Obama's Fiscal Cliff and the Chicago Way


A friend from Chicago, involved in Illinois politics who has known Obama since his early days in the Illinois State Senate, told me that two things that trump everything else in Obama’s mind: redistributing the wealth and empowering labor unions. Look at everything the President does, my friend says, and you will find one or the other lurking in the background.

My friend’s analysis may explain a lot about the current state of affairs concerning the standoff over the so-called fiscal cliff and Obama’s refusal to abandon the idea that he must raise taxes on the rich. The President and his henchmen certainly understand that raising taxes on the richest 2% of taxpayers (in reality these people are not the richest but those with the highest incomes) makes little economic sense – doing so would reduce the deficit for 2012 from $1.10 trillion to $1.02 trillion or, in these numbers, really not at all. So something else is going on.



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