President Plays Politics with Debt Plan

For months the President has ridiculed Congressional Republicans for playing politics with the nation's economy, but the President has done exactly what he has criticized Republicans of doing. Today, the President has unveiled his debt reduction plan, but instead of a bold and comprehensive strategy to rein in the nation's massive national debt, the President offers only a partisan plan that appeals to the base of his party.

The main theme of the President's debt reduction is raising over $1.5 trillion in new taxes, mainly coming from new tax's on the wealthy. Unfortunately this approach has been tried before, in 2010 the Democratic controlled Congress rejected any tax increase, but now the the President is playing class warfare and partisan politics as he prepares for his re-election in 2012.

The plan offered by the President would do little to reduce the deficit, much like his jobs plan will do nothing to end persistent high unemployment in this country. If the President truly wants to reduce the massive U.S. federal debt, then get American's back to work!

The time has come for an overhaul of the nation's tax code by reducing corporate and individual tax rates, ending loopholes, but not applying selective capitalism on companies the President's base doesn't like. Reforming the tax code in a true bi-partisan manner, as was accomplished in 1986 by President Reagan and Democratic House Speaker Tip O'Neill, would go along way to increase revenue.

Uncertainty is strangling the economy as the business community is not sure what the tax rates will be, what new regulations will emanate from Washington, and what impact health care legislation will have on their business.

As the President continues injecting uncertainty into the economy the business community will respond by waiting for the outcome of the 2012 presidential election before they begin to hire again.

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