“They have tried to sell us this trickle-down tax-cut fairy dust before,” the president said.
“And guess what? It didn’t work then. It will not work now…It takes us back to a place we don’t need to be. We do not need more tax cuts for folks who have done very, very well. We need more tax cuts for working Americans.”
I very much enjoy the clear terms that President Obama is using to describe the stark choice between the "fairy dust" supply-side, trickle-down nonsense that never works that former one-term Governor Romney (R--Bain Capital) is talking about, versus the real issues of paying down the debt, funding our government obligations, stimulating the economy, and creating jobs that are necessary and only happen when money isn't being hoovered up by the richest among us. Here's some more of that economic honesty:
As he often does in his campaign speeches, Obama asked for patience with the tepid recovery of the last three years and emphasized economic conditions before he was sworn in.
“We had gone through a decade of sluggish job growth and jobs being shipped overseas and going from surpluses to deficits, all culminating in a financial crisis on Wall Street. So we understood it was going to take some time to deal with challenges that didn’t happen overnight,” Obama said Thursday.
His Republican challenger will try to hit him on the perceived weakness of the current economy. The main question he faces is: "Why didn't he create a stronger, faster recovery?" The natural Democratic answer is, "Obstructionism"--but it's useless to cite that alone without undoing the "fairy dust" ideas that so much of our economic discussions have run on. It's not enough to point to the opposition--the opposition needs to be found wrong.
Just in practice, tax cuts might stimulate the economy for working class/middle class people, because they will spend that money--they have to. They've got bills. They need newer cars, home repairs, well-deserved vacations and the like. That money they spend around stimulates the economy. Rich folks can only put extra dough in the bank where it earns interest--it takes money out of the economy and does not create jobs.
Romney's plan will offer lower taxes for rich people like himself--and will raise taxes for the working/middle class. That's less money the majority of people will have to spend to stimulate the private sector economy by buying necessities and not-so-necessities--you tell me how in hell that equals growth? That doesn't even make sense!
I like that Obama is putting this in practical, relatable terms. The "trickle-down, fairy dust" canards have had their day, already. We deserve an honest discussion on the economy that effects us all. And we should be adult enough to hear it.