Herbert Hoover Obama?

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Real Clear Politics:

 

 

Herbert Hoover Obama?

 

Herbert Hoover Obama?

 

By Larry Kudlow - November 29, 2012

 

Once again, President Obama dodged the key fiscal-cliff issues at a campaign rally/press conference Wednesday morning. Campaign-style, he argued that the middle-class tax cuts (below $250,000) must be renewed in order to prevent a $2,200 average tax hike from hitting middle-class folks. He added that a middle-class tax hike would cost consumers $200 billion in spending power.

 

OK, fine. But no one wants to raise middle-class taxes. That's not the issue. And even if those numbers are right, they dodge one of the key points in the dialogue between President Obama and House Speaker John Boehner -- namely, what to do about top income-tax rates, which include capital gains, dividends and inheritance taxes.

 

But I don't buy this. Why? Because the president does not want a second recession during his watch. Herbert Hoover Obama is not the legacy he's after.

 

And that's why Republicans should hold firm to their principles on spending and tax rates. Then, next year, new efforts for deeper tax and entitlement reforms can proceed in an orderly way.