<<No there was a recession in 58-59 then again in 60-61.>>
The analysis is pathetically thin on facts. The fundamentals of the economy would include such things as the productive capabilities of America's manufacturing plant, relative to those of the rest of the world, which is basically the ability of America to satisfy world markets, the relative abilities of America's former competitors (the U.K., Japan, the member countries of what later became the E.U.) to satisfy world markets and the ability of the U.S. to compete with other industrialized nations for the raw materials of the Third World, among other things. Foreign currency reserves, the strength of the dollar, dollar reserves and other factors.
All those factors and probably others that I overlooked would constitute the fundamentals of the American economy. I am not an economist but I'd bet that the fundamentals of the U.S. economy were a lot stronger in 1961 when JFK took office than they are now. The factors that might be favourable to a tax cut in 1961 are NOT the factors that you would find in today's U.S. economy.
However, Obama is not proposing an across-the-board tax hike anyway, only a hike for those who earn over $250K per year - - a very SMALL portion of the American people.
<<And an unemployed steelworker during a recession could give a damn about balance of trade and payments.
<<He wants food on the table>>
Geeze. Maybe I missed something here. Is Obama now proposing a tax hike for unemployed steelworkers? Or maybe unemployed steelworkers earn more that I thought they earned - - something like $250K per year?
Back in the real world, the unemployed steelworker has about as much to complain about from Obama's tax hikes as Joe the Plumber - - which is to say, zero, zip, nada. And with the tax on the rich that Obama is proposing, there should be enough to buy burgers and chips for the unemployed steelworkers AND fish on Fridays.