Last Minute Cynical Democratic Ploy: Lets Extend ALL Bush Tax Cuts

Actual policy change or last minute cynical ploy? Either way it looks as if compromise is in the air and all will be good with the world.  Democratic party leaders seem to be softening their objections to extending the part of the Bush tax cuts directed toward households making more than $250,000/year,people who represent approximately 1/3 of spending. 

The head of the NDSC Sen. Robert Menendez (D-N.J.) suggested on ABC's This Week that he may be willing to support an extension of all Bush-era tax cuts, making them permanent for >$250,000 group and extending them for a year or two for the $250,000+  households.

"I certainly believe that there may be some opportunity for a temporary approval of some of these cuts," Menendez said on ABC's "This Week." 

"You can't talk about spending and being responsible on spending and then spend $4 trillion that you don't have of our collective wealth to the individuals who have the greatest wealth in the country."

Menendez  also made it clear that the progressive leaders leaders were completely opposed to the idea that the tax cuts for households earning more than $250,000 be made permanent, using  a bogus number of a $4 trillion impact on the national deficit.

“That’s not going to happen,” he said. “What we will not support, certainly what I will not support is a permanent extension.”

The truth is making all the tax cuts permanent would add nearly $4 trillion to the national debt over the next 10 years, the cuts to the $250,000+  households amounts to about $70 billion a year or $700 billion over the ten years.  What is not figured in is the loss of tax revenues that will occur should that taxes go up by that  $70 billion/year. 

This is an obvious cynical ploy by the Democratic leadership to try to get some last minute votes. Yesterday they said they will not support a permanent extension of the tax cuts. A few weeks ago, they would not support any extension. In fact both houses adjourned for the "election recess" early because they were going to lose any votes on that issue. They wanted to make the mid-term election a "rich vs poor" class warfare battle. Now that their chosen strategy failed, they are making a last minute retreat.  If anything Menedez's new stance is an example of the Democratic Party desperation regarding tomorrow's election.  They will do and say anything to protect their progressive agenda.