Obama has yet again changed his tune on policy, this time reversing himself on the repeal of Bush’s tax cuts:
[i]Democrat Barack Obama says he would delay rescinding President Bush’s tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.
Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their expiration date, as Republican John McCain advocates. Instead, Obama wants to push for his promised tax cuts for the middle class, he said in a broadcast interview aired Sunday.
“Even if we’re still in a recession, I’m going to go through with my tax cuts,” Obama said. “That’s my priority.”
What about increasing taxes on the wealthy?
“I think we’ve got to take a look and see where the economy is. I mean, the economy is weak right now,” Obama said on “This Week” on ABC. “The news with Freddie Mac (FRE) and Fannie Mae (FNM), I think, along with the unemployment numbers, indicates that we’re fragile.”[/i]
An interesting conundrum - one of Obama’s main themes is how awful the economy really is…as he continues to paint this bleak picture of “dust bowl” proportions with the state of the economy, he now reinforces the need to keep the tax cuts in place.
As one commentator put it, every promise made by Obama has an expiration date. But more importantly, how does the Left respond to this? And even more importantly, if tax cuts create the kinds of economic benefits we need to fend off recessions and the like, what is the argument for raising taxes outside of a recession, when we could enjoy the same economic benefits?