Yes, Abe, Barack Obama seems to have recognized that his grandiose spending plans may need to go on “hold.” But what about his tax plans to get the “rich” (or people who used to be rich before last week)? In the middle of a liquidity crisis and with a recession looming, does he still intend to hike payroll and income taxes? When the Fed is trying every mechanism available to pump money into the private sector, it seems just silly to suck it back out in the form of taxes. Yet we haven’t heard anything about him foregoing his tax hike plans.
At some point he needs to come clean: is he going to accept the flak that comes once people realize that both his spending and tax ideas have to be junked, or is he going to continue with his crusade to sock it to the (formerly) rich? It might be a good topic for the debates.