My first thought when the news broke on Monday night about the deal to extend the Bush Era Tax cuts: The Republicans secretly placed a new script on President Obama’s TelePrompTer: “I now love tax breaks for millionaires!”
Barack Obama finally became an engaged President. He made a deal designed to get the economy moving by 2012 so that he can get re-elected. The fact that the Left hates this deal shows that Obama is trying to seize the center – again – and win the 2012 election.
Obama’s first two years of massive federal spending – corporate takeovers, TARP and the Stimulus Bill – failed miserably to generate private sector economic growth. And time is running out for him to wait for the economy to start growing.
As a friend of mine put it, 9% unemployment is the over/under for Obama’s re-election chances. Above 9% and he is toast (unless the GOP nominates Palin) and under 9% and he has a fighting chance to be re-elected on the argument that “I have gotten our economy back on track.”
Now Obama has channeled Ronald Reagan with his payroll tax cut and agreement to keep the Bush Era tax cuts in effect and even to cut the estate tax rates. No wonder the Left is going nuts! Their great hope – Barack Obama – is more Reagan and Bush than they can stomach!
The only loser in this arrangement is the long-term financial viability of our nation as another almost-one trillion dollars will be added onto the already staggering $14Trillion debt we are carrying.
But the President and the GOP leadership decided it was more important to juice the economy now – in advance of the 2012 election (after all, everyone in the House is up for re-election in 2012, too) – and worry about the debt later.
If it works, Obama can get himself re-elected in 2012. If it does not work, the consequences for both parties will be catastrophic. The anger that catapulted the Tea Party Movement to political prominence this year will compound itself into a “throw ‘em all out” fury in 2012.
John LeBoutillier is a former U.S. congressman and a nationally recognized political commentator. LeBoutillier has been a prolific writer and he has contributed to many major newspapers and magazines. In 1980, LeBoutillier was elected to represent New York’s 6th District becoming the youngest member of the 97th Congress. He also has been a frequent commentator, host and guest of many media programs.