Nov 292012
 

Republicans have suggested a willingness to put revenue on the table, but except for some mumbling about eliminating deductions for the rich, a plan shown ineffectual during the campaign, without having the middle class carry the majority of the burden, they won’t say what they mean.  They claim they want to protect the Bush tax cuts for the middle class, but refuse to extend them without bonus tax cuts for the rich.  If their only reason is not to protect millionaires and billionaires, why not are they holding 98% of Americans hostage?

29middle-class-tax-cutsPresident Obama surrounded himself with taxpayers on Wednesday to pitch his plan to preserve current rates for the middle class and raise them for the wealthy. A day before, he met with small-business owners for the same purpose. On Friday, he plans to fly to Pennsylvania to tour a factory to make the same point…

…Mr. Obama has embraced specific cuts to the federal budget in the past and has committed to an agreement with Congress that will include deep reductions in spending. But it would be easy for those who listen to his public pronouncements lately to miss it. In public statements since his re-election, he has barely discussed how he would pare back federal spending, focusing instead on the aspect of his plan that plays to his liberal base and involves all gain and no pain for 98 percent of taxpayers.

Republicans and even some Democrats have expressed frustration that Mr. Obama has avoided a serious public discussion on spending with barely a month until deep automatic budget cuts and tax increases are scheduled to take effect… [emphasis added]

Inserted from <NY Times>

There’s no mystery here.  When Obama discussed spending cuts in the past, Republicans were able to make the deficit the center of media attention.  Now that Obama is discussing tax cuts for the middle class, Democrats have made that the center of media attention.

Rachel Maddow and Eugene Robinson discussed Obama’s latest tactics, and the Republican response to them.

Visit NBCNews.com for breaking news, world news, and news about the economy

I have already been contacted, and am taking action as requested.

If both Bought Bitch Mitch and the Republican Ministry of Propaganda are screaming, Obama must be on the right track. In addition, he has history on his side.

us_tax_rates

…Since 1944, the United States has only raised taxes on the rich twice—in 1992 and 1994. What followed those tax increases was one of the greatest economic booms in American history. Though Clinton’s decision to raise the top rate didn’t build the World Wide Web or spark global trade, it certainly didn’t hurt the economy either — despite Republican predictions that hiking taxes on the wealthy would drive America into recession or worse.  Well before the end of the decade, tax revenues had increased sufficiently to transform the Reagan-Bush deficits into a surplus, and the Treasury was looking forward to paying off the national debt.

Then the Bush tax cuts drove the budget into unprecedented deficits and the national debt to stratospheric levels (along with the wars in Iraq and Afghanistan). Still, Republicans are promoting policies that echo George W. Bush’s belief that tax cuts can solve the nation’s fiscal problems — and they are ridiculing President Clinton’s strategy of asking the rich to pay more.

Former Reagan advisor Bruce Bartlett points out that people just don’t buy that argument. “Even without looking up government statistics, they know that the 1990s were a time when the economy boomed, while the 2000s were a period of economic stagnation,” he wrote.

So if Speaker Boehner is insisting that tax cuts will increase revenues, President Obama should be just as confident in insisting that carefully targeted tax increases will not only pay for themselves, they’ll make other spending cuts unnecessary.

At least he has the 1990s to back him up. [emphasis added]

Inserted from <The National Memo>

Keeping the tax cuts for the middle class gives them more money to spend, and that creates jobs.  Raising taxes for the rich gives government money to decrease the debt and stimulate the economy.  That creates more jobs.  That also increases tax revenue, which can then be used to reduce the debt.

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  17 Responses to “Support Your Local President”

  1. If Mitch Boner and the rest of the Motley bunch of Greedy Old Peckerheads  yell and scream , we know  Obama is on the right track– Getting so damm sick of their shenanigans- their lies , their blatant manipulations—-well there is another election  in 2 years– how many of these useless dirtbags can be dumped in the trash where they belong–?-
    I just hope The President sticks to his guns; Seems like the election that kept him in office provided the blueprint for our expectations– So  go for it Mr President-

  2. Unfortunately, I have a RepublicanT congressman who goose-steps with the Greedy Old Pharts. I have contacted him numerous times and he doesn't listen. You all know how that goes.
     
    I keep on bothering him though. I won't give up!

  3. Ah, ha! Even REAGAN advisors know that we were safe, secure, & Happy in the 1990's – not AT ALL so in the Bu$h League era.. all RepubliCONs (and Democrats!) should get the message NOW – we're not as stupid as FAUX News would have them believe!;)

  4. As the two Chief Oficers of the largest bond fund, PIMCO, said in Time magazine article this month:
     

    [H]ow can you have a sustainable recovery in an economy that's 70% fueled by consumer spending when 90% of the income gains since the recovery began have accrued to the top 1%? "Over the last several decades, companies have taken profits at the expense of individuals," says Gross. "A lot of people aren't being paid enough to spend."

    http://www.time.com/time/subscriber/article/0,33009,2129393,00.html
    BUT subscription required
     
    If you can't manage a household budget on a $250,000 income – then you're NOT the financial wizard you think you are … and a few more dollars from another tax break to the wealthy ain't gonna help you one bit!

  5. "Keeping the tax cuts for the middle class gives them more money to spend, and that creates jobs.  Raising taxes for the rich gives government money to decrease the debt and stimulate the economy.  That creates more jobs.  That also increases tax revenue, which can then be used to reduce the debt."
     
    I've said much of this many times.  What is so difficult to understand?  Are people, especially Republican/Teabagger leaning people so caught up in their ideology that they cannot see the forest for the trees, and vice versa?  I call that "idiotology"!  Idiotology = cutting off one's nose to spite one's face.  Idiotology and bullshitology are mandatory course completions before becoming a Republican/Teabagger.

    • Lynn, I figure it takes four kinds.  Some Republicans, including most of the leadership, know better and are lying for political advantage.  Some Republicans are too lazy to think for themselves.  Some Republicans are so consumed with hate, that they will go along with anything to have support for that hatred.  And some Republicans really are that stupid.

  6. I have contacted both my senators, numerous times, they disagree with me every time. I intend to keep on keeping on, maybe if enough people bombard them they will listen.

  7. I pity you guys in those backward states!  I moved to NYC because of its progressive politics and social mores, of course the traitors sitting in Congress are only speaking for the money that pays their bills big time and will set them up for life – they're all prostitutes – the guy with the most money to pay them is going to get them to vote their way – democracy and morals be damned – that's what plutocracy looks like!!

  8. …Since 1944, the United States has only raised taxes on the rich twice—in 1992 and 1994. What followed those tax increases was one of the greatest economic booms in American history.

    President Obama has my complete support and I am tired of being held hostage via the GNOP.