Remember his promises that he'd raise taxes on everyone who earned $250,000 and up? He isn't even into his second term and he's already shredded those campaign promises and is offering $400,000 and up. Boehner's asking for $1,000,000. And he's unnecessarily putting Social Security on the table. He has a strong hand and yet he fold. CUT DEFENSE! WE'RE SICK OF WAR!
Former U.S. Labor Secretary Robert Reich reviews President Obama’s evolving position on the fiscal cliff with “Viewpoint” host Eliot Spitzer. Reich believes that Obama and the Democrats hold all the power when it comes to the ongoing negotiations and that the president has already given in on too much.
“Not only is [Obama] lifting the threshold for the tax hike up to $400,000 … from $250,000, but he’s also chipping away at Social Security and Medicare by fiddling with the formula for inflation,” Reich says.
Reich argues that instead of cutting Social Security and Medicare, Obama should focus on greater defense spending cuts: “There’s absolutely no reason, except for the power of defense contractors, why we have to have such a huge amount of defense spending in this country.”