Republicans played President Obama in the tax deal like mortgage hustlers played homeowners.

[Bluebear]

By Holly Sklar

Republicans played President Obama in the tax deal like mortgage hustlers played homeowners. Focus on the teaser rates, borrow more than you need and trust us to work with you to refinance later when rates jump.

The teasers are the needed extension of unemployment benefits – always extended before with high unemployment – and continued tax cuts for non-rich Americans. The President folded on more tax cuts for millionaires and doubled down with a renovated estate tax set at the lowest rate since 1931. And a cut in the Social Security payroll tax, which Republicans will use to gut Social Security later.

The tax deal will cost most Americans and our economy much more than it gains.

Obama’s tax deal falls for the same trap Republicans have been running since the Reagan administration. Cut taxes to reward the wealthy and purposely run up the debt to cause cutbacks later in programs Republican lawmakers don’t like, which is most everything outside the military and corporate subsidies for Big Oil, Big Pharma and other favored big business using small businesses as poster children...

Enabled by Obama, the Republicans will use the increased debt to set up the ultimate foreclosures: Social Security and Medicare. “President Obama and the Republicans will say that the payroll tax holiday is all about stimulating the economy. But don’t be fooled,” said Nancy Altman, co-director of Social Security Works. “There are many better ways to stimulate the economy with that $120 billion the payroll tax holiday will cost, including simply extending the Making Work Pay Tax Credit … And the other, better forms of stimulus pose no threat to Social Security.”

Sklar is the Director of Business for Shared Prosperity, which produced “The Business Case for Letting High-End Tax Cuts Expire.” Readers can write to her at [email protected]. An earlier version of this article appeared in The Hill.

Read more: http://njtoday.net/2010/12/16/tax-deal-like-a-bait-and-switch-mortgage/#ixzz18LkTvA24

[Rex]

1. Now now, that is called 'compromise' and is considered far better

then actually standing up to a party of bullies. :sarcasm:

[LiberalEsto]

2. I disagree

I think he's one of them

[BrklynLiberal]

3. and most people who voted for Obama got played as well...

Either he deceived, or is a hell of a lot dumber than he came across during the campaign.