It’s a two-fer today with TurboTax Timmie sidestepping the issue of raising taxes on the middle class to lower the deficit, and Larry Summers speaking about Americans spending their new found wealth.
In all the hoopla about Dr. Orly Taitz’s motion for discovery to authenticate Obama’s kenyan birth certificate, the story about taxes on the middle class going up has gotten lost. Someone has been coaching TurboTax Timmie rather well because he caught himself at least 3 times from talking about tax increases in his interview with George Stephanopoulos.
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.
And according to Larry Summers, the economy is turning around and we need to continue all of Bambi’s economic stimulus plans like the “very successful Cash For Clunkers program”.
I think this is my favorite quote from Larry:
And the Recovery and Reinvestment program is going to gather force over the next six months. People are able to spend more of the extraordinary tax assistance they’ve received.”
WHAT EXTRAORDINARY TAX ASSISTANCE? Extraordinary tax assistance would be a payroll tax holiday for a year to get small business growing again.