Obama: "Wealthiest Americans were doing better under Clinton because EVERYBODY was doing well"

[Amerigo Vespucci]

In talking about his tax policy, Obama mentioned Bill Clinton -- something he does from time to time on the stump. He said he would roll back the Bush tax cuts on the very wealthiest Americans, so that they paid the same rate they paid under Clinton.

"By the way, they were doing fine under Bill Clinton. In fact, they were doing better under Bill Clinton because everybody was doing well," he said. "And those who owned businesses, their customers could actually afford to get their products and hire their services."

Hillary Clinton often invoked her husband's administration on the trail during the primaries to remind people about the relative prosperity of his two terms. Obama is set to rally with the former president in Orlando on Wednesday.

http://firstread.msnbc.msn.com/archive/2008/10/26/1595310.aspx

[BrklynLiberal]

1. A rising tide lifts ALL boats...

The aphorism "a rising tide lifts all boats" is associated with the idea that improvements in the general economy will benefit all participants in that economy, and that economic policy, particularly government economic policy, should therefore focus on the general macroeconomic environment first and foremost. The phrase is said to have been coined by Seán Lemass, the Irish Taoiseach (Prime Minister) in 1959–1966.<1> <2> Lemass himself attributed the phrase to John F. Kennedy.<3> Kennedy employed the expression to combat criticisms that his tax cuts would benefit mostly wealthy individuals.

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

[DrToast]

2. I'd like to see him drive this home more...

There is objective evidence that shows that the economy struggles when income inequality is high.

[Odin2005]

5. IIRC the recipe for prosperity is...

...high taxes on the rich, on corporate profits, and on capital gains while keeping interest rates low. That is what we did from the end of WW2 to the late 70s. This forces the rich to invest their wealth back into the economy instead of storing it away in hedge funds.

[Cha]

3. Cool! Obama spoke very well of Hillary and Bill in his

latest Rolling Stone interview. Said Hillary was on his VP short list and "she's going to be a great ally in the years to come". :)

[1corona4u]

4. Seriously....I don't see why people don't understand this....

it just boggles the mind....rich people don't buy rich people's shit. WE do. WE make them money. If we have nothing to spend, they get nothing. We are spending the bare minimum on things now. Don't they get that?

[electricD]

6. Don't they get that

It's not that they don't get that. It's that they don't care. It's the whole mentality of, I've got mine so fuck you.

[1corona4u]

7. Well, if the middle class doesn't 'get well' they will get no more money.

So if they have all the money they will ever need, then great. I'll just not replace my, tv, computer, car, appliances, electronics, home, etc....I'll just keep fixing them up when needed, spending as little as possible.