News reports this morning quote White House sources as saying that president Obama will come out this week with a plan for deficit reduction. When pressed on what the plan will include, the presidential advisor said that the president believes that taxes on the wealthier Americans need to be raised. The advisor also made clear that while the new budget proposal by Paul ryan and the GOP may pass the House, it will not become law.
So there you have it. The political battle of the next year is likely to be a choice between Democrats pushing higher taxes and Republicans pushing lower spending. I certainly hope this is actually how it plays out. I simply cannot imagine the American people choosing higher taxes and lower economic growth with more government programs spending more money over lower taxes and more economic growth with fewer government programs spending less. Everyone out there who aspires to improving their own position and that of their children almost surely will choose the chance for opportunity provided by higher growth if the choice is made clear.
There is no question that the solution purportedly about to be offered by Obama is in line with his philosophy and that of the left. Nevertheless, if it happens, it will be a defining moment for the Obama presidency, one from which I think he will never recover.
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