Obama’s solution: massively raise taxes

President Obama has proposed $1.5 billion in new taxes over the next ten years to close the deficit:

In a blunt rejoinder to congressional Republicans, President Barack Obama called for $1.5 trillion in new taxes Monday, part of a total 10-year deficit reduction package totaling more than $3 trillion. He vowed to veto any deficit reduction package that cuts benefits to Medicare recipients but does not raise taxes on the wealthy and big corporations.

“We can’t just cut our way out of this hole,” the president said.

The president’s proposal would predominantly hit upper income taxpayers but would also reduce spending in mandatory benefit programs, including Medicare and Medicaid, by $580 billion. It also counts savings of $1 trillion over 10 years from the withdrawal of troops from Iraq and Afghanistan.

Michelle Malkin comments:

Here’s a reminder for President Obama: The last thing you want to do is raise taxes during a recession (even on the wealthy).

That’s advice Obama should heed. Why? Because he said it…

Malkin then posts a video clip of an interview Obama gave in 2009 in which, standing in what looks like a factory with an NBC reporter, he clearly states that you don’t want to raise taxes during a recession, because that would reduce demand and thus make the recession worse. By the way, Obama speaks very clearly and cogently in this interview, with no “uh’s” and no teleprompter. Right-wing reports of this man’s barely average intellect are just not believable.

- end of initial entry -

Paul K. writes:

I’m against raising taxes, but I’ll make an unprincipled exception and back a 99.999-percent tax on Warren Buffet if it will make him stop complaining about how low taxes are.

Posted by Lawrence Auster at September 19, 2011 04:09 PM | Send