America's super-rich got a little more flush last night. In a stunning reversal president Barack Obama President Barack Obama reneged on his campaign trail promise that tax cuts should only be extended at incomes up to $200,000 for individuals and $250,000 for couples. And that the inheritance tax freeloaders would corner the market on the future. Well, last night Obama sided with Republicans on a plan to extend expiring income tax cuts for all Americans, renew jobless benefits for the long-term unemployed and grant a one-year reduction in Social Security taxes. The emerging agreement also includes tax breaks for businesses that the president said would contribute to the economy's recovery from the worst recession in eight decades. But nothings changed. Employers are still in the pole position. If they weren’t hiring Then, why should we expect hem to be hiring Now? Which might be Okay if we have ever at any time, in any place seen evidence of any kind that the wealthy fire the hiring engines up. And why would they when it makes so much more sense to plough the money back into Wall Street? Clearly the Prez is betting that if the Top 2 % get their way they’ll give a little back in the form of jobs, thus making the Administration look like Our New Best Boss. But if there is one thing we can be certain of, ‘quid pro quo’ only operates inside party lines.
- KBOO