Forget President Barack Obama's pledge of no increase in taxes for most of us. Taxes will be going skyward.
During last year's campaign, President Obama vowed to enact a bold agenda without raising taxes for the middle class, a pledge budget experts viewed with skepticism. Since then, a severe recession, massive deficits and a national debt that is swelling toward a 50-year high have only made his promise harder to keep.
The Obama administration has insisted that the pledge will stand. But the president's top economic advisers have refused to rule out broad-based tax increases to close the yawning gap between federal revenue and government spending and are warning of tough choices ahead.
...Obama ... has vowed to pay for any new initiatives and to draft an overhaul of the health-care system that eventually would save the government money, driving deficits down. But effective health reforms would take decades to produce savings. In the meantime, White House budget director Peter R. Orszag acknowledged, "there are additional steps that will be necessary."
Not that this is any big shock or anything. We talked about this many, many, many, many, many, many, many, many times before the election (as far back as July 2007). Here's the best summary I've seen so far of what Obama has already done:
Can't wait to see what he does next!
Bottom line: when the Democrats run things, the American people always have to make do with less of their own money, and this time will be no exception. Well, except for the sheer historic giganticness of the tax increase this time, that is.
There's my two cents.
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