Obama secured a second term as President on Tuesday, November 6, 2012. I suspect, given the challenges that confounded his efforts to win a second term, his election will be seen as a major event historically. He prevailed despite obscne amounts of unregulated campaign funding, enabled by the right leaning Supreme Court's Citizens United ruling.
Given the political atmosphere, Democrats made remarkable gains. They increased their majority in the Senate. One of my great hopes is that the Democratic majority leader in the Senate, Harry Reid, will enact filabuster reform, denying the minority Republicans the ability to easily block any legistlation or political appointment hat doesn't suit them. The filabuster has been used 371 times since 2008. Majority rules. That's what the Constitution says. That's the way it should be in the Senate.
It's true, the House is still in Republican control, but some of the most toxic tea party zealots where defeated at the ballot box and will not be back. House Republicans can still be a mighty destructive force if they choose to be. Let's hope the moderates in the Republican caucus decide its time to cast aside the tea party mantle, and work productively with their adversaries.
So, hear is how I would like to see the President expend the fresh politfcal capital he gained by winning a second term.
1. Put our fiscal house in order. Allow the Bush tax cuts to expire. Retain current income tax levels for people earning under $250,000; allow those making more to pay more. Enact a transaction tax on every trade done on Wall Street. Retain capital gains tax at current 15% level, but boost that number to 30% for capital gains that exceed $5 million annually. Retain social security and medicare as they are. Strictly oversee and aggressively enforce the rules and regulations focused on banking and the financial system.
2. Speed up troop withdrawal from Afghanistan, with all of our people out by the beginning of 2014. Put Pentagon spending on a substantial diet.
3. Become a leading voice for global efforts to deal with climate change. Enact a comprehensive system of government spending and incentive as well as regulations encouraging the phaise out of nuclear power and fossil fuels and the emergence of clean energy alternatives. It will take decades to achieve this. A clearly stated progressive energy policy would be a very good place to start. It should be the centerpiece of Obama's jobs strategy. Much of America's energy infrastructure is aging and needs replacement. An internet-like smart-grid that is compatible with a broad range of energy sources, including the old that's already in place and the new, pollution-free renewable forms that are now emerging. You want to stimulate the economy, this is a great way to do it.
Of course, there are many many other things one could hope for under Obama's second term leadership. I would be very happy if we could just get some serious attention and action on the three big ticket items listed above.
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