President Obama Caves In On Tax Cuts For the Rich
Matt | On 07, Dec 2010
Democrats had to swallow a somewhat bitter new reality yesterday when President Obama agreed to a major economic compromise with Republicans.
The deal included an extension of across the board Bush-era tax cuts for all income earners, including the most wealthy top two percent of people. In return, Republicans agreed to more unemployment benefits for out-of-work Americans in 2011. Payroll taxes have also been reduced for two years by two percent for every American worker.
Pardon me, but where in the hell do those two things equate? Tax cuts for those that can afford to pay taxes 10 times over DO NOT REMOTELY RELATE to millions of out of work Americans that can barely put food on their tables. Also, rampant tax cuts after so many GOPers ran on “fiscal conservatism” just reeks of hypocrisy. Is this really a deal?
Some Democrats in Congress were very heated with Obama Administration after Monday’s compromise. Reps for House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) didn’t even speak to reporters to offer their immediate thoughts. Others were much more vocal about how shitty they thought the deal was.
In the president’s view, he is trying to look out for Americans whose unemployment benefits were set to expire. I can understand that position. But, Obama gave them money at the expense of accountability for damn near everyone else in the economy. Why do the rich need a tax cut during a recession? That’s not an either/or proposition. It was financial greed that put the country in hardship in the first place. So, is the answer to continually reward those who have benefited from it?
I’m sorry, but President Obama is acting like a coward when it comes to the Republicans. He will not stand up to them and has been rolling over like a poodle since November 2. Umm, hello Mr. President, Democrats still control the Senate and the Executive Branch!! How does he KEEP letting the GOP pimp him like this?! Damn…
And let’s not even talk about the national debt. An additional $700 billion will be tacked on to our tab to fund all of this. Not only do additional unemployment benefits cost, but tax cuts are an even bigger expense. That’s money that we will not be getting in our coffers for at least two years.
Now, where are these fiscally-conservative, “quit Washington spending” Republicans now that the price tag has been announced on the deal? The Tea Party sure is silent about this one. Hmm….
With each passing day, more and more Obama alienates more and more of his base. He failed to ignite the youth vote in 2010 to keep the Democrats in control in the House. It seems like he’s on the same path with many of his liberal supporters in 2012.
The next two years are going to be pretty ugly if he keeps this up….