One of the challenges for voters in any election cycle is to sort out the truth from the ‘spin.’ Since we seem to be in a never-ending election cycle right now, that is becoming a full-time job. I like Fox News. That’s probably not a surprise to anyone who reads this website regularly, but I occasionally have my problems with their reporting as well as everyone else’s. However, yesterday morning I was cheering Chris Wallace for the questions he asked David Plouffe. The transcript of the interview can be found at the Fox News Sunday website
The discussion was about President Obama’s deficit reduction plan.
In the interview David Plouffe stated:
...But absent tax reform, the president believe the right way to get our fiscal house in order is ask the wealthy to pay their fair share. But he is going to continue, as he has throughout his presidency, push to cut taxes for the middle class folks so that they obviously can weather this economy turn better, but also allows them to help the economy by being able to consume more.
Chris Wallace replied:
But, Mr. Plouffe, what you are talking about $200 billion in tax cuts that end in the next 15 months. You’re talking about $2 trillion in tax increases that will go on for next decade. Between his jobs plan — and I want to break this down because it’s important — between his jobs plan and cutting the deficit, the president wants $1.5 trillion in new taxes over the next decade.
Let’s put it up on the screen — letting the Bush tax cuts for the wealthy expire, $866 billion; limiting the deductions for families making $250,000 a year, $410 billion; closing loopholes and tax breaks, $300 billion. And on top of that — on top of that, $1.5 trillion, another $500 billion in new taxes to pay for Obamacare, for a total of $2 trillion.
These are the facts that need to be repeated as the President claims that he is planning to raise taxes ONLY on the ‘rich.’
Chris Wallace also pointed out in the interview:
…$1 trillion of the $1 trillion in deficit reduction the president calls for in his plan is for not continuing to fight the wars in Iran and Afghanistan. The president is cutting money that wasn’t going to be spent anyway, instead of cutting of money that was.
The President’s jobs bill is all smoke and mirrors. It needs to be soundly defeated in Congress.