Gilbert Mercier writes on News Junkie Post:
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Congress has passed, a two year renewal of the Bush tax cuts. The bill is a nice extra Christmas bonus for the wealthiest 2 percent of Americans, and it will only amplify the monumental US budget deficit.
The logic behind the bill goes against, not only common sense but also against the global trend, notably in Europe, to cut spending and increase taxation in order to address a spreading budget crisis.
The governments of countries such as Greece, Ireland, Portugal and Spain are pushing for unpopular austerity measures, and richer countries such as the UK and France are trying to implement the same type of economic policies often by cutting social benefits and programs.
If austerity is the trend in Europe, it is certainly not the case in the United States. The US political and financial ruling class, which can be credited for starting the global financial meltdown of 2008, is still betting on the “virtues” of shock capitalism by cutting taxes and not cutting spending.