The political left experienced a bout of irrational both before, during, and after President Obama´s penultimate State of the Union (SOTU) address. Even Democrats in Congress and the Senate gave a raucous approval of the president’s policies.
It was as if they truly believed they were still in the majority controlling both the Congress and Senate. It was a significant cognitive distortion coming from a political party that only three months ago would not publicly admit they voted for President Obama because to do so would hand their GOP challengers an immediate bump in the polls.
Yes, it is true that President Obama promised to propose a radical set of new tax increases to redistribute wealth, or as he now phrases it, share the success. However, the reality is the electorate gave the GOP their largest control of the legislative branch since Herbert Hoover was president. The mandate was to shift the nation away from President Obama’s agenda specifically in terms of his economic policies that have produced stagnant wages and millions of part-time low-paying jobs. In all honesty, the GOP lacks the ability to override presidential vetoes without significant Democrat support.
At the same time, they will be able to effectively “veto” the president’s proposals. His proposed 28% capital gains tax, repeal of the step-up rule on capital assets inherited, and the repeal of tax free distributions from 529 education savings plans are all dead on arrival or effectively “vetoed” by the congress. There is a possibility that the congress can approve an increase in the per-child tax credit and trade-promotion authority, but very little else will get passed.