(((Breaking-))) Aides Say Obama May Delay Rolling Back Tax Cuts On The Wealthy

[DemocratSinceBirth]

Per MSNBC

[Joe Chi Minh]

1. Oh, they'd be a great source. Probably trying to pressure on him.

[redqueen]

4. It's not like revenue is a problem or anything.

It's not as if acting quickly is critical.

:sarcasm:

[EFerrari]

8. It's funny because I heard someone on CNN doing exactly that last week.

The surrogate did very well, though, and continued to restate his own frame and position. It may have been Rahm but I'm not sure.

[redqueen]

2. "Aides say"

Anything to keep people watching / speculating pointlessly.

[uponit7771]

3. "delay"!?!?? Did he give the roll back a deadline? I never saw a deadline on his issue list? If not

...this is more hater-aide from the right

[Peacetrain]

5. He may just let them go off the book and not renew them in 2010

When he delivers his new budget and the time they actually are scheduled to go off the books is a matter of months, so it might be a matter of just letter the damn thing die, and putting more energy into a works program.

[Triana]

7. there ya go. He'll likely just not renew them. n/t

[Thrill]

9. The was the plan anyway. Just let them expire

[Peacetrain]

12. Yep, that is what I remember..

[Triana]

6. The tax cuts expire at some date don't they? n/t

[cali]

10. Yes. 2010.

[Windy]

15. No one has ever reported that he is not going to let the tax cuts expire in 2010... nt

[Triana]

21. Yea, I've heard the opposite: That he IS going to let them expire...I think he even said that..

...once.

So he's not "delaying" a damn thing regardless the spew from MSRNC. They expire in 2010 and I believe he intends to let them.

[Barack_America]

11. Breaking? Obama said throughout the campaign that they should be allowed to expire...

...in 2010.

[gblady]

20. yep....

he said it over and over...

[still_one]

13. That makes sense until the major fires are put out. Getting people back to work

Health care, and getting us out of Iraq are the top priority

After things are stable, especially economically, then he can address the deficit

To do so right now in the middle of a recession, would be suicide

[DemocratSinceBirth]

17. That's Textbook Keynesian Economics

~

[Cleita]

25. It is Keynsian which apparently our DLC influenced President elect is not going to

follow. I hope he's a quick study and learns from his mistakes early on in his Presidency.

[DemocratSinceBirth]

27. Lord Keynes Would Increase Federal Spending And Cut Taxes For Everybody

~

[Cleita]

30. Actually, John Maynard Keynes called for a reduction in interest rates not taxes.

Here read up:

http://en.wikipedia.org/wiki/Keynesian

[DemocratSinceBirth]

35. The Fed Fund Rate Is Only One Percent

It can't get much lower.

[Cleita]

36. Has nothing to do with what he said. n/t

[DemocratSinceBirth]

40. How Else Is Governemt Going To Reduce Interest Rates Then By Reducing The Fed Fund Rates

And they are loaning banks tons of money; about $350 billion worth in the past couple of months and another $350 billion to come...

[Cleita]

44. I said what Keynes said back before I was born a long time ago.

It has nothing to do with the interest ratea today. I was correcting you on what you said about cutting taxes. That isn't what he said. He said to cut interest rates.

[DemocratSinceBirth]

47. Keynes Wanted To Get Money In People's Hands To Create Demand To Ease Recessions

Through fiscal policy (taxing and spending) and/or monetary policy (increasing the money supply)


He wasn't overly worried about defecit spending because he said "In the long run, we're all dead."

[Cleita]

48. So? You know that FDR only implemented the parts of his philosophy that

he thought were workable?

[DemocratSinceBirth]

51. Yes...Roosevelt Did A Lot Of Experimenting...

He tried a lot of different approaches...

[Windy]

14. He is NOT going to delay tax cuts for the middle class... Goolsby/Axelrod

Lets see how he governs before we condemn him.

[DemocratSinceBirth]

16. Who Said Anything About The Middle Class?

~

[theoldman]

18. The only way to pay off the national dept is to raise taxes.

It may not happen during the first year but it will happen. It would not surprise me if taxes were raised on everyone six years from now.

[gblady]

22. me thinks....

ending the billions per month in Iraq will help mightily.

[DemocratSinceBirth]

37. Trying To Balance The Budget In 1937 Is What Caused A Delay In Ending The Great Depression

~

[Writer]

19. Has January 20th gone by this quickly?

I didn't know he was President already!

[kevinds13]

23. He's said multiple times that

we should just return to tax levels under Bill Clinton. Rather than writing difficult legislation and risking getting it passed, the easiest way to accomplish that is to just let them expire in 2010. This is the media trying to blow up a non-issue.

[Cleita]

24. There's a news article on it in the LBN Forum.

It looks like he's following the Chicago School of Economics failed theory of tax cuts as a stimulus. It's failed all over the world where it's been tried, so why is he going to do it?

