Home > Uncategorized > Michael Hudson – Obama’s Sellout on Taxes

Michael Hudson – Obama’s Sellout on Taxes

From CounterPunch:

Patrick Cockburn – The Russians Did Better … So Why Did They Lose?

Chris Floyd – Truth in Chains: the Arrest of Julian Assange

Gareth Porter / Jim Lobe – Actual Wiki Cables Belie NYT’s Version of Saudi / Gulf States’ Stance on Iran

Dean Baker – Tales of Economic Apocalypse

Gregory Elich – Menacing North Korea: How S. Korea is Raising the Risk of War

Ralph Nader – GOP Wackopedia

M. Shahid Alam – Unvarnished Truths About the US and Israel

Dave Lindorff – Information Terrorists?

David Macaray – Detroit on Strike

Linda Ueki Absher – The Hipster Librarian

Manuel Garcia, Jr. – Purple Passion Pearl Harbor

Website of the Day – A New Low for Todd Gitlin

Michael Hudson – Deficit Commission Follies

Paul Craig Roberts – The US Government’s Frontal Assault on Freedom

Mike Whitney – How Ireland Can Strike a Blow Against the Imperial Bankers

Sasan Fayazmanesh – Iran and the Leaks of Wikileaks

Steve Breyman – The Return of Debtors’ Prisons

Davey D – The Copyright Police: First They Came for the Hip Hop Sites …

Obama’s Sellout on Taxes

By Michael Hudson

I almost feel naive for being so angry at President Obama’s betrayal of his campaign promises regarding taxes. I had never harbored much hope that he actually intended to enact the reforms that his supporters expected – not after he appointed the most right-wing of the Clintonomics gang, Larry Summers, then Tim Geithner, Ben Bernanke and other Bush neoliberals.

But there is something so unfair and wrong that I could not prevent myself from waking up early Tuesday morning to think through the consequences of President  Obama’s sellout in the years to come. Contrary to his pretense of saving the economy, his action will intensify debt deflation and financial depression, paving the way for a long-term tax shift off wealth onto labor.

In achieving a giveaway that Democrats never would have let George Bush or other Republicans enact, Obama has laid himself open to the campaign slogan that brought down British Prime Minister Tony Blair: “You can’t believe a word he says.” He has lost support not only personally, but also – as the Republicans anticipate – for much of his party in 2012.

Yet Obama has only done what politicians do: He has delivered up his constituency to his campaign backers – the same Wall Street donors who back the Republicans. What’s the point of having a constituency, after all, if you can’t sell it?

Continue Reading

Categories: Uncategorized
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: