Democrat: 'Obamanomics' like 'Reaganomics'

President Obama's economic plans seem too similar to President Reagan's, a Democratic critic of the president charged Friday.

Rep. Jesse Jackson Jr. (D-Ill.) criticized Obama's plan to extend all tax rates for two years as following in the vein of "Reaganomics," the free market-oriented policies sought by the GOP president when he was in office in the 1980s.

"If we recklessly cut taxes for the wealthiest 2 percent, then Obamanomics will look an awful lot like Reaganomics," Jackson said in a statement.

Democrats on Capitol Hill have been up in arms over the deal Obama struck with Republicans to extend expiring tax rates in exchange for an extension of unemployment benefits and other middle-class tax breaks.

House Democrats voted against bringing up the deal in its current form for a vote in hopes that it would force a retooling of the agreement to their satisfaction.

"I'm worried that the deal President Obama cut with Republicans sets us up for a Reagan-style set of bad choices," Jackson said, worrying that new tax cuts would empower a GOP-held House next year to pursue cuts to social programs.

"That was President Reagan's strategy: a 'starve the beast' plan of lowered taxes and increased military spending that would force Congress to make deep cuts in programs for the most vulnerable," the Chicago Democrat added.

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