Thursday, December 09, 2010
Obama Cracks on Tax Cuts.
Obama was taken over by the Republicans who by the way right now only can filibuster in the senate, so because of them the U.S will not reduce the deficit and will continue giving tax cuts to the richest and poorest Americans. This means that all Bush tax cuts will continue for 2 years.The president who I thought was going to make the change now and was going to stop kicking the tough legislation down the road is apparently misleading on his promise. Obama should use something that is called leadership and end the terrible tax cuts. The U.S should start doing stuff now. Two years of adding to the deficit will not help battle the deficit. I say Eliminate it clearly it didn't work if the greatest recession happened during them. Tax cuts aren't the answer. The U.S will eventually have no choice, but to increase taxes eventually just maybe to pay off the interest on the debt. The interest on the debt is a bigger budget item then the federal pensions. CBO projections say that at the year 2015 the interest on the debt will be 487 billion per year. Double what the government spends on income security in 2015 according to the CBO projections. The Obama compromise to extend tax cuts for two years fell in the house I hope gridlock stays on this issue until it is to late to do anything, and all tax rates go back to were they should be.