“The last thing you want to do is raise taxes in the middle of a recession,” President Barack Obama said in 2009. Two years later, in the midst of a still-struggling economy, Obama is proposing over $1.5 trillion in tax increases. What gives?
The President has apparently given up on his attempt to cover his leftist views with a veneer of moderation. First he submitted a jobs bill to Congress that would spend almost half a trillion dollars at a time when the government is already borrowing over 40 percent of the money it disburses. Then he proposed paying for it with hefty tax hikes on the rich, promising to submit a more comprehensive deficit-reduction plan a week later. That plan, released Monday, is essentially a rehash of his jobs bill’s spending and tax hike proposals — things that would take effect immediately if they were to pass, though most of them have been previously rejected by Congress — combined with promised reductions in future spending that neither Obama nor the current Congress can guarantee will occur. The President claims it will reduce the deficit by $3.2 billion over the next 10 years.
“It’s not a serious plan for deficit reduction, but a political move,” observed the Atlantic’s Megan McArdle. “With his poll rankings falling, Obama has clearly decided that his hope lies in rallying his progressive base and making the GOP look bad, rather than actually passing a jobs bill.”
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Photo of President Obama: AP Images