White House adviser David Plouffe said on the Sunday talk shows that the Obama administration would introduce a new deficit reduction plan that took a look at cuts to Medicare and Medicaid. Higher tax rates on upper income earners would also be a part of the plan.
It looks like team Obama decided it couldn’t go into the presidential election with a budget that completely punts on the debt crisis after Paul Ryan’s budget this week. They also seem to want to keep triangulating, offering a new proposal in the tradition of their compromises with the Republicans on the Bush tax cuts and the fiscal 2011 continuing resolution.
The Ryan budget has its flaws, but it is fundamentally honest about something we’ve been fudging for 30 years. Ryan tries to maintain our historic postwar tax burden and reins in spending accordingly. The Democrats want to maintain the promised benefit levels, but are unwilling to commit to the tax increases necessary to finance those benefit levels with our current demographics. Tax hikes on the wealthy won’t cut it. Let’s see if Obama can split the difference.
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That’s right, the Grinch (Joe Biden) is coming for your pocketbooks this Christmas season with record inflation. Just to recap, here is a list of items that have gone up during his reign.
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