When the the Tax compromise got through congress, I was pretty much angry at President Obama for what I saw as a capitulation to the Republicans. That assessment may have been somewhat wrong, considering all the progress of the lame duck session. Personally, I really think a good deal of horse trading went on, beyond what was in the compromise. President Obama managed to get most of his agenda through the legislature.
While watching Krugman last night, I was thinking, damn..that guy doesn't see an upshot to anything lately. He's mostly right about financial matters but there is a glimmer of hope here. And this is why..
Consider:
- For 8 years during the Bush administration, the Tax cuts for the wealthy were touted as an "incentive" for "wealth producers" to generate jobs. They did anything but. However, this time around, they actually lobbied pretty hard to retain the Tax cuts. And they are hard pressed to demonstrate that Tax cuts work. If in 2 years..no jobs have been created as a result of this..those cuts are definitely history.
-President Obama met with many business leaders prior and after the compromise. I am pretty sure there was arm twisting going on both ways.
-There are many factors that make a new economic boom ripe to happen. Labor in the United States is pretty cheap, considering that they are of a better quality then almost all industrialized nations and the quality of American goods and services are still superior to almost all parts of the world.
While there are still lots of unknowns and uncertainties..there may be light at the end of the tunnel.
Hopefully..it's not an oncoming train.
Condensed to one sentence...."Crap, the Republicans were probably right."
Not really..
Republicans wanted to give all the cake without getting anything back.
It's their cake...the Democrats want to take a bigger slice because they believe the rich don't deserve to keep it.
I fight the assertion that the government is the final arbitrator of who deserves.
