Washington Whispers: Obama's election chances are dwindling

The president lost many progressives when he didn't reform the tax code during the first two years of his administration.

Extending the Bush tax cuts did little for the economy. The stimulus was muted because Obama didn't raise taxes on the affluent and corporations. He also let 50,000 millionaires off of the hook for Estate Taxes.

It is essential in Keynesian theory that the government both increase spending and taxes. Obama got it half right. US federal taxes are at a historic low.

If Obama rolls over on the deficit, it's over for him in 2012.

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