Recently, former president Bill Clinton was on with David Letterman. Though many in his party are pushing for higher taxes, Clinton advocates a different approach:
“Should you raise taxes on anybody right today — rich or poor or middle class? No, because there’s no growth in the economy,” Clinton said on the “Late Show.” “Should those of us who make more money and are in better position to contribute to America’s public needs and getting this deficit under control pay a higher tax rate when the economy recovers? Yes, that’s what I think.”
He also mentions that there should be no spending cuts right now, either. Seems he is directly opposite of other party members.
Remember the supercommittee that is supposed to find a way to cut a couple trillion dollars from the deficit over the next decade? Well, Democrats are already lobbying for both tax increases AND more spending:
For instance, Democrats on the House Transportation and Infrastructure Committee want the supercommittee to find ways to pay for a six-year surface transportation funding bill at a cost of $500 billion, which they said would create or save 6 million jobs.
Rather than cut, House Democrats want the supercommittee to collect more money — whether from the pharmaceutical industry, in the form of lower drug prices, or from government health care programs by weeding out inefficient and misguided payments.
And of course, there is the constant cry about tax breaks for oil companies–tax breaks that all businesses get–which would produce $43 billion.
I suspect that the supercommittee will fail and that the automatic triggers built in will be activated. Then things will really get interesting.