Have I mentioned lately what an asshole Obama is?
A reader writes:
I have been cynically thinking that Obama gave a FICA holliday long enough to get reelected and deliberately let it go. He likes high unemployment, it makes it easier to bust unions. Like all bullies, Obama likes fear. Nothing like high unemployment to make people, especially the civil service, fearful
Yes, Obama's innovation is to do as little as possible to get elected, not as much as possible. That's why ObamaCare was rolled out so slowly, why there was Keynesianism, but only for swing states, and so forth.
NOTE The economy seems to be functioning exactly as MMT said it would. The tax hike took money out of the the private sector, and so the economy slowed. That's why it makes sense to raise taxes to cool a hot economy, and instead of making a cool economy cooler. This is another case of "MMT for me but not for thee" on the part of the elite.