President Obama has backed off on a plan to tax middle class Americans savings accounts for their kids to go to college.

White House officials said the backlash against the president’s plan became “such a distraction” that it was best to drop the proposal, which would have removed the ability of families to withdraw money tax-free from the savings plans known as 529s.

The proposal proved to be a serious political loser. At a time when there is more than $1 trillion of outstanding student debt in this country the 529 is a favorite to save for college. About 12 million American families rely on them.

But make no mistake- Obama and others will be back. You see they are scraping the bottom of the barrel and need your money. They may leave today but will be back soon you can count on it.