A temporary tax cut, apparently. Peter Orszag has decided that the party doesn’t need to go down with the ship – or, more accurately, the ship’s captain:
In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it.
I’d feel bad about the way that the administration is grinding metal on this, if only… actually, I cannot conceive of a situation where I’d feel bad about watching the administration squirm as it realizes that it has to break yet another badly thought-out and hastily-made campaign promise. Although I suppose that we haven’t plumbed the depths of stupidity, at that: the depths of stupidity would be to impose a new tax of roughly the same amount to the average taxpayer and claim that this wasn’t breaking the huge albatross around his neck his most famous badly thought-out and hastily-made campaign promise:
Ain’t easy video embeds a thing? I don’t know how political activists managed before them.
Notice Orszag is floating a VAT in addition to a 2 yr ext of the Bush tax cuts. they want to kill the consumer. morons. Obama is dreaming of an export led recovery to help his labor friends. the upcoming trade deficits should remind him again it cannot be done, The US is still the world’s consumer of first and last resort and the world economies are all exporting their way to recovery. Even if they continue printing and tank the USDollar we still cannot compete on global labor costs with unions keeping salaries high in the US. Consumer spending is still 70% of GDP if they add a VAT we will totally collapse GDP. These people are morons.
Obummer got him a brand new sign. Aren’t you impressed?