Firedoglake – Obama-McConnell Tax Deal: White House Predicts Doom Unless Rich Get More Money
By: Jon Walker Wednesday December 8, 2010 2:31 pm
Today, in a pathetic attempt at fear mongering to get Congressional Democrats to vote for a massive transfer of wealth to the rich, Larry Summers, Barack Obama’s outgoing National Economic Council chief, told reporters that failure to pass the Obama-McConnell extension of the Bush tax cuts could lead to
total DOOM!a double-dip recession. From David Dayen:
Larry Summers just dusted off the bazooka, telling reporters that, if Obama’s tax deal doesn’t pass, the failure will “materially increase the risk” that the economy will stall out and we will experience a double dip recession. Summers added that without a bill, economic analysts will issue downward revisions in growth/employment.
By: David Dayen Wednesday December 8, 2010 4:40 pm
Republicans are basically telling you their strategy. They will call the expiration of the payroll tax cut an increase. They will use the reduction in revenue to claim that Social Security is in bigger financial trouble than it is. They will try to stop the money from getting restored.