I strongly urge you to reject the compromise tax measure about to come before the Senate. It is lousy fiscal policy and lousy politics.
Failure to renew unemployment benefits will cause much suffering and could endanger the weak economic recovery. It is unfortunate that the President has crafted a compromise in which "liberal" Democrats may appear responsible for these results. But sometimes it is necessary to do the right thing anyway regardless of the consequences -- which would still be the responsibility of filibustering Republicans, not of Democrats standing up for fiscal sanity.
In the long run, future suffering will likely be far greater if this legislation does pass. President Bush's regressive tax cuts will now come up for renewal in a Presidential election year when it will be more difficult to finally reject them permanently. The proposed bill also adds a trillion dollars to the deficit without targeting the funds optimally, undermines Social Security's trust fund when it needs strengthening, and breaks down the wall between Social Security and the general fund. All of these factors will cause far greater long term damage to the economy than any immediate damage to the current recovery from failure to pass the bill.
I desperately hope that you vote NO.
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