President Obama would like to see the tax extension of those tax cuts for those making $200,000-250,000.00 or less per year and let the rest expire for good reason. Since the republicans took over the House the President seems to be willing to compromise his position, but that would be unwise because of the present economic and fiscal condition of the country. The sunset provision on the tax reflected the fact that some adjustment might have to be made when the time came, and the time has come, so now is the time to have courage and face facts.
Republican Presidents and their party have been wrong for asserting that tax cuts for the wealthy create jobs. That has been proven wrong many times over and more recently on President Bush's watch when his administration ended up with the worst job creating record since the great depression. Those tax cuts are still in effect now and are not creating any jobs. Thank heaven for President Obama's stimulus package and policy that have reversed those record job losses under the Bush administration.
The tax cuts were ill advised at the time of passage because it reduced needed revenue and put the country once again on a path to record deficit spending after record surpluses. That money could have been better spent to reduce debt, to help keep Social Security and Medicare solvent and to make sure the nation continued to balance the federal budget like the Clinton administration did. If that had happened our country and its people would not be facing the economic and job problem that are still with us today. Nor would we be facing the devastating effect of the $6.1 trillion the Bush administration added to the national debt in just 8 years in office. (Treasury Report)
If the tax cuts for the wealthy are extended it will only continue to transfer wealth from the middle class to the wealthy that began with the Reagan administration. The republican party will only be satisfied when the federal government is bankrupt. Their policies, action and talk has proven that already. The 20 year rampage of deficit spending and debt by the Reagan, Bush 41 and Bush 43 administrations have put the country and its people in a position of having to take drastic measures to get out of the hole they created.
President Obama has to stand up to congress, especially the republican House and take the country and its people on a course in the opposite direction of republican conservative ideology. To do other wise will only finish what the republicans started. It is time for the President to be counted and expose the failed republican record every time they open their lying mouths.
Note: See my commentary on job creation for the past 80 years in a recent post.
