- Oct 12, 2009
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When Republicans in Congress passed a big, fat tax break bill in December, they insisted it meant American workers would be singing “Happy Days Are Here Again” all the way to the bank.
The payoff from the tax cut would be raises totaling $4,000 to $9,000, the President’s Council of Economic Advisors assured workers.
But something bad happened to workers on their way to the repository. They never got that money.
In fact, their real wages declined because of higher inflation. At the same time, the amount workers had to pay in interest on loans for cars and credit cards increased. And, to top it off, Republicans threatened to make workers pay for the tax break with cuts to Social Security, Medicare and Medicaid.
Where’s that $4,000 Raise the GOP Promised Workers?
Care to explain how people with existing car loans or credit cards increased? Inflation was going to increase, it was held low by the Fed, not Republicans.