ManicDDaily

I got back to NYC last night after a couple of weeks away, and took my normal trek by Zuccotti Park this morning.  Lo and behold, there was a Christmas tree and lights.  Very pretty, though the Christmas spirit does seem a bit hemmed in by the layers of metal barricades.

As noted in prior posts, as a downtown resident, I did have some understanding of the City’s issue with all the tents.  That said, in the spirit of both the holiday, and also perhaps the 99%, I urge all to read about or watch President Obama’s comments at today’s White House press briefing on the continuation of (i) cuts in payroll tax and (ii) unemployment benefits, both of which are due to expire at the end of this year.

Here are some salient points from the video transcript:

(Re extending payroll tax cuts.)

“Last week virtually every Senate Republican voted against that tax cut. Now, I know many Republicans have sworn an oath never to raise taxes as long as they live. How could it be the only time there’s a catch is when it comes to raising taxes on middle class families? How can you fight tooth and nail to protect high-end tax breaks for the wealthiest Americans and yet barely lift a finger to prevent taxes going up for 160 million Americans who really need the help? It doesn’t make sense….

(Re paying for the continued payroll tax cuts.)

“Now, some Republicans who have pushed back against the idea of extending this payroll tax cut have said that we’ve got to pay for these tax cuts.  And i just point out that they haven’t always felt that way. Over the last decade they didn’t feel the need to pay for massive tax cuts for the wealthiest Americans, which is one of the reasons we face such large deficits. Indeed when the Republicans took over the house at the beginning of this year they explicitly changed the rules saying tax cuts don’t have to be paid for. So forgive me a little bit of confusion when I hear folks insisting on tax cuts being paid for. Having said that, we all recognize that we have to make progress on the deficit, and I’m willing to work with Republicans to extend the payroll tax cut in a responsible way.”

And now one further point from me, ManicDdaily, about both the payroll tax cuts and the unemployment benefits. Doesn’t job creation have something to do with demand?  And doesn’t demand result, at some level, from putting money in the pockets of hundreds of millions of people who actually need to spend much of that money?  Don’t these consumers also create jobs?

Just some thoughts (though I must confess that I never much liked economics.)

P.S.  The above sculpture is “Double Check” by J. Seward Johnson.