By Barry Grey
President Obama on Monday announced his support for a two-year extension of Bush-era tax cuts for the rich, capitulating to Republican demands and reversing campaign pledges to end the windfall for families making more than $250,000 a year.
President Obama on Monday announced his support for a two-year extension of Bush-era tax cuts for the rich, capitulating to Republican demands and reversing campaign pledges to end the windfall for families making more than $250,000 a year.
The announcement was made in a brief White House speech, after which Obama took no questions from the press. Extension of the tax cuts for the wealthy, set to expire January 1, has been a central preoccupation of the US corporate-financial elite. For precisely that reason, the cave-in by Obama and the Democratic Party on the issue was virtually assured. The extension will funnel an estimated $70 billion per year into the coffers of the rich.
During the mid-term election campaign Obama demagogically denounced the Republicans for opposing his proposal to extend the Bush tax cuts only for families earning less than $250,000. The Republicans demanded instead an across-the-board extension. Obama sought to use the issue to give the Democratic campaign a populist cover, even as the White House and the Democratic-controlled Congress refused to initiate any government jobs programs or provide serious relief to the tens of millions victimized by the deepest recession since the 1930s.
Bill Bard said…
Fat bastards, Obama can’t possibly be a Democrat, but we knew that didn’t we, Just a run of the mill “arse licker”
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