Sunday, March 27, 2011

Barack Obama vs Republicans on American Economy and Debt Crisis

President Obama stands for the middle class
The Republicans stand for the rich
There's an excellent article on CNNMoney.com outlining that Republican proposals are hurting America's economy for the most part, and that what President Barack Obama stood for, while he was a candidate, would have help the US economy and reduce debt had they been implemented. For example, Barack Obama campaigned on eliminating Bush Tax Cuts for the rich in 2008. His underline position on this issue hasn't changed to this date, but somehow Bush tax cuts still exists thanks to the Republicans.

The Republicans have always stood for less spending. They know giving away tax cuts for the rich means MORE government spending. However last year, they forced President Obama to extend Bush tax cuts. That's perplexing, isn't it? The reason being that Republicans have never publicly said they also stand for the rich, not the American working class. They want to protect the rich at the middle class' expense.

President Obama clearly said, when the current Bush tax cuts are set to expire in 2012, he will make a strong case against taxes for the rich. This issue definitely going to play a huge role in 2012 presidential race. If you're going to vote Republican in the 2012 presidential race, then you clearly haven't understood what this article's trying to tell you: the Republicans don't care about the middle class. They lie when they say cutting taxes for the rich would help American economy.
While Republicans portray President Obama as the biggest of big spenders, in fact the driving force behind the big deficits in his 2012 budget proposal isn't spending. It's his proposed tax cuts, and the increased interest costs that result, according to an analysis by the independent Congressional Budget Office.

The $1 trillion in annual tax breaks also exacerbate the spending problem and have the perverse effect of pushing some rates higher.

The president's bipartisan debt commission called this phenomenon out.

"Instead of promoting economic growth and competitiveness, our current code drives up health care costs and provides special treatment to special interests. The code presents individuals and businesses with perverse economic incentives instead of a level playing field," the commission wrote in its final report.

http://money.cnn.com/2011/03/25/news/economy/tax_increase/
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