To fight furiously to keep the gigantic Bush tax cuts for the elite richest two percent of Americans, even though this alone will add two trillion dollars to the deficit over the next decade.
That is, I think, an estimate of the entirety of the Bush tax cuts if they were extended.
Letting President Bush’s tax cuts for families making over $250,000 expire as scheduled at the end of 2010, while temporarily redirecting this money to more efficient ways of boosting the economy while it is weak, would help the nation address two key challenges: short-term economic weakness (with nearly one in ten Americans out of work) and unsustainable long-term deficits.
Over the next year or two, policymakers could channel the savings from letting the tax cuts expire — about $40 billion in 2011
Still a big number, yes, but not a cumulative $2 trillion over a decade.