Scapegoating the rich won’t end fiscal crisis
President Obama’s “My2K” (referring to the average American family $2,200 tax increase if the Bush tax cuts expire) Twitter campaign seeks to substitute self-interest for the national interest. The deficit will balloon an extra $3 trillion in 10 years if the Bush tax cuts are not allowed to expire, with an additional $600 billion of interest payment competing with discretionary spending (defense and nondefense spending like Medicare) in the national budget. The $80 billion per year gained by taxing only the rich simply won’t resolve our deficit problem. The additional $220 billion per year, gained by also taxing the rest of us, will – at least in the medium term.
To address this problem, Obama must enlist us all in this fight against the debt. Scapegoating the rich fails us. We need a leader – a leader who solves our problems, not adds to them by pitting us one against the other.