Obama sure has been disappointing on fiscal leadership
I expect nothing from the G.O.P. It’s lost and leaderless. I expect a lot from Obama, who knows what needs to be done and has said so in the past. I expect him to stop acting as a party leader and start acting like the president of the whole country. When I heard Obama say, after the election, that this time he was going to take his plan to the country, and not make the mistake again of just negotiating with Congress, I thought, “Great, I can’t wait to hear what he says.” But all he took to the country was a plan for increasing taxes on “millionaires and billionaires.” There was nothing comprehensive, nothing bold, no great journey for America and no risks for him. Really disappointing.
Maybe Obama has a strategy: First raise taxes on the wealthy, which gives him the credibility with his base to then make big spending cuts in the next round of negotiations. Could be. But raising taxes on the wealthy is easy. Now we’re at the hard part: comprehensive tax reform, entitlement cuts, radical cost-saving approaches to health care and new investments in our growth engines. This will require taking things away from people — to both save and invest. A lot of lobbies will fight it. The president will need to rally the center of the country and the business community to overcome them. He’ll have to change the polls, not just read the polls. He will have to take on his own base and the G.O.P.’s.
Obama has spent a lot of time lately bashing the rich to pay their “fair share.” You know what? There are definitely some Wall Street bankers and C.E.O.’s who deserve that bashing. But there are many successful Americans who got their wealth the old-fashioned way — by risk-taking, going into debt to start a business or pursue a dream. It’s time for the president to do some risk-taking — to stop just hammering the wealthy, which is so easy, and to start selling the country on a strategy to multiply them. We need to tax more millionaires, but we also need more millionaires and middle classes to tax. The president was elected to grow our national pie, not just re-divide it.