President Obama is off to a good start when he reiterated today his plan to make sure the wealthiest Americans pay higher taxes as part of a “balanced” deficit-reduction plan. He must stand firm on protecting programs like Social Security, Medicare and Medicaid.
Having won re-election by a strong margin, President Obama is in a good position not to give in to GOP demands of placing more financial burden on Americans who aren’t millionaires. And Republicans would be foolish if they don’t compromise.
Americans clearly articulated what they want in President Obama's second term. Nearly six in ten voters ranked the economy as the top issue in this election. Almost half of all voters agreed that taxes should be increased for the wealthiest Americans and more than half of all voters said the current economic system disproportionately favors the wealthy. Almost three quarters of all voters support protecting Social Security and Medicare benefits.
In his acceptance speech, President Obama articulated what should be the guideposts for policy decisions: "I believe we can build on the progress we've made and continue to fight for new jobs and new opportunity and new security for the middle class."
Austerity economics -- the slash and burn economic principals promoted by Mitt Romney and right-wing ideologues in Congress -- is the way backward. Prosperity economics -- a progressive economic agenda put forth by Yale Professor Jacob Hacker and Nate Loewentheil -- represents the bold thinking we need to rebuild a strong, secure middle class and grow our economy now and for future generations. Prosperity economics is the way forward.
Check out the economic agenda that promotes growth for all Americans, not just the 1%. Prosperity Economics: Building an Economy for All.