After months and months of caving in to the rich and powerful, week after week of spitting on the base, the President has stepped up and announced that he will do something exactly the way we elected him to do it.
The New York Times reports that President Obama will not make a deal on the soon-to-expire Bush tax cuts for the very wealthy. The cuts are set to expire in 2011. Although the GOP has been trying to spin this expiration as some sort of tax increase by the Dems, that’s a simple bold-faced lie. The Dems need do nothing whatsoever and the tax cuts will expire all on their own because that’s the way Bushco designed them. Like the replicants in Blade Runner, the Bush tax cuts came with their own termination date and will die all on their own with no help or hindrance from Democrats.
What the Democrats will be doing at the president’s behest is extending tax cuts for the middle class. Tax cuts for the middle class will directly translate into spending. Tax cuts for the wealthy do not, because they already have excess capacity above what they spend on consumer goods.
Letting the tax cuts for the very rich expire is good politics and good policy.
We never hesitate to criticize dumb cave-ins to the rich, the too-big-to-fail, the rapacious (cough big Pharma, cough cough health insurance lobby) or the dangerous (helllloooooo offshore drilling!), so on one of those rare and glorious occasions when the White House is actually doing a seemingly unadulterated smart good thing, a note of approval is called for.
Now, Mr. President, you got this one right, do NOT mess this up by backtracking, waffling, second-guessing, or other such dumb sh*t. It would be f***ing retarded.