Why Re-Electing Obama Could Bring An Economic Disaster

March 5, 2012 05:25

If you’re worried about austerity next year, then the setup we have with Obama in The White House, and the GOP in a position to block anything (and all they need to do that is 41 seats in the Senate), is the worst possible combo. – Business Insider


Joe Weisenthal  at Business Insider


In his second term, Barack Obama might be tempted to let all of the Bush tax cuts expire, not just those for the rich. That’s the conclusion of Noam Scheiber, who wrote yesterday in The Daily Beast that early in Obama’s Presidency, he was intrigued by a proposal to let all the tax cuts expire, or only let the middle class tax cuts continue if they were “paid for” elsewhere in the budget.


All year, there’s been a growing drumbeat that 2013 is when things are going to start getting bad again, since that’s when the spending cuts kick in.


Thanks to the 2011 debt ceiling fight, we’re set for some sharp cuts as soon as the election is over.


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