Only the Pope guest-hosting Saturday Night Live could top, in public-relations terms, what just happened in Washington — Fed Chairman Ben Bernanke gave a press conference, the first time a Fed chair has stood before reporters to take questions. And maybe Benedict XVI should film an Internet intro to St. Peter’s, since Bernanke just posted an intro to the Vatican of money.
President Barack Obama wants to increase taxes on the wealthy, and surely is correct that this must be part of any serious plan to control the national debt. Consider the case of a wealthy couple who made $1.7 million in 2010, yet paid only 26.2 percent in federal income taxes — though the top rate supposedly is 35 percent, and the president says that figure should rise to 39.6 percent. The well-off couple in question is Barack and Michelle Obama, whose tax returns, just released, show they paid substantially less than the president says others should pay.
The budget compromise that averted a federal government shutdown nearly foundered upon the rocks of Republican riders, one of which would have stripped the Environmental Protection Agency of authority to regulate greenhouse gases. Speaking as someone who favors greenhouse restrictions, I wish the Republican rider — dropped just before the clock struck midnight — had succeeded.
U.S. forces are fighting three costly, inconclusive wars; unemployment is 8.8 percent and the president’s new budget proposal would double the national debt in a mere 10 years. What a great moment for Barack Obama to declare for reelection.