Yesterday, President Obama signed into law an extension of the Bush tax cuts for two years, after insisting in his campaign that he wanted to let the cuts expire for those earning over $250,000/year. The liberals who supported him are disappointed that he turned his back on his principles; more moderate commentators commend him for pivoting to the center like Bill Clinton.
For my part, I’m disgusted.
The bonanza for the rich (relief from what would have been a maximum 13% tax increase) was accompanied by a one-third cut in the employees’ portion of the Social Security tax for next year. So we’ve all got a share of the goodies.
In this battle between Republicans and Democrats, the only thing that both sides can agree on is spending money they don’t have.
Meanwhile, the toxic borrowing goes on, and nobody seems to want to do anything about it.