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August 2, 2009
ABC News Report: Geithner Won't Rule Out New Taxes for Middle Class
Topics: Political News and commentariesAdd another broken campaign promise to the growing trail of broken Obama campaign promises, which as David Sirota points out, now number so many that the prophet of hope no longer even bothers with explanations when he reneges on his campaign pledges. ABC News reports that Treasury Secretary Tim Geithner is saying in order to get the economy back on track, President Barack Obama may have to break his pledge not to raise taxes on 95 percent of Americans in order to do "what's necessary" to bring the deficit down:
Geithner was clear that he believes a key component of economic recovery is deficit reduction. When I gave him several opportunities to rule out a middle class tax hike, he wouldn't do it.Increasing taxes on the middle class should come as no surprise to anyone with at least a basic understanding of simple economics (which of course leaves out President Hopey Changey), that you can't massively expand government and massively increase government spending and expect the deficit to go down. Clearly, Fred Barnes is right: Our Know-Nothing-in-Chief hasn't even a sketchy grasp of economics."We have to bring these deficits down very dramatically," Geithner told me. "And that's going to require some very hard choices."
"We will not get this economy back on track, recovery will be not strong and sustained, unless we convince the American people that we are going to have the will to bring these deficits down once recovery is firmly established," he said.
While Geithner told me, "There are signs the recession is easing," he warned that, "We have a ways to go."
"I want to emphasize the basic reality that unemployment is very high in this country," the secretary said. But, he underlined that the administration is "going to do what is necessary to bring growth back on track."
Posted by Richard at August 2, 2009 10:59 AM
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