at the Bean Factory sucks massive amounts of prong next week, btw.
I have already gone "off the grid" at FB for the duration.
Aaaaaand I've already started calling the store manager "Ebenezer", since it's going to be a struggle to get all my baking done. I am going to try to ditch Thursday night's shift.
I have already gone "off the grid" at FB for the duration.
Aaaaaand I've already started calling the store manager "Ebenezer", since it's going to be a struggle to get all my baking done. I am going to try to ditch Thursday night's shift.
Comment by 
Will in Chicago on 12/15/2010 16:32:57
Will in Chicago on 12/15/2010 16:32:57
Good morning, bloggers!!
I hope that everyone is well. I am recovering from a flu bug that kept me sick and mostly asleep yesterday. (I am now able to have food more sustaining than toast, crackers, tea, ginger ale, and lukewarm water.)
The tax deal will bring some good, but I wish that we would have seen this addressed earlier so that we could have gotten a much better deal. I fear that the GOP will try to hold the nation's economy hostage over the next few years, starting with trying to not raise the debt ceiling in February. (Not raising the debt ceiling would be disastrous.) It is hard to have faith in negotiations with a party that seems willing to create economic chaos and physical hardship to try to score political points.
I hope that everyone is well. I am recovering from a flu bug that kept me sick and mostly asleep yesterday. (I am now able to have food more sustaining than toast, crackers, tea, ginger ale, and lukewarm water.)
The tax deal will bring some good, but I wish that we would have seen this addressed earlier so that we could have gotten a much better deal. I fear that the GOP will try to hold the nation's economy hostage over the next few years, starting with trying to not raise the debt ceiling in February. (Not raising the debt ceiling would be disastrous.) It is hard to have faith in negotiations with a party that seems willing to create economic chaos and physical hardship to try to score political points.
Comment by Raine on 12/15/2010 16:56:33
You want some coverage for Saturday?
Raine on 12/15/2010 16:56:33
Quote by TriSec:
My schedule at the Bean Factory sucks massive amounts of prong next week, btw.
I have already gone "off the grid" at FB for the duration.
Aaaaaand I've already started calling the store manager "Ebenezer", since it's going to be a struggle to get all my baking done. I am going to try to ditch Thursday night's shift.
Comment by Raine on 12/15/2010 16:57:50
I have not even gone into the Debt Ceiling issue yet.
That is the next huge drama coming from the GOP.
Raine on 12/15/2010 16:57:50
Quote by Will in Chicago:
Good morning, bloggers!!
I hope that everyone is well. I am recovering from a flu bug that kept me sick and mostly asleep yesterday. (I am now able to have food more sustaining than toast, crackers, tea, ginger ale, and lukewarm water.)
The tax deal will bring some good, but I wish that we would have seen this addressed earlier so that we could have gotten a much better deal. I fear that the GOP will try to hold the nation's economy hostage over the next few years, starting with trying to not raise the debt ceiling in February. (Not raising the debt ceiling would be disastrous.) It is hard to have faith in negotiations with a party that seems willing to create economic chaos and physical hardship to try to score political points.
That is the next huge drama coming from the GOP.
Comment by 
livingonli on 12/15/2010 16:57:58
livingonli on 12/15/2010 16:57:58
Good morning everyone. It will be crazy since I need to go get a blogger Joe gift myself plus finally get my car to the shop since it looks like I will have to get it towed to my mechanic. Ah, fun indeed.
Comment by Raine on 12/15/2010 16:58:28
Raine on 12/15/2010 16:58:28
and Will, I am glad you are feeling better.
I've been fighting a bug this week myself.
I've been fighting a bug this week myself.
Comment by Raine on 12/15/2010 16:59:05
baby steps, Liv.
Raine on 12/15/2010 16:59:05
Quote by livingonli:
Good morning everyone. It will be crazy since I need to go get a blogger Joe gift myself plus finally get my car to the shop since it looks like I will have to get it towed to my mechanic. Ah, fun indeed.
baby steps, Liv.
Comment by TriSec on 12/15/2010 18:00:23
I will actually be home in the morning for the bloggie...I have a closing shift Saturday night.
TriSec on 12/15/2010 18:00:23
Quote by Raine:
You want some coverage for Saturday?
I will actually be home in the morning for the bloggie...I have a closing shift Saturday night.
Comment by TriSec on 12/15/2010 19:02:09
TriSec on 12/15/2010 19:02:09
Of all the Charlie Browns in the world, you're the Charlie Browniest.
I think I have pantophobia.
I think I have pantophobia.
Comment by TriSec on 12/15/2010 19:40:06
TriSec on 12/15/2010 19:40:06
Comment by Raine on 12/15/2010 22:13:15
Raine on 12/15/2010 22:13:15
Randi gives me hope.
I wish more peeps here would go back to listening to her.
I wish more peeps here would go back to listening to her.
Comment by TriSec on 12/15/2010 23:36:57
TriSec on 12/15/2010 23:36:57
Blogger Joe is safely on its way south.
As the northernmost blogger present, that should narrow things down a bit.
As the northernmost blogger present, that should narrow things down a bit.
Comment by livingonli on 12/16/2010 03:02:52
I am off tonight and I've been at the store. I caught the end of the game and unlike past Knicks games it was competitive to the end,. I will be working Friday's game against the Heat which will also be on nationally on ESPN. I think there are a lot of people who would like to see the terrible trio from Miami knocked down a peg, Considering how the Knicks were one of the teams courting Lebron this could be interesting.
livingonli on 12/16/2010 03:02:52
Quote by TriSec:
Where's Liv?
Looks like there's a real basketball game in Manhattan tonight.
I am off tonight and I've been at the store. I caught the end of the game and unlike past Knicks games it was competitive to the end,. I will be working Friday's game against the Heat which will also be on nationally on ESPN. I think there are a lot of people who would like to see the terrible trio from Miami knocked down a peg, Considering how the Knicks were one of the teams courting Lebron this could be interesting.