Geithner Won’t Rule Out New Taxes for Middle Class

To get the economy back on track, will President Barack Obama have to break his pledge not to raise taxes on 95 percent of Americans? In a “This Week” exclusive, Treasury Secretary Tim Geithner told me, “We’re going to have to do what’s necessary.”

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.

“We have to bring these deficits down very dramatically,” Geithner told me. “And that’s going to require some very hard choices.”

via Geithner Won’t Rule Out New Taxes for Middle Class – George’s Bottom Line.

Boy did he just step in it. Rule 1: No matter what else you do, never, ever talk to the public as though they are adults because they are not. (This is something i’m getting more and more disappointed w/ Obama over btw – Red Pill / Blue Pill? Give me a break.) Obviously taxes are going to have to go up at some point – no matter who was elected – but I don’t see the point of telegraphing it until you’re actually about to do it. Yeah, yeah, trial balloons and all that – but am I going out on a limb if I say that we already know how people will react? I think Americans’ feelings about taxes are pretty clear. Geithner sucks at the whole interviewing/artful dodging/washington bullshit thing but damn, way to serve up an “Obama breaking campaign promises” storyline (and another distraction from healthcare) on a platter Timmy.


Note To The Middle Class: You Shall Be Taxed

1. The deficits were created by you with all the bailouts.
2. Now, you want the American people to pay for regulatory mistakes the government made that killed industries twice over.

See, people who invested in banks or real estate or car companies or companies that served car companies, lost all their money. Then, their tax dollars were used to bail these idiotic industries out. Now, the American people are being asked to accept higher taxes to pay off deficits created by the above.

Adding insult to injury, the American people will be asked to do this AFTER they had been promised that there would be no taxation for 95% of the American people. Yeah, right.

Right, I remember when Geithner was Treasury Secretary under George W. “Balanced Budget” Bush. There are plenty of other posts along these lines but I like this one because it lays the delusion right out: there was no deficit until Obama took office and bailed out Wall Street. One’s personal feelings on the spending, bailouts etc. aside, obviously Obama voted for the TARP as a Senator and Geithner was heavily involve with it at the NY Fed. I have no problem with people being pissed at them for that but it’s disappointingly typical to see that people already have forgotten that this didn’t all happen in the last six months. (Going on seven I guess. Whatever.)  It sucks when politicians lie to us but this isn’t the first time it’s happened. Both candidates were serving up sugarcoated poop on the campaign trail – neither of ’em would answer questions about “what we’d have to sacrifice” “how they’d handle the difficult economic decisions” or etc.  Obama promised not to raise taxes on the middle class, McCain claimed he’d balance the budget in one term. As adults we knew (or should have) that both these claims were false. Being pissed about that is completely justifiable, but the acting shocked part just rings hollow to me.

Also, suppose that raising taxes on the middle class means letting the cuts from the stimulus expire. If that were to be the case what would’ve really happened? I have no idea what they’re  considering but it’s something to keep in mind when the debate is framed in a way that letting Bush’s tax cuts sunset (as they were originally written to do) is seen as an Obama tax increase.

(and btw, what’s dr. delusion talking about with the thing about quoting ABC’s ‘stupid’ site? I copypasta’d that Stephanopolous bit just fine. Maybe her memory loss also extends to the use of blogging technology.)

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