Notes From The Overground

Progressive-minded weblog devoted heavily to politics and media with some music and popular culture sprinkled throughout working on the assumption that anything that comes out of Washington or the mass media is bogus propaganda unless proven otherwise.

Created by Tom

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Wednesday, May 14, 2003
 
President Nero Does the Voodoo So Well

Bob Burnett at Alternet.org has an interesting take on the Bushites' tax cuts for the rich and shameless. So what if the economy's funeral pyre will burn ever brighter. So what if social programs are destroyed. Let 'em eat rice cakes, so long as they keep their filthy hands off of the private money that's squirrelled away, earning bundles from the interest rates that will have risen as a result of the growing deficit. It trickles down right into their savings accounts. Meanwhile, creditors like MBNA who gave unspeakable campaign contributions to Dubya will rake it in even more as the APRs they offer reach stratospheric heights.

If you are a regular reader of progressive media outlets like this one, you cannot have escaped the prevailing opinion that the Bush administration's latest round of massive tax cuts are folly. But is not just the left which finds them bizarre; almost no reputable economist supports this plan.

Joseph Stiglitz, former chairman of the Council of Economic Advisers, described the tax cuts as leading to "reductions in job growth relative to what they otherwise would be." Speaking to Congress, Federal Reserve Board Chair Alan Greenspan opined that unless there are comparable reductions in Federal spending, the tax cuts will only add to the deficit, which would promote higher interest rates and depress the economy. Alternet contributors David Martin, Chris Hartman and Ben Robinson commented that "the only thing this plan 'stimulates' is more economic inequality in the United States."
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Americans must not be fooled by Bush propaganda that the proposed tax cuts will magically stimulate the economy or create jobs. This not about the economy, it is about right-wing ideology. These cuts are a stealth initiative to diminish government at all levels: education, healthcare, public safety, aid to elderly and veterans, transportation, protection of the environment, etc. This is intended to starve the Federal budget until all that is left is defense, homeland security, and huge interest payments.

It's not the economy; it's the extreme conservative ideology of George W. Bush and his pandering to that base of his political support.

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