Peter Orszag Concedes

Yesterday, the former head of Obama's White House Office of Management and Budget director Peter Orszag wrote the following, “In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it.”

So we have a former Obama official who has admitted that a change in strategy is required and has acknowledged that taxes matter and restoration of the Bush tax cuts are needed to save a floundering economy. While Orszag wants the tax cuts to end in 2013, the reality is that the Obama administration has reached the end of Keynesians policies.

Orszag has all but surrendered to the classic supply-side economics, and while Mr. Orszag can declare that he wants to eventually tax the upper class after the election, he has to admit that until the end this recession, they can’t raise taxes. It’s Bush fault, again.

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