Mudcat Café message #3032992 The Mudcat Café TM
Thread #133576   Message #3032992
Posted By: Genie
15-Nov-10 - 05:36 PM
Thread Name: BS: Should Obama Run in '12???
Subject: RE: BS: Should Obama Run in '12???
Ron, I agree that way too many on the left are so stupidly idealistic and/or short-sighted as to sit on their hands and let the far-right Republicans take over - possibly permanently - because they're disappointed in Obama and the Dems and think they'll "teach them a lesson" by doing so. (Or maybe they truly think "there's not an ounce of difference between the Democrats and Republicans" -- something even Ralph Nader now acknowledges is not true.)

But if Obama and the Dems cave in and extend the Bush tax cuts even for a year or two, they might as well extend them permanently (as permanently as any legislation ever exists).   The Republicans will control the House next term and they will use budget reconciliation to pass another 10-year extension of all those tax cuts if they need to. Then the Dems will have to vote it down in the Senate if they can (but there are enough blue dogs that it will probably pass). Or Obama will have to veto it. Either way, the Dems will still be in the position of "voting to raise taxes." And I don't see that happening.

Extending all those tax cuts -- keeping all cap. gains at max. rate of 15%; allowing untaxed inheritance of unlimited $ amounts; keeping top marginal tax rate at 35% -- will extend and exacerbate the deficit by about 4 trillion $ over 10 years. That will force severe cuts in the maintenance of "the commons," including our infrastructure, and greatly widen the increasing gap between the haves and the have nots.

Social Security should not be in any way on the chopping block because of the deficit, to which it has not contributed anything.   If it needs 'tweaking' temporarily or permanently, that can be done in various ways such as raising the cap on the amount of income that is subject to the "payroll tax."   But while the baby boomers are a huge demographic, it doesn't mean that every ensuing generation will be in the same situation.