Unemployment Now Soars to 9.8%

Posted: December 3, 2010, 1:48PM

►Economy Added Fewer Jobs Than Expected in November

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The jump in the first "post-election" unemployment number is interesting. It's timing is perfect for Obama and Democrat supporters to argue the need for extending unemployment benefits.

Politically, it is also an "out" for Obama to agree for the need to extend the Bush tax cuts.

The political spin right now that the "rich," or the new word for rich, "millionaires and billionaires" will get millions more in tax breaks if the Bush tax cuts are extended, is flawed, misleading and disingenuous, but it is deliberate.

The fallacy lies within the premise that the hard-earned money that everyone rightfully received via the Bush tax cuts, actually belonged to the government until the Bush tax cuts took it away.

The truth is that if the Bush tax cuts are extended, the "millionaires and billionaires" and anyone else who benefited from the Bush tax cuts, will not receive one cent more of their hard-earned money from the government than what they have been receiving since the Bush tax cuts were enacted following 9/11 and 2003.

On the contrary, if the Bush tax cuts are not extended the people will lose this money; it will go back to the government where Obama and the Democrats think it rightfully belongs. 

There is also a drumbeat in the media and among Democrat representatives that the "Obama tax cuts" should be extended as well. There is no Obama tax cut and there is no expiration date. It is being done to give credit to Obama for the positive economic outcome that will follow when the Bush tax cuts are extended.  It is all about Obama politically, not what's best for the people.

Chuck

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