The "debt ceiling" and the filthy rich right

What is happening is a victory for what I call the filthy rich right. The filthy rich right include, for example, Jon Paulson and Lloyd Blankfein. The proposals by President Obama would be a great victory for the filthy rich right. Paul Krugman is railing against Obama’s proposals because they would include “cuts to Social Security and an end to Medicare’s status as a program available in full to all Americans, regardless of income.“ http://www.nytimes.com/2011/07/08/opinion/08krugman.html?partner=rssnyt&emc=rss. Amazingly, the Republicans are rejecting Obama’s proposals because they would include increased taxes; the Republicans reject “tax increases” of any kind. They successfully sweep under the carpet that Obama is really opposing a tax cut for those making more than $250,000 a year. In other words, Obama wants to allow the Bush tax cuts lapse for those making that much and more. Even David Gergen approves of Obama’s position: “Obama, to his credit, has been pushing both sides to come off their hard-line positions and seek compromises. On the substantive issues, he has been the most flexible of any of the players on the field.”