If the tax cuts being extended for the wealthy had been used for the countries physical, educational, and other infrastructure the multiplicative nature would have been much larger further increasing the tax base. As it is now the wealthy will likely not invest in America. After all they did not do so during the last 10 years of the tax cuts. They will invest overseas for better returns.
The President was between a rock and a hard place, a direct result of the midterms that was characterized by misinformation from the Right. We get the government we deserve. If we want better government the middle class better get educated on economics and stop being so gullible.
Make no mistake; this is further wealth transfer from the middle class to the wealthy. With austerity a must in the next few years, the middle class yet again will be asked to bear the brunt of the sacrifices to bring the country back into balance.
It is sad that the media along with Progressives have not hammered the balanced budget of the 1990’s with a moderate tax rate and a strong economy. While most will want to blame President Obama for getting the short end of the stick in these negotiations, Progressives need just look in the mirror for not getting the base out to give the President cover and a mandate.
I would have wished for the President to hold steady and not extended any tax cuts at all and call the Republicans bluff. The difference is I am not dependent on any assistance. Many who want the President to hold strong as well are not on any assistance. A President must lead and make the adult decision to assist the least among us even when that decision does not provide the optimal result.
It is incumbent to keep the fight up. A President without a base is nothing but a Conservative Republican by force.
My Book: As I See It: Class Warfare The Only Resort To Right Wing Doom
Book’s Webpage: http://books.egbertowillies.com – Twitter: http://twitter.com/egbertowillies