Friday, February 12, 2010

Maybe He Meant 250,000 Pennies

Hmmm. I remember this pledge...

Now this was already proven wrong when federal taxes on tobacco were raised, but the President skated by on that one. But why do I get to read this today?
President Barack Obama said he is “agnostic” about raising taxes on households making less than $250,000 as part of a broad effort to rein in the budget deficit.

Obama, in a Feb. 9 Oval Office interview, said that a presidential commission on the budget needs to consider all options for reducing the deficit, including tax increases and cuts in spending on entitlement programs such as Social Security and Medicare.

“The whole point of it is to make sure that all ideas are on the table,” the president said in the interview with Bloomberg BusinessWeek, which will appear on newsstands Friday. “So what I want to do is to be completely agnostic, in terms of solutions.”

Obama repeatedly vowed during the 2008 presidential election campaign that he would not raise taxes on individuals making less than $200,000 and households earning less than $250,000 a year. When senior White House economic adviser Lawrence H. Summers and Treasury Secretary Timothy F. Geithner suggested in August that the administration might be open to going back on that pledge, White House press secretary Robert Gibbs quickly reiterated the president’s promise.

In the interview, Obama said that putting preconditions on the agenda of a bipartisan advisory commission, which he said he would soon establish, would just undermine its purpose.
Remember, it's not his fault, it's the fault of that nasty commission. Ed Morrissey breaks it down...
What changed? Obama’s economic policies have had the effect that we predicted they would during the campaign. The White House sees trillion-plus budget deficits for most of the next ten years, thanks to massively expanding federal budgets and the drag they put on economic growth. Either Obama has to drastically reduce federal spending and the intrusion it creates in American lives, or he has to hike taxes in a broad manner to generate enough income to offset the spending. Taxing just the upper 5% isn’t an option.
I like Jim Geraghty's idea about reporters finding a way to bring YouTube clips to press conferences. The truth is, this is the sort of promise people will hold a politician to -- it's pretty easy to know whether your taxes went up or down and what your salary was. All politicians renege on promises made to get elected -- but reneging on ones that affect voter pocketbooks isn't the best idea.

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