-By Warner Todd Huston
In his Wednesday presser on the state of the economy President Obama several times attacked those evil rich folks flying about in corporate jets saying that the filthy rich could “afford” higher taxes. But while he spent so much time slamming corporate jets today, back in 2009 the president was pushing a stimulus bill that included tax breaks to corporate jets.
In February of 2009, the stimulus package that Obama pushed heavily as the only way to “save” the country included a provision that, as the Associated Press then reported, “sharply reduces the up front tax bill for companies who buy assets like business planes.”
So, once again we have this president talking out of both sides of his mouth. Back in 2009 we needed a stimulus package that included big tax breaks to corporate jet owners, yet today those corporate jet owners are eeeevil for not paying enough taxes.
Again Obama reveals his capriciousness. No wonder the economy can’t revive with so much Obama-caused uncertainty abounding out there! The fact is, we could engage in outright confiscation of every penny in the hands of “the rich” and that would not close the over $1 trillion debt that Obama’s spending increases have caused.
Obama is the worst demagogue we’ve had in the office of the president since Franklin Roosevelt, a man who also severely attacked the evil rich at every turn. And, as a reminder, FDR’s actions lengthened The Great Depression by years. Like FDR’s economic failures this president has nothing to offer the nation but class warfare.
Just a few of the class warfare remarks that the president uttered today show his complete lack of any actual solutions. For instance, Obama told the nation today that because some people are rich, why, that must mean that some poor kid won’t be able to get an education. This is absurd. Wealth is not a zero sum game. That one person has money does NOT mean that someone else cannot have it. Obama also lamented about how bad the economy is on one hand yet on the other hand he kept slamming “record profits” and targeted them for confiscation. If the economy is so bad, how can Obama justify taking away what profits there are out there?
For the last four years (including the time during his initial campaign for president) Obama has been pushing tax hikes. He only relented for a short time in 2010 when he finally agreed that the Bush tax cuts should stay in place because the economy could not take tax hikes then. The whole time the bulk of the American people have stood against tax hikes, yet Obama has consistently opposed the people on this issue.
The problem in Washington D.C. is not a low level of tax receipts. It’s a spending problem, not a taxing problem. Tax hikes will do nothing but cause a worse slump in our economy. Major cuts must be made. Only spending cuts can fix this mess.