Obama's Sellout on Taxes By Michael Hudson

[WizardLeft62]

December 8, 2010

Game Plan for a Flat Tax, Social Security Cutbacks and Austerity
Obama's Sellout on Taxes
By MICHAEL HUDSON

I almost feel naïve for being so angry at President Obama’s betrayal of his campaign promises regarding taxes. I had never harbored much hope that he actually intended to enact the reforms that his supporters expected – not after he appointed the most right-wing of the Clintonomics gang, Larry Summers, then Tim Geithner, Ben Bernanke and other Bush neoliberals. But there is something so unfair and wrong that I could not prevent myself from waking up early Tuesday morning to think through the consequences of President Obama’s sellout in the years to come. Contrary to his pretense of saving the economy, his action will intensify debt deflation and financial depression, paving the way for a long-term tax shift off wealth onto labor.

In achieving a giveaway that Democrats never would have let George Bush or other Republicans enact, Obama has laid himself open to the campaign slogan that brought down British Prime Minister Tony Blair: “You can’t believe a word he says.” He has lost support not only personally, but also – as the Republicans anticipate – for much of his party in 2012. Yet Obama has only done what politicians do: He has delivered up his constituency to his campaign backers – the same Wall Street donors who back the Republicans. What’s the point of having a constituency, after all, if you can’t sell it?

Read the Entire Article at:
http://www.counterpunch.org/hudson12082010.html

[daa]

1. The sad thing is he doesn't get it

He thinks that by doing the repugs bidding he will win back the middle without losing us. Well, you, he lost me on that phony HRC or didn't your rates go up another 20% this year. So he chastises Bernie and us and he forgot what happened to the bluedogs. Given a choice between a democrat that sounds like a repug or a repug, the repug wins almost every time. Tax cuts for the rich only send my sister to a couple more vacations outside the country, period.

But not to worry, come 2012 what will be the battle cry of the tea party? Obama raised the deficit another $Tillion with his unfunded tax cuts, cut Social Security and Medicare NOW.

I used to think Chimpy was the dumbest guy to hold the office, until he got everything he wanted and this guy has gotten nothing. Very sad how our majorities were squandered on nothing.

[democracy1st]

2. He's not dumb,he's getting everything he wanted. Bit by Bit he's dismantling the democratic party

and the New Deal.