In the law, we might call this an admission against interest:
Democrat Barack Obama says he would delay rescinding President Bush’s tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.
Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their expiration date, as Republican John McCain advocates. Instead, Obama wants to push for his promised tax cuts for the middle class, he said in a broadcast interview aired Sunday.
“Even if we’re still in a recession, I’m going to go through with my tax cuts,” Obama said. “That’s my priority.”
What about increasing taxes on the wealthy?
“I think we’ve got to take a look and see where the economy is. I mean, the economy is weak right now,” Obama said on “This Week” on ABC. “The news with Freddie Mac (FRE) and Fannie Mae (FNM), I think, along with the unemployment numbers, indicates that we’re fragile.”
So, it would appear that we have a concession to the belief that raising taxes in a recession may be a bad idea.
Wonder why Obama proposed such tax increases in the first place. After all, it’s not like we only recently discovered that we are in the grip of a serious economic slowdown.