The principle behind the president's plan is for wealthy people and corporations to pay more in taxes and to bear some of the burden of debt reduction. FULL STORY
Deficit reduction strategy will likely draw fire from Republicans who have ruled out taxes as way of cutting debt
So what do we call it when incredibly wealthy people commit widespread fraud on Wall Street and in the nation's largest banks and credit rating agencies, leading to an economic recession and declines in real wages for the middle class and cuts in services to the poor and vulnerable?
Oh, that's just "capitalism" I guess.
You think the media would at least raise this issue.
It's pretty simple, actually. Here is what actually happened.
Congress cut taxes under President Bush. Then they authorized two major wars, neither of which was actually declared OR paid for.
The result of less money coming in and more money going out is entirely predictable--a growing debt.
At the same time, regulation of big business was lax (and did NOT meaningfully increase). The result of the lax regulation is entirely predictable--the worst oil spill in US history and a major economic recession caused by unrestrained greed among the nation's elite.
So Obama proposes some solutions to try to fix the problem and they call him a "socialist" and assert he is engaging in "class warfare." And the media just report it with no analysis whatsoever.
No wonder we are so unable to understand all the ways we normal folks are being screwed. And no wonder we fall for this nonsense.
It's called "false consciousness." Google it.