Obama: It's time to allow tax cuts for the wealthy, folks like myself, to expire

So it looks like we’re back to tax cuts, a.k.a. class-warmongering distraction number one, as one of the campaign-related talking points du jour (because we don’t want anybody lingering over ObamaCareTax now, do we?). President Obama gave yet another much-recycled speech on Monday afternoon, in which he announced his latest drive to extend the Bush-era tax cuts — but only for Americans making less than $250,000 a year

Here’s the speech in full, if you care to try and stomach the ol’ ‘we’ve tried ‘top-down’ economics and it didn’t work,’ ‘these darn tax cuts for the wealthiest Americans are what’s driving our deficit,’ ‘these Republicans are obstructing just for the sake of obstructing’ blather.

But if you’d rather not sit through the entire thing (a sentiment with which I can entirely sympathize), here’s the real ‘really, I promise, this isn’t about class warfare’-money moment.

Yet again, President Obama is trying to redefine “top-down” economics to mean the whims of the wealthy and Wall Street, rather than the many artifices of big government, and trying to make it sound as if the entire financial crisis is their fault — as if the tax cuts didn’t help anyone or anything, except allow the rich to become richer. How are tax hikes in any shape, manner, or form supposed to helpful during a recession? Because the federal government is soooo much better at spending our money than we are?

President Obama exhorted Congress to pass a bill extending the tax cuts for those making less than $250,000 right now, a move that ‘we can all agree on,’ and said that we can continue to debate about whether to extend the tax cuts for those making more than that later on — a push that will put him at somewhat at odds with House Minority Leader Nancy Pelosi, who’s said she’d like to extend the tax cuts for those making up to one million dollars a year. Hmm, wonder how she’s going to handle that one?

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Jazz Shaw 5:01 PM on March 20, 2023