Breaking News _ All Bush Tax Cuts Extended In Exchange for…

President Obama and congressional Republicans have agreed to a tentative deal that would extend all the Bush-era income tax breaks set to expire on Dec. 31, continue unemployment benefits for an additional 13 months, and cut payroll taxes for workers to encourage employers to start hiring.

I just receivedd this news alert from the Washington Post.

That will make it a total of 168 weeks of benefits for some unemployed;i.e.,more than three years. This to “encourage employers to start hiring”. What has changed from the employers point of view to encourage them to start hiring? Nothing that I can see. It appears that unemployment benefits have become another entitlement program.

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8 thoughts on “Breaking News _ All Bush Tax Cuts Extended In Exchange for…

  1. Jim, I have to be honest in saying that I was afraid that they would have given up more for this. If that’s all they gave up, that’s pretty good. I would have done straight up for just unemployment, as that can be reduced again pretty easily when the economy does recover. The tax credit will be permanent. No one will ever have the nads to repeal it.

    1. Yes, it could have been worse and I understand that something had to be given. But 13 months? I fear we are setting a bad example for the future recesions. But your right. I should be focusing on the good news of the tax cut extentions.

  2. I have no interest in seeing unemployment benefits become another entitlement, but I think this trade is a fair one. There are a lot of people who are out of work through no fault of their own. Maybe this will give the economy time to start creating jobs.

  3. I disagree with Matt and Ld….this is a bad deal. What Matt says of the tax credits is now true of the unemployment checks….no one will have the nads to repeal the 3 years of checks for the unemployed. Have any of you seen what is going on in Greece these days? When the rest of us can no longer pay for those on the government teat…we are in for some serious upheaval and blazing riots.

    Yes, they may be out of work due to bad government policies and no fault of their own….so let’s make the political class pay those checks….not the rest of us. It’s just another unsustainable promise. Unless the Fed keeps digitizing money and our government keeps borrowing and the spiral continues ad infinitum. Wheel barrows full of dollars, anyone??

    What choice did we have?? Not sure. Obama has the keys until 2012 and until then his economic rape will continue…in spite of the Republican House. He has the Czars…don’t forget.

    1. People seem to forget that someone has to pay for all these unemployment benefits. It is businesses big and small that will be paying in higher taxes for a long time. Seems counter productive to creating jobs don’t you think?

    2. Yes, those benefits do have to be paid for. I just think that it is an extremely bad idea to not extend them in the middle of the worst recession in my lifetime. There may be no good answer, but cutting them off isn’t an option.

      1. I hear you, Larry. I could have lived with another three month extension to get them through Christmas and the winter. But what if the situation hasn’t changed a year from now. Do we extend benefits again? Maybe someone smarter than I can come up with a plan to get these people back to work. There are jobs out there. They may not be the jobs they would prefer but there are jobs. I wish the Republicans had pushed not only for the extension of the Bush tax cut but for additional tax cut as well. I believe that might have given a kick start to the economy.

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