Tuesday, November 17, 2009

Obama to Seek Tax Increases Next Year?

This statement comes from White House Budget Director Peter Orszag, not Obama. Still, it merits some review. This unsustainable and unprecedented deficit spending needs to be brought under control. You have two main choices to reduce deficit spending; spend less money or raise more revenue. The two avenues are not mutually exclusive. Conservatives favor the 'spend less' side of that equation. We also see tax hikes as a short term way to raise revenue (if that) at the expense of long term growth. That appears to be the way Obama is leaning, but given election, he may have a hard time getting the 'blue dogs' to go along with the program.


"Well, there are two ways to cut a deficit: the right way, and the liberal way.

AP buries a major lede.

Orszag has said the spending blueprint, for the budget year that begins Oct. 1, 2010, would put the nation "back on a fiscally sustainable path" and suggested it would include a mix of spending cuts and new revenue-producing measures.

Revenue-producing measures? What could that be?"

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