Caving on Bush-era tax cuts

Here is at least one sign that the mid-term elections have changed things. David Axelrod, a chief adviser to President Obama, told The Huffington Post on Wednesday that the president is ready to accept an across-the-board extension of all the Bush-era tax cuts, not just the cuts for some people. (Read the story here.)

Axelrod, pictured here, said political realities have made the administration realize it can’t hold to its previous plan of letting taxes rise for individuals earning more than $200,000 and couples earning $250,000. “We have to deal with the world as we find it,” he said.
Clearly, this is a good consequence of the election. The administration has been more interested in a policy that taxes people rather than things. The result of that would be to drive wedges in society and divide people into classes.
It also would slow economic recovery. Despite all the complaints about what the wealthy are not doing with their money, the recovery relies on them.
Now, let’s see what the lame-duck Congress does when it convenes.