Governor-elect Cuomo supports President Obama's tax rate compromise, as the DC chattering class and their cable news megaphones continues their class warfare debate over weather high income earners should pay 36 or 39% in federal income tax.
The compromise is really more of same in Washington as it continues the notion that there are no consequences to a federal deficit in the trillions of dollars.
Unemployment insurance is no longer an insurance program funded by employers. It is now a long term entitlement funded by tax dollars to a large extent. The Social Security payroll tax is going to be temporarily reduced in 2011...but might there not be pressure to make that cut permanent even though the program it supports teeters on insolvency.
Deficits may not mean anything as money is only tangible because of our social contract to use the pieces of paper and metal to keep each other working and feeding one another. The tax compromise may be good politics, but it points us towards the day when the money we revere is worth nothing. Lets hope that's not too soon.
State of Politics Blog