A Thatcherite Moment in America

President Obama, in attempting to gain traction just ahead of the midterm election, has homed in his message on taxes – and most especially, on “tax cut for the wealth.” Here is how Obama is framing his argument:

Ninety-seven percent of Americans make less than $250,000 a year — $250,000 a year or less. And I’m saying we can give those families — 97 percent permanent tax relief. And by the way, for those who make more than $250,000, they’d still get tax relief on the first $250,000; they just wouldn’t get it for income above that. Now, that seems like a common-sense thing to do. And what I’ve got is the Republicans holding middle-class tax relief hostage because they’re insisting we’ve got to give tax relief to millionaires and billionaires to the tune of about $100,000 per millionaire, which would cost over the course of 10 years, $700 billion, and that economists say is probably the worst way to stimulate the economy. That doesn’t make sense, and that’s an example of what this election is all about.

Let’s examine what the president said, starting with this observation: Obama’s sudden interest in the pernicious effects of large deficits is curious. There is no apparent limit to what Obama is willing to spend – yet when it comes to taxes, and almost only taxes, the president professes to be alarmed about the deficit. With that in mind, here’s a useful reference point: the $700 billion over 10 years that Obama is so eager to save is considerably less than Obama’s first (failed) stimulus package, which alone is estimated to have cost more than $860 billion. It would help Mr. Obama’s credibility if, in opposing taxes on fiscal grounds, he was not the most profligate president in American history.

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A Thatcherite Moment in America

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