From the White House Office of Preemptive Capitulation comes news that President Obama has agreed to extend tax cuts for millionaires and billionaires for another two years, despite his numerous pledges not to. (Does anybody really believe that the cuts won’t become permanent the day after they expire, no matter which party controls Congress and the White House after the 2012 elections?)
Yes, Obama saved the Rethugs the historic opportunity to be the first party in history to deny desperately needed unemployment benefits during a recession. And he got a few menial tax breaks like payroll tax exemptions and accelerated equipment write-offs that the Rethugs are on record supporting anyway. But they also got their way on the expiring estate tax, securing the lowest estate tax rate in history.
IOW, the Retug tide just came in and erased President Obama’s line in the sand. The product of 400 million years of evolution and Obama still doesn’t know how to grow a spine. The Rethugs are laughing all the way to the bank.
[Image found here.]
