The Congressional Budget Office released its Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022 today, showing that if Congress and President Obama do nothing to stop Taxmageddon and the sequester unemployment will rise to 9.1 percent next year.
Sounds bad right? But guess what? This is the preferred plan of a growing number of Democrats.
Former-Democratic National Committee Chairman Howard Dean, New York Times Executive Editor Bill Keller, former-Democratic Gov. Jennifer Granholm and Democratic Senatorial Campaign Committee Chair Patty Murray have all advocated forcing the Unites States economy off the fiscal cliff just so Democrats can tell their constituents they raised taxes on the rich.
Even President Obama has expressed a willingness to take the fiscal jump. The New Yorker‘s Ryan Lizza reports that unlike 2010 and 2011, Obama is prepared to follow through on his threat to let taxes go up after he no longer has to face voters ever again: “Several White House officials I talked to made it clear that if a deal, or at least the framework of a deal, is not reached before December 31st Obama would allow all the Bush tax cuts to expire – a tactic that would achieve huge deficit reduction, but in a particularly painful and ill-conceived fashion.”
So be warned: a vote for Obama is a vote for 9 percent unemployment.