Friday, November 9, 2012
Obama Should Refuse GOP Blackmail
The looming fiscal cliff is primarily about the GOP insistence that the Bush tax cuts for the wealthy be extended. If Obama does nothing the Bush tax cuts will expire according to law. If Obama does that, however, tax cuts for the middle class will also expire. Consequently, Obama would like the tax cuts for the wealthy to expire while keeping the tax cuts for the middle class. That means that he has to make a deal with the GOP, which is using tax cuts for the middle class, as blackmail to get tax cuts for the super rich. This article suggests that Obama should turn down the deal. He should let the tax cuts expire and let the GOP take the heat.