Last updated on August 10th, 2014 at 11:56 pm
Obama said, “Now, in the past few days I’ve heard criticisms of this plan that echo the very same failed theories that helped lead us into this crisis – the notion that tax cuts alone will solve all our problems; that we can ignore fundamental challenges like energy independence and the high cost of health care and still expect our economy and our country to thrive.”
He continued, “I reject that theory, and so did the American people when they went to the polls in November and voted resoundingly for change. So I urge members of Congress to act without delay. No plan is perfect, and we should work to make it stronger. But let’s not make the perfect the enemy of the essential. Let’s show people all over our country who are looking for leadership in this difficult time that we are equal to the task.”
The idea that tax cuts alone can restore the American economy is rooted in ideology, not reality. President Obama is correct. As the last administration demonstrated, tax cuts alone, can’t build a healthy economy. Tax cuts have their place in this stimulus package, but they won’t help businesses that can’t get a loan. They won’t lead to the creation of new businesses in this economy, and they won’t spur consumer spending or help the ever growing ranks of the unemployed. The Republican Party is still worshiping at the flawed alter of trickle down economics.
As state and local governments continue to run out of funds and turn to the federal government for help, tax cuts are not the answer. Even if the federal government did slash taxes, state and local taxes would have to increase to offset gigantic budget deficits. At a time when the federal government is becoming the last resort lender in this economy, it makes no sense to decrease federal revenues. The Republican plan would be the best way to create a budget deficit that the nation would never recover from. The Republican alternative is more of the same lame horse that they have been riding for almost 30 years.
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