POLITICO reports on meeting Obama had with his own President’s Economic Recovery Advisory Board. The meeting apparently WENT A LITTLE OFF SCRIPT, in Obama’s own words.
President Obama argued with two members of his economic recovery board over middle-class tax cuts on Monday, swatting down arguments that the richest Americans need the same relief.
Addressing resistance from former SEC chairman William Donaldson and Harvard economic professor Martin Feldstein, who said economic uncertainty would persist if the tax cuts aren’t given to everyone, Obama stood firm on his view that extending the breaks for families making under $250,000 would benefit 98 percent of Americans, while providing them to the richest 2 percent would cost $700 billion.
“I don’t know any economists – including, I think, Martin – who think we are likely to get a bump in aggregate demand from $700 billion of borrowed money going to people like those of us around the table, who, if I suspect want a flat-screen TV, can afford one right now and are going out and buying one,” he said. “If we were going to spent $700 billion, it seems, we’d be wiser having that $700 billion going to folks who would spend that right away.”
Look here how Obama gives himself away with the little things he says. Several of my readers have commented on the “flat screen TV” quip. Such of sense of anger at “the rich” underlies this remark.
As if, once you get enough money, you’ve got nothing else to do except waste it on frivolous spending. There’s this clear sense in the remark of, “while other people suffer, you go ahead a get yourself a flat screen TV.”
This is the man who talked about talked during the campaign about “spreading the wealth around.” The man who regularly berates companies and CEOs. This is not just borne of a sense of justice for the poor. It is created by a genuine anger at those who have succeeded in making money.