Bush's proposed tax cut is a long term nightmare

President Bush has proposed a $150 billion tax break, currently being debated by Congress, which he claims will give our economy a shot in the arm in light of the impending/current economic recession. The problem is that such a move is shortsighted, favors the elite and Big Business and will do more long term damage than short term good.

This new tax proposal is reminiscent of the one he enacted in 2001 shortly after taking office, in which individual tax payers received a $300 refund, while married couples received $600. The problem is that this money has to come from somewhere, and that somewhere currently is the national deficit. In short, Bush is proposing simply putting more money into circulation that doesn't exist. We're borrowing from our future.

This is shortsighted and slanted towards the favor of the elite. By simply dumping new money into the economy, the dollar will undergo further inflation, lessening our spending power and overall social standing. Think about it, if new money is just given away into circulation to consumers, nobody has gained anything regarding purchasing power or social standing. Every one's share will increase the same so there is no real gain. We simply will have more money to spend which is worth less than it was before, which invariably will end up in the hands of Big Business, which stands to benefit the most.

It is imperative that such trickle down economic schemes are exposed as the societal frauds that they are. The $300 and $600 rebates issued in 2001 had a minimal, almost non-existent impact on the economic health of the average American taxpayer. At the end of the year, an extra $300-$600 probably isn't going to save the mortgage. However that money will eventually enter the market, which is designed to consume consumers, meaning Big Business stands to earn greater profits by having greater financial capital available for consumers to purchase their consumer goods. See no one gains here except for wealthy businesses, unless you consider extra materials a gain. That is the essence of trickle down economics. A shot in the arm for Big Business. One reason the rich get richer.