President Obama recently announced his support and encouragement for a two-year extension of the Bush-era tax cuts for families making over $250,00 a year. This message was made in a brief White House speech, and in which he took no
questions from the press afterwards. This two-year extension of tax-breaks will ultimately result in an estimated $70 billion per year in the pockets of the rich.
This decision directly conflicts with the President’s campaign pledges to the American people only a few years back. It has become blaringly apparent that Obama is going against his original promises as he continu
ously adheres to the Republican Party and lacks substantial progress in rejuvenating the American economy. Our nation is currently in a dire circumstance as we are in the deepest recession since the 1930s and it’s not getting any better. Continuous tax cuts for the rich ultimately causes the American middle-class to dwindle and only allow
s for the top wealthiest to reap the benefits of Obama’s decisions.
Title: Obama announces deal to extend tax cuts for the rich
Author: Barry Grey
Publication: wsws.org, 7 December 2010
Student Researcher: Karen Kniel, Sonoma State University
Faculty: Keith Gouveia, Sonoma State University