Jack Lew Defends Tax Increases in 2013 Budget, Insists Congress Extend Payroll Tax Cut
According to Lew, "the president’s proposal will reduce spending so it will no longer add to the deficit and will create stability in the economy." Yet, when Obama took office, he pledged to cut the deficit in half by the end of his first term. This is now the fourth year that the deficit spending exceeds $1 trillion. The new tax increases include a minimum tax rate of 30% for millionaires and involves $1.3 trillion in deficit spending and $1.5 trillion in added tax revenue. Do you think the announcement of this new budget plan could hurt or help Obama in his campaign for re-election?
I don't think that this announcement will hurt Obama. Government spending has been at a deficit for so long now that if it continues to stay high it shouldn't have a huge effect on Obama's campaign for re-election.
ReplyDeleteI agree with Colleen. It is an important issue but I don't see it hurting Obama because people aren't too pumped about his potential opponents and it will most likely be blamed on Bush...as is tradition.
ReplyDeleteI think colleen makes a good point. The deficit has been growing for so long, and it has been this way for such a long time that Obama's campaign shouldn't be affected because of it, however he will need to address his plans for reducing it to help with his campaign for re-election.
ReplyDeleteWe know that Lew's argument shouldn't hurt Obama because the government has been investing a lot of money for military expenses and the "recovery act". These are legitimate causes and understandable investments. But I'm not sure if the rest of the population would be able to consider these facts before making judgement.
ReplyDeleteI believe that these campagnes are not there to present governmental policies that would better serve the country. They are rather rambles that people say to get people's attention and be inaugurated as president. With that said, Lew can make a big deal about how Obama spent an excessive amount of money and made the country worse off with debts.
DeleteI agree, Colleen.
ReplyDelete