from Real Economics.
Currently there is a big issue before Congress which, as an agent of the ruling class, is about to extend the Bush tax cuts for the rich. The rich always argue that the rich need tax cuts to create jobs. (Of course, jobs are the last thing that the rich want: jobs add to the cost of doing business which cuts into "their" profits. Besides, workers are needed in the Imperial Army.) Well, if you are one of those who have been fooled by that argument, then you simply must read this article.
However, this blogger doesn't appear to understand that the "central premise of U.S. economic policy" is to serve the rich. It has always been this way in capitalist America. It is not that this generation of the rich are stupid in contrast to earlier generations when wealth was invested in US infrastructure, education, and enterprises; it is because the rich US ruling class has gone global. They want to invest their untaxed money where labor is cheap, environmental and labor laws are weak or unenforced, and profits are high.
Of course, extending the tax cuts for the rich is insane from the perspective of what is good for this country. It is so obviously insane that many in the ruling class controlled Congress can't quite stomach it and are refusing to go along with the tax deal.
The World Socialist Web Site gives a lot more details on Obama's deal.
