“Read my lips. No new taxes.“ Remember that line from George H.W. Bush? Well, Mr. Bush couldn’t persuade Congress otherwise. President Obama is now experiencing his read my lips moment.
Since his campaign, Mr. Obama promised his liberal base a little “sock it to the fat cats” rhetoric, blaming the so called rich for everything, from the drop off in the economy to the fall of the Roman Empire. This tactic may now come up empty as the president has now announced a framework that includes extending the Bush reduction in tax rates for everyone for the next two years.
People on the street are again questioning his backbone, while others chalk this up to politics. The announcement did not surprise me. I expected a sub-optimal solution and I got one.
Interestingly enough, now you see why George W. got elected twice. He had a Democratic majority in his last two years and he still manhandled them. He got his tax rate reductions, funding for two wars, and No Child Left Behind. A successful president is not defined by his ideology. He is defined by his power to persuade. In the end, it’s the only power a president has..