The President thinks extending tax cuts is a good thing and rhetorically shook his fist at Congress exhorting them to keep the cut in payroll taxes to spur the economy. The President's position is if Americans have more money, it is good for the economy. For once he is right.
Obama fell back on the old tired rhetoric of tax and spend, tax and spend, tax and spend. The only program today's Democrat understands. Obama called the $20 billion in cuts this year and $80 billion in cuts for next year "historic". That $100 billion is the equivalent of you or I saving ONE dollar out of a monthly budget of $4,000. Historic? In spite of increasing spending to levels never before seen in our nation's 230 plus year history, Our Dear Leader actually said he thinks we have now cut spending to the bare bones and there is nothing left to cut. We can only raise taxes.
But I thought giving American's more of their own money to spend will help the economy? But Joe, you Progressive types will say, we must tax the wealthy, they have to pay their fair share. If fairness is what the President wants, then he would be advocating a tax on the 43% of workers who pay no Federal taxes. What is fair about Tom paying 30% of his hard earned wealth, Tom forking over 20% of his wages and Harry paying zero, zip, nada? If we really, really need more revenue, then we all must pay the price -- all.
You see Obama is not about fairness, he is not about raising revenue, it is about the tireless pursuit of income redistribution, of spread the wealth, of socialism. There is no other way to look at it. We do not have a revenue problem, we have a spending problem.
Finally The Bamster started in on the tired and failed ideas of shovel ready jobs, infrastructure, construction, blah, blah, blah. We already spent $8000,000,000 on these supposed "shovel ready jobs" to spur the economy. Not only did it not work, but how many more of these projects are out there? Maybe if we had spent the money on real projects instead of saving frogs and wetlands in Nancy Pelosi's Congressional District the stimulus might have helped. But then again, wasn't it this very same Obama who joked a few months ago that there really were not any "shovel ready jobs"?
So let us recap. The Obama says we just need to tax more and spend more and we will get out of this mess. Hasn't that been his plan since the day he took office? It has not worked. If we just do more taxing and more spending all will be fine. The Obama is starting to remind me of the Kevin Bacon character at the end of Animal House -- "All is well!"
And he claims S&P is not based in reality?