«

»

Dec 07

Obama announces deal to extend tax cuts for the rich

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.

[more…]

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”

Switch to mobile version