Tuesday, December 7, 2010

The Great Compromise of 2010

President Obama was forced to compromise today....and in doing so, he broke one of his main campaign promises...I'm talking about extending tax cuts to the wealthy.The tentative deal he made would extend for at least two years all of the tax breaks set to expire on December 31 st of this year, continue unemployment benefits for an additional 13 months and cut payroll taxes for workers in a bid to get employers to start hiring again. (I hope this works.) Those of us, like extreme leftist me, who feared the president might abandon the needs of his progressive base can at least point to the 2 million unemployed people who won't run out of benefits next year if the deal goes through. I suppose that's a good thing.

His compromise with the Republicans includes some goodies for the wealthy, like extending the Bush tax cuts for them -- something which President Obama had previously said he opposed and wasn't going to do -- as well as setting the estate tax at 35 percent for two years on inheritances worth more than $5 million. Both provisions are expected to face stiff opposition by congressional Democrats. Damned if you don't, damned if you do...

When asked to comment on the latest developments President Obama had this to say-

"What is abundantly clear to everyone in this town is that Republicans will block a permanent tax cut for the middle class unless they also get a permanent tax cut for the wealthiest Americans, regardless of the cost or impact on the deficit."

"We saw that in two different votes in the Senate that were taken this weekend. And without a willingness to give on both sides, there’s no reason to believe that this stalemate won't continue well into next year. This would be a chilling prospect for the American people whose taxes are currently scheduled to go up on January 1st because of arrangements that were made back in 2001 and 2003 under the Bush tax cuts.

"I am not willing to let that happen. I know there’s some people in my own party and in the other party who would rather prolong this battle, even if we can't reach a compromise. But I'm not willing to let working families across this country become collateral damage for political warfare here in Washington. And I'm not willing to let our economy slip backwards just as we're pulling ourselves out of this devastating recession."

What I can't understand is why people , common people, Black ,white, brown, what have you, can't see that these Republicans are clearly working for and looking out for the interests of the wealthy...not common everyday working people..They aren't hiding it...it's right there...Those Bush tax cuts are for whom? Not me..Not any of my readers...okay, not any of my known readers. Yet , so many people in the same economic class as I , voted against their class interests...Why? Another topic for another blog post I suppose.

Some senior Obama Administration officials said they are banking on these upper-income tax cuts, which they estimate will cost about $700 billion, to be a thorn in the GOP's side during the 2012 presidential campaign. The tax cuts are set to expire at the end of that year.

Maybe, just maybe by then most Americans will realize that despite their dreams of joining the ranks of the wealthy,(which all of us secretly want to do, right?) they would be better off voting for their actual wallets the next time around.


CurvyGurl ♥ said...

Hey Keith! I think the average person recognizing the games the Republicans have played. Essentially backing the President into a corner while playing a game of truth or dare. The sad thing is that I don't think he really had much of a choice yet you know they'll throw this back in his face come election time. Why they would bank of something that was an inevitable bad financial forecast is beyond me, but I guess there are times when we all hope against hope.

Strongblkwmn said...

I feel bad for the President. It's hard to reach across an aisle that is shut down. Republicans have no intention on working with him. They want to be bullies and try to make him look bad. It's disgusting. As long as they have people like Joe Lieberman it'll be easier for them to spread their diseased thinking and push more absurd policy through. The true fabric of America is coming to light more and more. I hope people are paying attention.

Rich Fitzgerald said...

Hopefully this plays out for him like it did Bill Clinton when he was forced to come to the middle.

If Obama can give them some of what they want (money) while still getting some of his agenda done, maybe he'll get the second term he needs.

Why these clowns voted all these Republicans into Congress is the darndest thing. Maybe the people will now see see that they were just being played as the jump off, because they will see nothing in their pockets.

Arlene said...

Keith, when I saw the news last night and looked at our president I wanted to cry. He looked haggard. He had dark circles around his eyes and his hair looked whiter than ever. Obviously he was greatly affected by this "compromise."

Although I don't agree with the tenets of this agreement I can understand why we must compromise. The president is right! The republicans will hold all of us hostage to get what they want for the super-rich. Perhaps this act on his part will make it clear to Americans what is happening and who is really on their side. He says he's going to talk directly to the people. He can help us understand. Hopefully people will see that most of this business is a response to our president's race. Some of these dopes just voted against a Black man. Hopefully they'll see Mitch, John and Eric for the smarmy characters they are, interested only in making themselves richer.


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