Today the White House has been circulating the following graph, which purports to show how important it is to accept this tax plan. After all, the blue column is taller than the red column!
The problem with this is that it’s shortsighted. It only looks at the next two years. At this point, I have LESS THAN ZERO CONFIDENCE that Obama will raise taxes on anyone in 2012 right before the election (and probably not after, either). And if you agree with me on that accord, here from MoveOn is a chart showing what happens when we look at the next 10 years.
This assumes, of course, that the benefits over the next two years aren’t extended. Who knows, many Obama would be able to procure some additional breaks. But the bottom line is that the benefits Obama touts are generally understood to be temporary, while the tax cuts are a move to solidify our tax structure in its current state. This concedes the arguments, throws away the chance of restoring Clinton-era levels, pretends that George Bush’s tax cuts were good for America, massively increases our long-term debt forecasts, and increases the fraction of government revenue that comes from the middle and lower classes. Fuck all of that.