What would Brian Boitano do?

(If you didn’t get the reference, it’s from South Park: Bigger, Longer & Uncut.)

David Leonhardt explains in today’s New York Times what the $60 Billion that could be raised from not extending the Bush Tax Cuts for the highest income bracket would buy. Some of my favorites:

- Universal preschool for 3- and 4-year-olds, with relatively small class sizes.
- A national infrastructure program to repair and upgrade roads, bridges, mass transit, water systems and levees.
- Free college, including room and board, for about half of all full-time students, at both four- and two-year colleges.

Paul Krugman takes the argument further by saying “a cold, hard look at the consequences of giving in to the G.O.P. now suggests that saying no, and letting the Bush tax cuts expire on schedule, is the lesser of two evils.”

What Krugman fails to mention, as does everyone else, is extending the Bush Tax Cuts permanently for incomes below $250,000 still blows a $2 Trillion hole in the deficit. Again, that’s $2,000,000,000,000! The $700 Billion the administration speaks of is the difference between the $2 Trillion Democrats want to create and the $2.7 Trillion Republicans want to create. In reality, both sides are being dishonest here and people are falling for it all over the place.

The most important question is, if you didn’t make enough to notice the tax cut nine years ago, do you think you’ll notice the taxes go back up now, especially since incomes have been flat over that period? Would you be willing to do that for the nation’s economy?