President Obama revealed the details of his latest plan to jumpstart the slowing economic recovery, proposing more than $180 billion dollars in tax cuts for businesses and infrastructure projects.
Not surprisingly, Congressional Republicans have already come out in opposition to the plan. Ironically, the party of "tax cuts" seems to forget this in a polarized election year in which any chance of a legislative victory for President Obama will be obstructed.
While Obama's plan is ambitious, the major development of the week has to be his drawing of a line in the sand against the extension of the Bush-era tax cuts for the wealthiest two percent of Americans.
Tuesday, the president said he wouldn't allow the huge tax breaks for the rich to continue, signaling he will allow a return to the rates of the Clinton era.
By no coincidence, the Clinton era was a time of unprecedented economic growth.
For this proposal, Obama must be given the highest praise.
While some Congressional Democrats have been wavering on the issue, a signal from the leader of the Democratic Party that there will be no compromise on this issue should rally the Party to ensure these tax cuts are not extended.
And rightly so. In a time with almost 10 percent unemployment, a never-ending housing crisis and the largest inequality of wealth we have seen in decades, why should the most fortunate among us enjoy lucrative tax rates?
The economy is not and has never been stimulated by lining the pockets of the super-rich.
The "trickle-down" theory of wealth has been repudiated time and again.
History has shown that the key to a strong economy is a strong middle class with the power and the confidence to spend.
If the enormous inequality of wealth and ever-shrinking middle class were not reason enough to let the tax cuts for the rich expire, how about the national debt?
Conservatives love to scream about the ballooning national debt and place the blame on Democrats for their spending and stimulus.
Have they no memory?
Do they not remember that when President Bush took office, Clinton had left behind a budget SURPLUS?
It was two unnecessary wars that cost billions of dollars a month that set off the huge increase in government spending.
And how did President Bush address the issue of funding the war?
He cut taxes for the group that brings in the highest revenue!
The stimulus undoubtedly aided the national debt, but the tax structure created under the Bush administration along with the horribly expensive wars is the root cause.
President Obama is right to let these tax cuts expire.
If conservatives are serious about cutting the deficit and stimulating the economy, it would be nice to see them get tough and do what needs to be done, not babble on about cutting programs like Social Security and unemployment benefits.
The President's decision not to compromise signals once again he is on the side of the 98 percent of Americans who are simply trying to make ends meet, while the GOP continues to suckle at the teet of the wealthy donors who put them in office.
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