Wednesday, December 01, 2010

Banks Get the Bailouts -- Little People Get ZILCH

Blank checks for banks, but 2 million little people get cut off from unemployment.  Everything is upside down, but Republicans continue to champion the wealthy while throwing the middle class under the bus.


In Washington, the agenda has long since moved on from bailing out megabanks to figuring out how to stop paying for things that regular people need -- luxuries like health care, retirement benefits and unemployment insurance.

Republicans in Congress have held up the extension of unemployment benefits and are also demanding an extension of the tax cuts President George W. Bush handed out to the wealthiest Americans. They are selling this as a stand against fiscally reckless spending and oversized government -- a form of pandering that poses dire consequences to the economy.

Unlike wealthy people handed tax cuts, laid-off workers receiving unemployment checks tend to inject nearly all of that money directly into the economy, leaving their dollars at the local supermarket, the hardware store, and the auto repair shop, supporting jobs for people who work at those places. Cutting off those checks deprives the economy of cash just as the market is showing tentative signs of improvement.