From our editorial on the tax debate:

President Obama has suddenly discovered the virtues of deficit reduction: Having spent all the money, he now thinks it would be downright irresponsible of taxpayers not to pick up some of his tab. His defenders would have us believe that every form of fiscal austerity would sink us deeper into the quicksand — except for tax increases on the most productive individuals and profitable small businesses in the country. The rich don’t spend the money, they argue, so why let them keep it if they’re just going to put it in the bank? Apparently, putting your money into banks is Timothy Geithner’s job, not yours.

Read the rest here.