Robert Reich: Obama Has Compromised Too Much On The Fiscal Cliff
Former U.S. Labor Secretary Robert Reich reviews President Obamaâ€™s evolving position on the fiscal cliff with â€śViewpointâ€ť host Eliot Spitzer. Reich believes that Obama and the Democrats hold all the power when it comes to the ongoing negotiations and that the president has already given in on too much.
â€śNot only is [Obama] lifting the threshold for the tax hike up to $400,000 â€¦ from $250,000, but heâ€™s also chipping away at Social Security and Medicare by fiddling with the formula for inflation,â€ť Reich says.
Reich argues that instead of cutting Social Security and Medicare, Obama should focus on greater defense spending cuts: â€śThereâ€™s absolutely no reason, except for the power of defense contractors, why we have to have such a huge amount of defense spending in this country.â€ť