Who should get the tax cuts?
Both President Obama and presidential contender Mitt Romney favor leaving the Bush-era tax cuts in place. But Obama wants to let those cuts expire for people earning more than $250,000 a year. Romney wants tax cuts for everyone.
Obama opponents say his plan would hurt small businesses and job creation. They argue that wealthy people invest and grow businesses, and that creates jobs. Obama argues that low and middle-income people with more money will spend it … and that creates jobs. Obama believes the middle class drive consumer demand.
But too many Americans are digging out of debt, and trying to recover from the mortgage meltdown. It seems to me our people are trying to get back on their feet financially, and those tax cuts are important.
The job picture has gone gloomy again over the past few months. That’s bad news for the nation … and bad news for President Obama’s political prospects.
Our thought for today is from J. K. Galbraith:
“In economics, the majority is always wrong.”