I have been a frequent critic of President Obama, but I must note that despite his clear left-of-center agenda, he was smart enough to realize that these 3.8 million non-millionaires, attacked as they have been by a mindless left wing, are the only hope he has for an economic recovery. Increase their taxes and inevitably they will have to cut back more in their own spending and, likely, on the number of people they hire and the services they use. Of course the president will never admit to this, but it is undeniable.
Now some conservatives are ready to sink the extension of the "Bush tax cuts" because of the extension of unemployment benefits that comes as a trade-off to get this deal done. Believe me, I want to see welfare reform back in place, just as it was passed by Newt Gingrich and the Republicans in the 1990s. But if conservatives kill the extension of the George W. Bush tax rates over the cost of the additional extension in unemployment benefits, they will be cutting their off their noses to spite their faces. The failure to extend the cuts would lead to a significant rise in unemployment and to the spending of more big money on a fresh new crop of unemployed Americans. And the "super wealthy" wouldn't be putting much back into the economy.
It seems that too few recognize what a critical moment we face on this tax issue. Increasing taxes on these so-called "wealthy" would be a guarantee of a new round of economic disasters. Let those who want to make a point about class warfare risk such a situation at their own peril.
Regardless, the next time you hear someone talk about taxing the "millionaires and billionaires," you will have these facts and can make clear to them that their desire to "spread the wealth" would only guarantee years more of economic misery. Maybe that's what they want.