Here, straight from the mouth of Товарщ Биден, we have one of the basic fallacies of modern socialism:

We’re going to focus on the middle class, because it’s — when the middle class is growing, the economy grows and everybody does well….

And later, repeating himself:

 The economic engine of America is middle class. It’s the people listening to this broadcast. When you do well, America does well. Even the wealthy do well.

Finally, this nugget:

The middle class is the economic engine.

As on most everything else, Товарщ Иосиф is wrong here, too.  In fact, he has it completely backward.  When the economy grows, the middle class grows, not the other way around.  It is not the people who are struggling who create jobs, but those who have money to spare.

Today, the House is expected to vote on the $700B bailout.  Where will the money come from.  Read the bill.  The fed will sell bonds to raise the money.  Who’s going to buy the bonds — the middle class?  No.  The rich are.

And that brings us to the dirty little secret — the real reason the leftists don’t want to lower taxes on the wealthy.  If the marginal rates on the wealthy are reduced, the value of the fed’s tax-exempt bonds are reduced, and the fed has to pay a higher interest rate on them to attract buyers.