Tuesday, September 20, 2011

How balanced is Obama's plan?

How balanced is Obama's new proposal for economic growth and deficit reduction when it comes to relying on new revenues vs. spending cuts?  Well, it doesn't go as far as I would like given the level of income inequality in the country today, but it is a lot better than anything Republicans have proposed.  After all they propose no revenue increases at all.  Take a look at the chart below that shows the distribution between revenues and spending cuts in Obama's plan.  While you are at it, download this pdf which contains charts showing how much tax relief the super rich have enjoyed for the last several decades.  When the Republicans talk about class warfare, they get the story totally backward.  The class warfare hasn't been against the rich.  It has been against the middle and working class.  Obama's plan just makes a minor adjustment to restore a small bit of the imbalance.  It's not too much of a price for those who have benefited the most from Republican-installed tax cuts and tax breaks to pay to help get our country's financial house in order.

Download the tax chart pdf here:  http://www.americanprogress.org/issues/2011/06/pdf/low_tax_graphs.pdf

Source: http://www.americanprogress.org/issues/2011/09/obama_deficit_plan.html

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