As the holiday season approaches I am reminded of that sick in the gut feeling I used to get when the credit card bills came in January. Time to pay up for all the holiday gifts and extras that seemed a great idea at the time. What was I thinking? Similarly, I think Obama and Congress are thinking that some bills are coming due. I’m sure Obama thought his recent trip abroad would result in some good news at home in the way of new markets and jobs which was to translate into a positive political muscle at the tax bargaining table. I’m sorry Mr. President, but you obviously misread the situation. It seems that everyone is concerned about the money you and your Democrat controlled Congress has spent and is concerned on how that issue is going to be resolved. I don’t think printing new money was what they had in mind. It seems it just devalues what is already out there.
So now the President has a real bona fide issue to resolve. Does he remain true to his campaign promise of raising taxes on people making over $250,000 thereby ensuring the jobless rate stays near ten percent. Or does he crawfish and keep the current tax structure in place for a while longer. Either way, someone else will get the blame, it will be politically costly, the debt does not go away and Bush 43 will still be smiling.