The NYT reports that President-Elect Obama is reconsidering a key campaign promise:
In light of the downturn, Mr. Obama is also said to be reconsidering a key campaign pledge: his proposal to repeal the Bush tax cuts for the wealthiest Americans. According to several people familiar with the discussions, he might instead let those tax cuts expire as scheduled in 2011, effectively delaying any tax increase while he gives his stimulus plan a chance to work.
Good for him. But why would Obama delay his tax hike? It’s not fear of political opposition; he has the votes to enact any tax program he likes. The only explanation is that he thinks it would be bad policy.
He’s right of course; it would be terrible policy to hike taxes on entrepreneurs just as we’re going into a recession. I’m glad he recognizes it. It is interesting that a few short weeks ago he was making a pledge that he knew was bad policy. It’s called demagoguery. But at least he might be the better class of demagogue, the kind that does the right thing (relatively speaking) once elected.
(Via Instapundit.)
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