WALLACE: So why do you think he's (Obama) gotten this far if people don't know what he stands for?
BUSH: You're the pundit. I'm just a simple president.
WALLACE: And you've done this a little bit, let's project ahead to November, the Republican nominee whoever it ends up being is going to have to carry along and deal with a faltering economy.
BUSH: How do you know that?
WALLACE: Well it is as of this moment.
BUSH: You said November.
WALLACE: All right, you can see that we will -- it won't, but at this point, he would be weighed down by a faltering economy, an unpopular war, at least according to the polls and forgive me running (INAUDIBLE) unpopular president. How does he overcome all of that and...
BUSH: Because there's two big issues. One is, who's going to keep your taxes low? Most Americans feel overtaxed and I promise you the Democrat party is going to field a candidate who says I'm going to raise your tax.
If they're going to say, oh, we're only going to tax the rich people, but most people in America understand that the rich people hire good accountants and figure out how not to necessarily pay all the taxes and the middle class gets stuck.
We've had -- we've been through this drill before. We're only going to tax the rich and all you have to do is look at the history of that kind of language and see who gets stuck with the bill.
Does anyone know what the hell he's talking about? He seems to be saying that we shouldn't raise taxes on the rich because they'll avoid paying them and the burden will fall to the middle class anyway. So does that mean that we should just go ahead and tax the middle and lower classes and get it over with? Or, should we just forget about taxes altogether, because it's only play money, after all? This guy has been ranting and raging about making his tax cuts permanent because the economy will be destroyed if taxes are increased and then he throws this bon mot in there?
The Journal had an article about the "walk-away" people currently plaguing the mortgage market in these dark days. They are the folks who have mortgages that are economically upside down, a 400K mortgage on a house now worth 350, who refuse to honor the contract and walk away. The functional equivalent is Bush, who drops the budget on his desk, showing a $400b deficit, and shirks off into the private sector, leaving the house trashed, the military bogged down for years, and the bank account empty. He's the Walk-Away President, acting like a high school senior in his last semester, free of any cares, going through the motions. Wallace asks him about the next election and he spits out one non-sequitur after another, not really caring, because school is almost out.
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