On Sunday, August 2, the first indications that the free ride might not be free, after all, came to the fore. Treasury Secretary Geithner and Lawrence Summers, of the president’s economic council, both hinted that, in light of the enormous spending program upon which the government has embarked, which will generate gargantuan deficits well into the future, Obama’s grand plan can’t be sustained.
Asked if the middle class, who are part of the 95 percent of us who won’t see our taxes increase, could see a tax hike, neither would rule it out. As Summers said on Face the Nation, “It’s never a good idea to absolutely rule things, rule things out no matter what.” Geithner, on This Week, said, “We have to bring these deficits down very dramatically … That’s going to require some very hard choices.”
Geithner went on to say, “We will not get this economy back on track, recovery will not be strong and sustained, unless we convince the American people that we are going to have the will to bring these deficits down once recovery is firmly established.”
Many Americans have long realized that the promise of no new or higher taxes is little more than legerdemain aimed at winning election, having heard the same promises, not all that long ago, from another man whose eyes were on that most coveted of prizes. Will this turn out to be Obama’s “Bush moment?”