Tax Cut Compromise

Well everyone, it would seem that President Obama has struck a deal with the Republicans. I know that I have been adamantly opposed to the extension of tax cuts for the wealthiest American, and understand that I still do not support this, but Obama has announced that there has been a compromise to temporarily extend these tax cuts for everyone, including the rich, for another two years. The good news here is that this cut will be temporary, and when 2012 rolls around and President Obama is seeking reelection, this will certainly be a much debated topic. In 2012 we'll be able to see how much this extension for the wealthy really helped spur economic growth, and if it was worth it.

So, as I previously stated, this was a compromise, meaning that the Democrats got something they wanted, too. The Republicans have given in and this measure will now include an extension of unemployment benefits for the millions of Americans who are out of work and set to lose their unemployment in the coming weeks (as well as other provisions aimed at giving the middle and lower class more financial aid). President Obama explained that this was not the measure that he wanted to pass, but that we could not afford to play politics while average people were hurting. President Obama used an analogy: "The middle class tax cuts were being held hostage to the high end tax cuts. I think it's tempting not to negotiate with hostage takers, unless the hostage gets harmed, then people will question the wisdom of that strategy. In this case, the hostage was the American people, and I was not willing to see them get harmed."

Again, I'm not happy that the wealthiest Americans will receive an extension on their tax cuts, but I believe President Obama has certainly done what needed to be done. He showed that he was willing to reach across party lines and work with those who openly proclaim that their primary objective is to remove him from office, all in hopes of helping the American people and moving our country forward.