Wendy Sherman: “this bill is a job killer. It ensures the continuation of the Bush recession. Now, some will benefit from this. In fact…”

“this bill is a job killer. It ensures the continuation of the Bush recession. Now, some will benefit from this. In fact, those who earn over $1 million a year will average more than $93,000. That is almost enough to be a Bush Pioneer, if you give $100,000 to the Bush campaign. What has happened here in this debate is that the minor economic benefits of this proposal have been talked about extensively, but the offsetting and much larger economic detriments have not been discussed as extensively. Because my colleagues on the Democratic side are so incensed at how unfair this bill is, we have not had enough time to talk about what a job killer it is. What does this bill do? Yes, it does put some wealthy individuals in a position where they can buy the new $350,000 Mercedes. It is an expensive car. It is a new car. It is the latest toy. And that is where a big chunk, along with similar consumption items, foreign consumption items, where a significant part of this tax bill's result is going. It is true that some of it will be invested by the wealthy. Some of it will stimulate domestic demand. So there is some positives of the $550 billion. It is hard to find $550 billion that does not have some positives. But what about the negative? 100 percent of the cost of this bill, and as the gentleman from South Carolina (Mr. Spratt) explained, that is over $1 trillion, gets sucked out of our capital markets.”