NY Times Excerpt:Seriously, borrowing a trillion dollars from China just to tweak up economic indicators is a victory for Obama? Granted, the Republicans will now have some skin in the economy but this is clearly a messaging gamble on both sides. If the economy picks up substantially, Republicans will say trickle-down still works - if the economy remains relatively flat or nosedives - they'll say Obama's Keynesian economics is a disaster. But no matter what direction the economy takes if this tax cut package is enacted, nobody will take their eyes off off of the big elephant in the room - the exploding national debt. Krauthammer ignores that reality and even implies the Obama tax cut deal makes a mockery of the Tea party's debt-averse persona.
It will pump a trillion borrowed Chinese dollars into the U.S. economy over the next two years - which just happen to be the two years of the run-up to the next presidential election. This is a defeat?
NY Times Excerpt:Utter nonsense. Obama's tax cut deal almost but not quite satisfies the Tea Party's "taxed enough already" mantra. They would actually want more and deeper tax cuts. Just ask them - ask Paul Ryan if he would like to see even deeper tax cuts. Remember rule number one of Tea Party economics: tax cuts don't create deficits, spending does. Obama's tax cuts will give the new House budget writing director, Rep. Paul Ryan, added impetus to serve up a platter of massive domestic spending cuts that will of course include Medicare and Social Security. This despite Ryan's counter-intuitive expectations he reasoned to support the original Bush tax cuts nearly seven years ago - his expectation that tax cuts will actually bring in more revenue. It won't apply this time.
Obama is no fool. While getting Republicans to boost his own reelection chances, he gets them to make a mockery of their new found, second-chance, post-Bush, Tea-Party, this-time-we're-serious persona of debt-averse fiscal responsibility.
Enjoy those tax cuts while you have them, working poor and middle-class, because you're in for a major ass-whupping later from the hands of Tea Party republicans such as Paul Ryan. Mark my words.