With the Jobs Situation This Bad, Is Now Really the Time to Raise Taxes?
Last week, a New York Times editorial noted that, despite November’s job gains, the employment situation in the U.S. is still bleak:
“Over all, the job market is still very weak, with an estimated 3.9 million people having either dropped out of or never entered the work force after leaving school, on top of 12 million people who are officially unemployed and 8.2 million who are stuck in part-time jobs.”
Faced with such a desperate situation, the worst thing that the President and Congress can do is allow tax rates to increase, as they are scheduled to do at the end of the year. Independent analysts have confirmed that this will lead to the loss of hundreds of thousands of American jobs. Republicans have already passed legislation to prevent any American taxpayer from being hit with a tax hike and to compel action on comprehensive tax reform. Independent economists project that, when paired with spending cuts, comprehensive tax reform could lead to the creation of 1 million jobs in the first year alone. President Obama and Congressional Democrats now owe it to the American people to propose a plan that prevents the impending, job-destroying tax hikes and puts the country back on track. Time is running out.