Let's Fix America With Millionaires' Money

Republican arguments are 'hogwash'
By Kevin Spak,  Newser Staff
Posted Sep 3, 2010 2:40 PM CDT
House Speaker Nancy Pelosi of Calif., accompanied by Senate Majority Leader Harry Reid of Nev. speaks to reporters outside the White House in this file photo.   (AP Photo/Charles Dharapak)
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(Newser) – The Democrats are in desperate need of an economic and political boost, and the expiring Bush tax cuts ought to provide one, writes Steven Pearlstein of the Washington Post. The economics are simple: You can’t raise taxes on the middle class in a recession, but the rich would only save the money anyway. Republican protests that such an increase would hurt small businesses are “simply hogwash.”

This should be a no-brainer (if certain “Democratic wusses” weren’t losing their nerves). And Pearlstein has a good idea for how to spend the money: create a National Infrastructure Bank to provide loans for transit and energy projects. The idea’s garnered bipartisan support before, and with construction costs down, there’s no better time. “If Democrats can’t make a convincing case for raising taxes on millionaires and using the money to rebuilt the country … then maybe they don’t deserve to be reelected.”

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