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Home Publications Blogs Beat the Press The Post's News Section Told Readers that Congress Must Pass the Tax Deal

The Post's News Section Told Readers that Congress Must Pass the Tax Deal

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Thursday, 16 December 2010 05:27

The Post showed once again why it is known as "Fox on 15th Street" when it used a front page news story to tell readers that members of Congress:

"acknowledged the need to avoid expiration of the Bush tax cuts and the likely shock to the economy that would result."

It may be the view of the Post's editors that there is a "need" to avoid expiration of the Bush tax cuts, but this is not an objective fact about the economy. While the expiration of the tax cut without any other action by Congress would be a hit to the economy, the impact is not larger than other negative shocks that the Post has largely ignored in the past, such as the collapses of the housing and stock bubbles or the run-up in the value of the dollar in the Clinton years.

It is also important to note that the failure to approve legislation now does not preclude Congress from acting next year as the Post's article implies. If the economy remains weak, as is likely, there will be substantial pressure on Congress to approve additional stimulus. It is highly unlikely that Congress would do nothing if the economy stagnated and unemployment continued to rise. There is no precedent for such behavior.

Comments (5)Add Comment
...
written by izzatzo, December 16, 2010 5:32
It is highly unlikely that Congress would do nothing if the economy stagnated and unemployment continued to rise. There is no precedent for such behavior.


If Congress doesn't pass the Patriot Act and TARP we're all gonna die.

If Congress doesn't pass the Full Employment Teabagger Act of 2012 for Patriots we all gonna die.

There, that should do it. No need to read the legislation. Just let the lobbyists write it and get the titles right.
...
written by JTM, December 16, 2010 10:26
"... no precedent for such behavior." There no precedent for much of the Republicans' current behavior. Don't put anything past them!
you need to read this comment
written by frankenduf, December 16, 2010 12:26
"there is no precedent"- wrong- there is precedent: Nero fiddled
so cool
written by jewellery online, December 16, 2010 9:59
This site is a walk-through for all the information you wanted about this and didn’t know who to ask. Look here, and you’ll definitely find it.jewellery online
boot
written by Ed Hardy, December 21, 2010 9:59
very good

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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