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Extending tax breaks not the solution | Letters
Spin masters want to extend the Bush Tax Breaks claiming it will be good for our economy as if taxes under Clinton were bad. They should know that working families will likely spend their $300 on cheap Chinese goods. The rich will park their extra $100,000 in Wall Street where the money will be invested in foreign factories. This tax break will have diminishing returns for our economy since the money will flow overseas. Worse yet, it won’t stop the erosion of manufacturing jobs or directly address unemployment for Americans. The money invested by Wall Street will further exploit oversea laborers causing yet more misery. In the end we will have nothing tangible produced by our economy to show for the deficit spending from this tax break.
A better solution for our economy is to use the tax revenue and invest it in American green energy projects with a buy American clause. Salaries from jobs created would be spent in local communities further stimulating the economy. This deficit spending would at least produce things of value for future generations.
One thing I do know, the barons of Wall Street who buy our elections and control our government are not fools.