The Cat's Out of the Bag

Treasury Secretary Timothy Geithner this weekend, in response to questions about whether the Obama administration would increase taxes on the middle class, said that, "We're going to do what's necessary."

Lawrence Summers, Obama's head economic policy coordinator, made similar comments.

Consider this a trial balloon, and a signal that Obama is planning to violate his campaign vow not to raise taxes on the middle class. Instead, it suggests Obama is planning to seek large tax increases to pay for the Democrats spending spree.

For those who wanted change, you should be pleased: such plans would lead us toward the lower growth, higher unemployment world of Europe.