Not All Good News Today - Dems Reiterate Plans to Let Bush Tax Cuts Expire

RealClearPolitics - Video - Pelosi: Bush Tax Cuts "Did Not Create Jobs" And Should Be "Repealed"

Despite growing opposition the Democratic ranks, Treasury Secretary Tim Geithner and Nancy Pelosi went on the offensive against the Bush tax cuts today.

Interestingly, Pelosi had the chutzpah to say that the tax cuts should expire because they added to the defecit and did not create jobs.

First, when the tax cuts went into effect, federal revenues went up. So, that actually lowered the deficit.

Second, if adding to the deficit and not creating jobs is the benchmark, shouldn't we repeal everything that Obama has passed during his term?

This comes as Senators Kent Conrad and Joe Lieberman argue for extending the cuts in light of the fragile state of the economy.

Democrats have mentioned the possibility of extending the tax cuts for the middle class. Of course they should do that. But as Democrat Congressman Gerry Connolly says, "The top 5% of earners generate 30% of consumer spending." Tax increases for "the wealthy" will significantly impair that, which is the worst thing to do for the economy.