[GarbagemanLB]

26. Maybe because he and his advisors know much more about the situation than we do?

[Cleita]

29. Economics isn't rocket science. It's not that hard to learn and it's

not that hard to dig up the history of the effectiveness of different schools of economics and how they worked out. It turns out that the school of economics that he appears to be favoring has been a failure every where in the world that it has been tried. You seem to think that because he's our President elect he knows better. No he doesn't. It's up to us to know what he needs to do and call him on it when he isn't doing it right. I'm just hoping the news got it wrong and it isn't so.

[GarbagemanLB]

34. Actually, with the team he has around him, he DOES know better. This economic situation IS

complex, and it will be tough to get the economy back on track.

If ever there was a time for 'elites' to be running this country, this is it.

[Cleita]

38. They want you to believe it's complex.

If I remember correctly during the campaign all you heard was it's too complicated. No it isn't. Usually the best solution is the simplest one. They want you to believe in the complexity because that's how they confuse you and you stop asking questions.

[GarbagemanLB]

39. Got an extra tinfoil hat for me?

[Cleita]

43. What you need is a thinking cap not a tinfoil hat. n/t

[beachmom]

33. It is not a matter of stimulus. It is a matter that raising taxes in the middle

of a recession can be disastrous. Just ask Hoover.

[Cleita]

45. I don't see where he will be raising taxes where it matters. He has

already stated he would tax only those making more than $250,000 a year in income. I think that lets the majority of the working class off the hook. The minority whom he will be taxing going back to the former rates won't be able to make much of a stink that matters.

[TheCowsCameHome]

28. Imagine, already at the end of his second term - how time flies.

Jeez, the man has two months before he's even sworn in..............

[LittleBlue]

31. No point this year. Most of the wealthy lost money

and will be taxed even though half their wealth dried up. We don't want to overdo it

[Cleita]

46. That's a paper loss. They know that if they hang on to their investments,

the stock market will eventually go back up and they will regain their losses. Also, there are a lot of bargains out there right now to be picked up by those with extra cash. The rich aren't hurting. Those who are hurting are people like me retirees with small nest eggs that have gone down in value. Most of us won't recoup the losses.

[beachmom]

32. Yup. You don't raise taxes (or cut spending for that matter) in a spiraling downturn.

[Skwmom]

41. Okay, I understand short term deficits. But exactly how large do we

want those short term deficits to be?

These are the people who made out under Clinton and Bush. Surely, they should be willing to make a small "sacrifice" for the good of the country.

[TexasObserver]

42. I'm sure that's true. It was a sales point to show a source for the tax cut proposed.

He'll still deliver the middle class tax cut, but he'll eliminate the tax increase he talked about.

[Cleita]

49. He has to do a tax increase somewhere or he'll be rattling around like

Arnold Schwarzenegger in an empty Treasure House, trying to get funds by cutting out services and government jobs to achieve it.

[Not the Only One]

52. Schwarzenegger can't print currency. Obama can.

That's the difference. The fed doesn't care about deficits ultimately, especially as long as foreign nations would rather invest in the US via U.S. government securities than in other world economies. As bad as things are here, they aren't any better/safer anywhere else. It's all relative.

[Cleita]

54. If Obama prints currency to reduce the debt, all your savings will become

of less worth as it causes inflation. This is a burden on the middle classes who are trying to save money for college funds and retirement. He needs to recoup some of that 95% of our wealth from the 5% who own it. I mean there will still be plenty for the greedy suckers if they only own 50% of the wealth.

[TexasObserver]

55. It's called deficit spending, and it's just what the economist ordered.

Of course Obama is going to use deficit spending to spur the economy.

He's not going to increase taxes 3% in 2009 on the top 5% of taxpayers. He'll wait until the Bush tax cuts come up for renewal, and he'll allow them to lapse, but that won't be in 2009.

[Cleita]

56. He really picked the wrong economists. I think someone ought to send that

guy some history, notably the Weimar Republic in Germany and any banana Republic in the fifties in South America. We are better off borrowing more money and being in debt than doing that. At least in 2009 we can start paying back. When the Weimar Republic (a very Democratic government incidentally) printed money to pay off the indebtedness of WWI it reduced the average German's life savings to the price of a meal. It increased unemployment in a country already devasted by war. It helped the rise of the Nazis because the German people were so pissed at being put in the poor house. We have already had eight years of Nazis. We don't need anymore.

[dailykoff]

50. Gee, what a shock. I'm sure all those "rivals" he's recruiting

for his economic team were real divided on this one, not.

[cottonseed]

53. Delaying until 2010, which is letting the Bush tax cuts expire

which is what he'd said all along. You should put a slash through the (((Breaking-))). Makes you look stupid.