Obama is currently campaigning on everything except his record, in fact he is building a defense against it. Today he now must add Plouffe’s speaking fees from that company with Iranian ties to the list. Maybe something for Biden to do while he’s again ‘vacationing’. The NY Times just published another story commending Obama’s efforts to save small business with his tax cut program the the positive effects it will have on our economy.
The article refers to CBO figures and offers the following solution: “The best approach is to delay the blow of lower federal spending, thus shielding businesses from a sudden drop in support, and, at the same time, temporarily extend the Bush-era tax cuts for most Americans and let them expire for those making more than $250,000 a year, as President Obama has proposed. That would raise revenue and be a credible step toward long-term deficit reduction, without harming the recovery, because high-end tax increases do not cut deeply into consumer spending. …
That is crucial because higher taxes for top earners is necessary for the nation to begin to raise the revenue it needs. And until the rich pay more, there will never be a national consensus for tax increases on middle-income Americans, which will eventually be needed to further curb long-term deficits.”
IBO refuted the above article stating the obvious, the real problem being a second term for Obama. They rated the largest problems as follows; Tax, Debt, Regulations, and ObamaCare, all of which would be expected to be put into overdrive during a second term. Their title says it all up front contradicting the NYT Fiscal Cliff with ‘Business Fears The Obama Cliff…’
The real problem is that each misses the target.
Let’s just go back to California to one of those city bankruptcies, Stockton, we covered it. No different than any other city or state all of their costs are in benefits, an area they could/can do nothing about. The remainder, mortgages, taxes, health costs, education costs, income levels, profits…, in a free economy they take of themselves. It wasn’t the taxes that destroyed Stockton.
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Posted on August 7, 2012
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