On the recordDecember 2, 2010
I would respond by saying that even if we assume that the right answer at this point is to continue a massive tax cut for people who make--I think it was most recently reported that the 400 biggest income earners in the country earned an average, each, of $344 million, a third of $1 billion each. So the tax cuts for people like that create a very significant cost to the country. I understand it is the theory of the Senator that this is to our economic benefit. But, clearly, there is a very high cost in our deficit to going down that path. My motivation in offering this unanimous consent is that our seniors, who will spend the $250 one-time payment virtually immediately--which every economist I have ever seen who discusses the economic stimulus effect of these different types of expenditure agrees would be far more beneficial if it were the $250 payment on behalf of seniors than it would be when these highest end people get these massive tax refunds and benefits--that it would be fair to treat seniors the same way. I regret that we face this objection. I think the objection is inconsistent in the sense that the Senator is holding, with this objection, seniors to a higher standard, a harsher standard, than he is holding millionaires and billionaires to. Everybody knows about the marginal utility of money.
