I contend that Obama caved on his campaign pledge (or promise) not to extend the bush tax cuts for the rich. The added growth expected in 2011 from ALL of the cuts is just a half of a percent of GNP growth. I have read that the rich save their tax cuts rather than use them in ways that stimuate the economy. As for savings, banks have enough capital to lend (this isn't why they are still skittish in 2010). That the vacuous argument that tax cuts for the rich will somehow create lots of jobs and save the economy from another recession has had any weight or credance really discourages me about American political discourse. That Obama didn't "just say no" is also discouraging.
The full essay is at "Obama Caving to Plutocracy."