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August 02, 2009

Turbo Tax Timmy Geithner...You Know, We Might Have To Raise Taxes On The Middle Class After All

You don't say.

To get the economy back on track, will President Barack Obama have to break his pledge not to raise taxes on 95 percent of Americans? In a “This Week” exclusive, Treasury Secretary Tim Geithner told me, "We’re going to have to do what’s necessary.”

Geithner was clear that he believes a key component of economic recovery is deficit reduction. When I gave him several opportunities to rule out a middle class tax hike, he wouldn’t do it.

“We have to bring these deficits down very dramatically,” Geithner told me. “And that’s going to require some very hard choices.”

“We will not get this economy back on track, recovery will be not strong and sustained, unless we convince the American people that we are going to have the will to bring these deficits down once recovery is firmly established,” he said.

Hey 52%...you got played. Well, except for the significant portion of Obama voters who don't actually worry about taxes since they don't pay much, if any, as it is. What do they care if others have to pony up a little more to keep them in the lifestyle they've become accustomed to?

As for the political fallout from this, well just ask George H.W. Bush how he enjoyed his second term.


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posted by DrewM. at 12:24 PM

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