Remember when George H.W. Bush provided us with those immortal lines that came back to bite him in the butt at the next election? Well, President Obama has likewise promised the middle class that they would not pay one more dime of taxes. That being said, I wasn't surprised in the least when White House Senior Advisor David Axelrod came out and admitted that the President may not be able to keep that promise.
Shortly after I saw this, I heard a similar announcement from Treasury Secretary Timothy Geithner stating that tax increases were not completely of the table. Of course the President came rushing out to deny that there will be any tax increases for those making less than $250K per year, but reality tells us otherwise. The bloating of the national debt under President Obama and the left-leaning Congress is going to make for a lot of ammunition for the Republicans next fall and the Chinese, Japanese, and Saudis have got to be chewing the fingernails down as our national debt threatens to eat away the value of the treasuries that they hold.
I'm guessing that the idea of a tax increase for all of us was floated out there for two purposes: 1) to check the reaction of the public to get a reading on how we will react when the tax increase comes; and 2) to start to get us all used to the idea that taxes are going to go up soon. Despite all of the campaign promises that the President made regarding taxes, he and Congress are going to have to face the reality that they need money to fund all of their ridiculous spending. They will certainly soak the rich to some degree, but the rich can only be taxed so far before they are tapped out. We are already taxing our corporations heavily, so don't expect much more from them either. Let's see....who does that leave....hmmmm...who could it be? Is it going to be you and me? Count on it.
The tax increases are coming. The only mystery that remains is whether or not the mainstream press will hold Obama accountable for his campaign promises like they did Bush the Elder. My guess is that everyone and his dog will rush to the President's side, sadly shake their heads, and say, "That mess that Lil' Bush left us gives us no choice but to ask for a tax increase". The stupid among us will nod their heads in agreement and blindly mark that "Democrat" box on their ballots next fall - Citizen Zane