South By North Strategies, Ltd.

From a recent opinion piece by Ross Eisenbrey of the Economic Policy Institute …

Senate Democrats are struggling to put together a $200 billion package of tax extenders, extenders for the Recovery Act’s expansion of Medicaid assistance to the states, unemployment insurance, COBRA subsidies and food stamps, and emergency funding for the 275,000 education jobs that could be lost in the coming school year. Geithner has proposed a $90 billion tax on the liabilities of the largest banks – a sensible way to rein in leverage and raise revenue at the same time. But he has told the Senators he doesn’t want the bank tax used to offset new spending for jobs; he wants it devoted to deficit reduction!
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It’s one thing for Republicans to take that position; they would just as soon see the economy stall before the November elections. But the Obama cabinet should be doing everything possible to create more jobs, both for economic reasons and for their party’s survival. The biggest current contributors to the budget deficit are the recession and the unemployment it is still causing. Getting people back to work in paying jobs would increase consumer demand and help the virtuous cycle of spending and business investment we need – and the Democrats need – to ensure a robust recovery and begin reducing the deficit.