Dec 7, 2010

Obama Caves on Bush Tax Cuts

By Ari Berman / thenation.com
Obama Caves on Bush Tax Cuts

barrack obama george bush 1 President Barack Obama & George Bush Face Morph. Woah.

During the 2008 presidential campaign, Barack Obama said over and over that he was running to "put an end to the Bush-McCain philosophy." Campaigning in Colorado just days before the election, Obama clearly stated his opposition to Bush-era economic policies and ridiculed the idea that "we should give more and more to millionaires and billionaires and hope that it trickles down on everybody else. It's a philosophy that gives tax breaks to wealthy CEOs and to corporations that ship jobs overseas while hundreds of thousands of jobs are disappearing here at home."

Now Obama, in a blatant reversal, is preparing to do just that, agreeing to extend the Bush tax cuts for the wealthy, which my colleague Chris Hayes accurately calls the "single defining domestic policy of W."

In 2008, Obama presented himself as a clean break from the Bush and Clinton dynasties and a fresh face for the nation and the world. Yet once in office he packed his White House with holdovers from the Bush and Clinton administrations and continued or even accelerated key Bush-era policies, whether in the realm of counterterrorism, Afghanistan or offshore drilling. The latest "compromise" on the Bush tax cuts, extending the upper-income tax cuts for two years in exchange for the continuation of unemployment benefits, is simply the latest in a series of capitulations from the Obama White House.

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