Obama targets the wealthy with tax hikes; “They can afford to pay a little more”

U.S. President Barack Obama is targeting the wealthy with planned tax hikes aimed at stabilizing the economy. The only problem is the tax hikes will ultimately affect the rest of us working stiffs who live from paycheck to paycheck.

In typical reproaching style, Obama blamed Americans for the state of the economy, saying years of overspending means every American has to make sacrifices.

Obama unveiled a plan to raise taxes and reduce borrowing over the next 12 years by $4 trillion. His cost-cutting measures included slashing the domestic budget — and cutting politically sensitive medicare programs, as well as cutting defense spending.

Naturally, his friends and banker buddies will be spared the sharpest cuts.

But Obama insisted the rich should shoulder more of the burden to prevent the mushrooming national deficit from spinning out of control.

Defending his plan, Obama said in a speech at George Washington University today: “We have to live within our means, we have to reduce our deficit, and we have to get back on a path that will allow us to pay down our debt.”

He added: “It’s an approach that puts every kind of spending on the table, but one that protects the middle-class, our promise to seniors, and our investments in the future.”