Obama Gets His Tax Deal, Reanimating Reaganomics

[Donnachaidh]

http://www.commondreams.org/headline/2010/12/17-7?utm_source=twitterfeed&utm_medium=twitter


Supply-side economics prevailed-at least politically-late Thursday, as the US House grudgingly approved President Obama's deal with congressional Republicans to extend Bush-era tax cuts for billionaires, creates broad estate-tax exemptions for millionaires and shapes economic policies based on tax cuts rather smart investment in job-creating infrastructure projects, schools and an engaged public sector.

The House vote ended two weeks of wrangling over the deal that was generally popular with Republicans who almost giddy at prospect that a Democratic president would make tax cuts so central to his economic agenda, but was sharply criticized by leading Democrats and Vermont Independent Bernie Sanders as a reanimation of Reaganomics that would widen the gap between rich and poor, starve federal, state and local programs of needed resources, expand deficits and potentially undermined Social Security.

Some of the tax cuts White House included in the agreement were beneficial to working families, and the deal also includes an extension of unemployment benefits. That, and pleas from Obama that a defeat of the package could end his presidency, secured sufficient Democratic support to clear the House-where opposition had threatened the measure.

"I applaud President Obama for his side of the ledger," a restrained House Speaker Nancy Pelosi, D-California, said after the House voted 277-148 for the measure . "I'm sorry the price that had to be paid for it is so high."

More at the link --

[dennis4868]

1. wow...

never knew that Reagan's tax plan included UI for 13 months....I think I missed that in the 1980s among other things due to heavy drinking :-)

[Donnachaidh]

2. yeah, tell that to the 99ers who have been *disappeared* by this *deal.

:eyes:

[dennis4868]

4. I agree with you about the other 99ers....I AM ONE OF THEM....

but I am sure happy for the others who were helped in the tax deal....that's great news for them...

[Hello_Kitty]

5. Actually, it's about a bunch of the other stuff in the deal. But you knew that.

[rfranklin]

8. But he did put through the largest tax increase in history...

for the little people. Then they looted the resulting surplus of Social Security. Can Obama be far behind?

[dennis4868]

10. you mean the great Ronny...

caved in to the dems? Hmmmmmm

[somone]

3. He needs to be added to this pic

[mmonk]

7. +1

[slackmaster]

6. I remember Reganomics

[Democrats_win]

9. Not so. Reagan made a big speech for tax cuts: Obama punted!

Before Congress voted on the Reagan tax cuts, he went on TV and asked the American people to support him. Obama could have gone on TV and asked that Congress support either of the tax cut extensions that didn't include the budget buster give-away for the filthy rich.

It IS just like Reagan in the sense that we will be paying for this idiocy for a long time. It's a Rotten Deal. Obama's Rotten Deal.

[leftstreet]

14. That's a good point

Reagan did at least use the M$M to spin his own stuff

[Sebass1271]

11. I also heard is clinton's fault for signing NAFTA

however, i am not too clear why he did it. Yes, he signed NAFTA but wasn't NAFTA drafted during Reagan and Papa BUsh?

[postulater]

12. Mission Accomplished!

[somone]

13. Pic updated by Dawgs

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x568862

[Rex]

15. Well we can't let any billionaires go broke! Imagine! THEM standing

in the unemployment line! How barbaric! :sarcasm:

[Poboy]

16. Recommend.

[Little Star]

17. k&r