President Obama himself has now weighed into the deficit debate. In a powerful speech that ridiculed Republican proposals to lower the deficit on the backs of seniors, the ill and the poor, the President laid out clearly a two-pronged attack: cut expenditures especially in the Defense Department and cancel the Bush tax cuts for the rich. Ever since he began running for the White House in 2008, Obama has promised to make the rich pay their fair share. Listen to this. Cutting the tax cuts for the rich will solve 75 per cent of the deficit problem over the next five years.
The Republican plan would force seniors to come up with an extra $6,000 a year to pay for their health care. Obama would annull that and raise the taxes on the wealthiest two-per cent of the population, those making over $250,000 a year. Every poll shows that the American people support this policy. Besides the rich are paying the lowest taxes of the last 50 years.
Make no mistake about it. In this powerful speech Obama laid out the parameters of his campaign to retake the White House in 2012. His taxes on the rich will provide a trillion dollars annually to pay down the debt. In so doing Obama has put himself squarely on the side of the middle class, the old and the sick. And he has put the GOP squarely on the side of their political friends, the richest two per cent of Americans.
Is this a winning political ticket or not?
Should the rich pay more?
What do you think?