It's reminiscent of 1999, but with a new social media kick. President Obama is using the phrase My2K to spread fears about the fiscal cliff to the masses on Twitter.
The White House claims that if the Bush tax cuts are allowed to expire at the end of the year, the typical family of four will pay $2,200 more in taxes next year. The president wants to extend the tax cuts for the middle class, but eliminate them for the top 2% of Americans who earn more than $200,000 a year.
On Wednesday, he asked supporters to tweet the hashtag #My2K, describing what $2,000 means to their families.
The White House fails to point out that even if the Bush tax cuts are extended, middle class families will probably pay higher taxes anyway.
As the payroll tax holiday expires, Americans making about $50,000 a year will pay another $1,000 in payroll taxes. Hardly anyone -- Democrat or Republican -- is talking about extending this measure.
Nevertheless, the #My2K hashtag ended up trending on Twitter Wednesday afternoon, among both Obama supporters and critics.
Want to weigh in on the fiscal cliff negotiations? Tweet us at @CNNMoney.
The Romney-Ryan camp is trying to discredit the falling unemployment rate, claiming it's due mainly to workers dropping out of the labor force. But Obama administration official Gene Sperling shot back Tuesday: "That just ain't so."
Sperling, who heads the White House's National Economic Council, pointed to data from the Bureau of Labor Statistics, which shows the unemployment rate fell to 7.8% last month, down from 9.0% a year earlier. Most MOREAnnalyn Kurtz - Oct 16, 2012 4:02 PM ET
The U.S. recovery has hit a speed bump this year, slowing significantly in the first half of 2012.
But that didn't seem to get the White House down. The Obama administration released surprisingly upbeat economic forecasts Friday, when it revised the President's budget to include recent data.
The White House expects the economy will grow 2.6% this year. While that is lower than its original forecast for 3% growth, it's still MOREAnnalyn Kurtz - Jul 27, 2012 3:44 PM ET
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.43%||3.43%|
|15 yr fixed||2.70%||2.69%|
|30 yr refi||3.45%||3.44%|
|15 yr refi||2.74%||2.69%|
Today's featured rates:
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|