President Obama: “Priorities on Taxes”

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    “President Obama lays out his priorities for the coming discussion about tax cuts, calling for compromise but making clear he cannot accept $700 billion in deficits or an increase in middle class taxes.” The full transcript is here.

    P.S. In my view, we cannot afford ANY of the Bush tax cuts, but I’d support extending them for the non-rich for a couple years, until we get out of the Bush Great Recession.  As for rich people, given how much income inequality has increased in this country under Republican misrule, there’s absolutely no excuse for giving them any tax breaks. It’s also bad economic policy, as the marginal propensity to spend an extra dollar declines when you have gazillions of ’em.  Yeah, I remember that from Econ 101. 🙂