Yesterday the President announced a deal that he and the Republican Party leaders have agreed upon allowing the tax cuts to be extended for another two years for everybody. He also announced that an additional 2% of payroll tax will be taken off what employees payout each payday. This agreement includes allowing the unemployment checks to keep being paid through another 13 months.
The Democratic Party (Congress and voters) are fuming over this deal. President Obama made a campaign promise to stop tax cuts for the wealthy and pay down the debt instead. He, in the eyes of supporters, is once again caving to the Republican Party. Just like he did with the Recovery Act and the Health Care bill. He is being seen as a weak President, never having the guts to stand on mere principle.
What if however, this is a well thought out political strategy.
Read More