The Federal Reserve and OBushma (the main difference between Bush and Obama is about half a trillion dollars in annual deficit spending) have taken us through ten years of US Dollar devaluation. It clearly doesn’t work. The manufacturing jobs are flowing back into the US. The economy isn’t producing massive tax surpluses that lead to the OBushma tax cuts.
There’s a real simple solution: impeach Bernanke from The Fed and take strong dollar monetary and fiscal policies. The policies over the last 10 years have not worked. There really is no need to even debate this.
All the bogus debates about tax cuts for the middle class vs low income vs millionaires is laughable. The tax brackets with or without the OBushma tax cuts screw the middle class the most. All one needs to do is take a look at the tax rates to see that the middle class didn’t really get much of a “break”. What really needs to happen with taxes is a complete overhaul of what is tax deductible (see my blog about making US Bonds 100% tax deductible).
Of course, I think everyone has forgotten about the Economists’ statement opposing the Bush tax cuts. Guess what? They were right! But who really wants to be the President with Steel cahones that tells everyone they have to pony up an additional 2% to the IRS next year!