At some point after the mid term elections in November, Congress will debate whether to extend the tax cuts implemented by former President George W. Bush, which expire in December.

The argument is over whether to leave them in place across the board, which is the wish of Republicans, or extend them to everyone except top income earners, which is what the Democrats want.

Celasun said extending the cuts for all earners as opposed to all-but-the-top-2 percent of earners would not make a big difference for unemployment, as giving top earners a bit more income has a small impact on consumption spending.

Proponents of tax cuts for everyone, however, said that taxing the upper echelon of earners could blunt investment and business expansion and prolong high levels of unemployment.