President Obama this morning, presenting his plan to lower the deficit by $3 trillion—including $1.5 trillion in new taxes, mostly on the wealthy.
It’s 20 minutes long, but hey, you’ve probably spent 20 minutes in the last few months complaining about how Obama doesn’t have a spine, has caved to Republicans on everything, etc.
Well, here’s 20 minutes in which Obama stands directly on a political third rail—one resulting headline: “Obama calls for $1.5 trillion in new taxes”—and, on top of that, threatens to veto any deficit reduction plan from Congress that doesn’t raise new revenue.
Happier now?
How is a tax increase that the vast majority of Americans want a “third rail”?
Worse yet, why are our alt-weeklies, of all outlets, parroting the idea that tax increases are somehow controversial?
If a Reagan administration official can acknowledge the popularity of this proposal, I think the Mercury easily can too.
Thanks. I am happier now. I totally agree and this does make me glad I voted for Obama. and I will again.
Well, we’ll see if he actually follows through on this or eventually capitulates to the no-compromise republitards.
Meanwhile, where are the prosecutions of the bankers and traders responsible for the mortgage debacle?
@randy, this isn’t oregonlive. We don’t do the “tard” thing here.
Guess what happens when YOUR employers’ tax rates go up 30%?
They hoard less cash?
Voodoo economics didn’t work in the 80s, it isn’t working now. It has been debunked and demonstrated false over and over again. Anyone who can’t see that is deluding themselves. There is a direct correlation between the marginal tax rate on the rich and economic strength. That is: higher -> stronger. Obviously not up to 100%, but the economy was doing really well even when it was 91%.
Keeping the tax rates on the rich absurdly low is not helping the economy. It is suffocating the government at a time when the government needs to prop up the economy, and that’s the real point.