August 2, 2010
What’s another broken promise to a puppet president? Just more grease on the wheel. Lies about wiretapping, expanding war, using executive orders to create law, less secrecy & 5 days to read bills online and the economy already stand on record.
After all, even the critics have become used to Obama’s pile of cheap, cynical but politically-expedient campaign lies. The Obama Deception, released in March 2009, already counted dozens of broken promises and outright lies. Days before his inauguration, Barack Obama himself reneged on the bold promises that made a nation “believe.” Due to the economic crisis, all Americans would feel the effects, Obama stated. “Everybody’s going to have to have some skin in the game.” By February 2010, Obama had become “agnostic” about tax increases.
Obama’s often stated "tax pledge" for the middle class is likely to be abandoned soon as Americans are squeezed to the limit to meet debt needs and finance bailouts.
Now, the Financial Times is urging that “Obama must break his tax promise“ to stave off lost government revenue during these harsh economic times. Author Clive Crook writes, “He will have to break that promise, and the sooner he does it the better.”
Clive Crook writes:
[…] “Barack Obama organised his election campaign around this position. He complained of fiscal irresponsibility with one breath, then promised even lower taxes for most Americans – households making less than $250,000 a year, some 97 per cent of the total – with the next.”
[…] “With economic uncertainty universally acknowledged as a brake on growth and employment, Americans have not the faintest idea what will happen to their taxes next year. Gridlock that causes everybody’s taxes to rise sharply, which nobody wants and which makes no economic sense, is entirely possible.”
In addition to the need to make bad on Obama’s campaign pledge that households making under $250,000 would see zero tax increase, Clive Crook proposes that the President also introduce “new taxes such as a value added tax and/or a carbon tax would be needed to bridge the remaining fiscal gap.”
In addition, new taxes such as a value added tax and/or a carbon tax would be needed to bridge the remaining fiscal gap. These would make sense in their own right as part of the mix, even if there were no revenue shortfall. But the politics is so poisonous that these can barely even be mentioned. Instead, the debate is stuck in the mud of class warfare.
“The leadership that Mr Obama could provide on this is desperately needed. No doubt he understands what ought to be done, but the promise he made in 2008 has tied his hands. He will have to break that promise, and the sooner he does it the better.“
- A d v e r t i s e m e n t
The AP recently called the President’s tax pledge “unrealistic,” noting that he had already broken the pledge, and would likely have to do so again.
President Barack Obama promised to fix health care and trim the federal budget deficit, all without raising taxes on anyone but the wealthiest Americans. It’s a promise he’s already broken and will likely have to break again.
House Democrats have publicly discussing breaking the no-tax pledge while looking for taxable schemes to go into effect after temporarily extending tax break benefits for relief during the economic crisis. Democratic lawmakers have already acknowledge that the health care bill has broken the pledge.
The bottom line is that the financial ceiling is collapsing, and taxes will have to be squeezed out of the middle class. Both parties will try to appear as benefiting those in financial hard times, but not even heavy media spin can hide the severe tax measures that are evidently imminent for the Obama Administration.
Commentators have raised the question as to whether the promise could affect an Obama-bid for re-election in 2012. The answer is simple: yes. President George H.W. Bush’s infamous broken pledge “Read my lips: no new taxes” is widely credited with costing him re-election.
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