In what can only be described as a disaster for the Obama campaign, former president Bill Clinton gave an interview to CNBC today in which he said that America is already in recession and that Congress should extend all the Bush tax cuts in order to avoid the so-called fiscal cliff at the end of the year and the great damage that going over that cliff would do. It was incredible to watch. Just look what Clinton did:
1) Obama keeps talking about how the economy is in recovery and growing. The claim is getting pretty shaky as one bad number after another comes out from the government, but Obama keeps talking about it nevertheless. Clinton says we are in a recession already. You do not get a bigger disagreement about that ever.
2) Obama is making a cornerstone of his campaign the need to raise taxes on the wealthy. The GOP says you cannot raise taxes in a time of economic weakness without hurting the entire economy. Clinton says to extend all the Bush tax cuts. In other words, Clinton says the Republicans are right (which must mean that Obama is wrong).
This is not some mayor or congressman who no one ever heard of. It is Bill Clinton, a former president of the United States who is well liked by millions and respected for his acumen in dealing with the economy. After all, it was under Clinton that the budget was balanced (he left a surplus) and under Clinton that we saw pretty dramatic growth compared to what we have now.
Given how the Obama campaign staff must feel about what just happened, it is a good thing that Clinton has secret service protection still.
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