Perry Bacon Jr.: Why Obama Had to Take the Fiscal Cliff Deal
Some observers of President Obama, including liberal Nobel Prize winning economist Paul Krugman, are disappointed in the way the president handled recent negotiations on the fiscal cliff. Krugman says that the president had the chance to land $800 billion in revenue, and only got $600 billion, putting him at risk of being remembered as a political wimp.
Others, such as Perry Bacon at TheGrio.com, don’t agree. Bacon says that if you look at the details of the recent deal the president took, you can see that Obama actually succeeded during the negotiations. All perspectives should be considered, but one must also remember that TheGrio is owned by MSNBC, which has a direct incentive to always make the White House look good. So, we doubt that Perry’s commentary would have seen the light of day had it been as critical as that of Krugman. But here’s some of what Perry had to say:
Some liberals were disappointed with the agreementPresident Obama accepted to avoid the fiscal cliff, which included dropping his pledge to raise taxes on all income above $250,000 and not including a provision to raise the debt ceiling, giving the GOP a chance to start another fiscal crisis in less than ten weeks.
But the actual details of this agreement were almost entirely in the president’s favor. Moving off of his desired numbers on taxes allowed the president to get billions of dollars in programs for the working poor and unemployed Americans that Republicans would only agree to as part of a larger compromise. The deal includes $30 billion to help Americans who have been unemployed for longer than six months, as well about $120 billion spread over five years to keep in place increased child tax credits for low-income families with children and those paying for college that were in the 2009 stimulus and scheduled to expire.
While cuts may come later, there are actually almost no new spending reductions in this agreement. (The cuts from the 2011 debt ceiling negotiation will still eventually occur.) Obama successfully fought a Republican push to include Medicare or Social Security reductions in this deal.
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The GOP won because the tax cuts had already expired while they were signing the bill. The taxes on the richest just jumped to 39%, but the bill lowers them down.
Estate tax is set to 40% in the deal, but since the new year is here? the estate tax had just jumped to 55%.. So that is a win for the GOP..
Obama never has to worry about the debt ceiling if he truly wants to fix that problem, he could use executive order to raise it.. But he has already said he wont do that. Why?
The only real reason is because HE IS PLAYING A GAME. He wanted the the deal because he thinks it makes him look like a hero/bipartisan… He also is bought and paid for just like the other politicians and Wall Street has been throwing a fit for him to hurry and get a deal done so they wont have to see those tax hikes on all their doe.
Dont blink the debt ceiling is coming up and Obama will fold again..
Hey did anyone notice that also signed the NDAA bill AGAIN? *SMH*
he claimed he would veto it, but nobody believes that talk anymore. He signed it anyway…
there has to be a price to pay for him doing this stuff to when the people who voted him in (even the ones who didnt) are totally against it.
THE RICH are the ones who are playing a game…and so far they are winning. THERE is no “fiscal cliff” and the U.S. is not broke. These big corporations and wealthy people have more money than ever before in history. They are HOARDING trillions of dollars.
There are a lot of Black folks trying to put all the blame on Pres. Obama…but they would say a peep about the RE-THUG-LICANS and how they are protecting the rich…and trying to s-c-r-e-w all the rest of the people.
When I woke up this morning, I saw a news show… LATINOS were marching in large numbers to seek “Immigration Reform.” I also saw a story where lots of women are protesting the rightwing clowns in the Congress who voted down the “Violence Against Women Act.” They are fighting back.
So…what are you doing to solve our problems???? ….besides whining a falsely blaming Pres. Obama????
ACTION SPEAKS LOUDER THAN WORDS — It is time that those who are suffering stand up– quit rushing into malls to fight over “Jordan gym shoes” — get off the couch and …join with a group like: REBUILD THE DREAM, the URBAN LEAGUE, or OCCUPY WALL ST.— or others. There are people out here who are actually doing things to help themselves…to help their communities.
The problem of economic empowerment for African-Americans has been complicated because it is not just a one issue problem. We must take action on several fronts…start businesses, seek funding, fight discrimination, and more.
Some folks need to quit WHINING, and trying to BLAME OBAMA for all of this, when he did not cause it…he has been proposing ways to create jobs…and fighting for unions. The people who have been blocking votes, seeking to defund education, and protecting the rich — are NOT A SECRET. They also fight against Pres. Obama.
But…they get lobbyists and pay off politicians to “not tax them much.” They almost put their poster boy Romney in office so that they could just get rid of funds for the elderly, MEALS ON WHEELS, PELL GRANTS, FOOD STAMPS, UNEMPLOYMENT and don’t forget BIG BIRD.
I wish people would stop coming to these boards if they have such a problem with with is being written and talked about here.
Nobody is obligated to coddle this president simply because he is black…
If you dont like the commentary here? you are free to leave. I dont think you’ll be missed.
I love how you try to question what I do with my time because you do not like what I say.. lol
I work for the school district of Philadelphia and I work with the homeless. We help fund and prepare children for school which is more difficult for them when they are homeless
Now what about YOU?
What do you do for the black community? why should anyone here care about all your pathetic whining and coddling of the president?
This is a comment section and I’m here to comment. If you dont like it? I dont care. I see you generally harrassing anyone who doesnt bend over for the president..
People have eyes and they are starting to see… You cannot change that.