Obama stepped up his class warfare today. Nothing new about class warfare. It is anti-Capitalism and pro-redistribution. They did a fine job of handling that type of warfare during the French Revolution (irony here). Someone also needs to explain to me how people making $200,000 become classified as millionaires and billionaires.
You can read the President’s speech here. For every minute he spoke, the United States debt increased by $3 million. For every day Obama was on vacation, not producing a deficit reduction & jobs plan, the debt increased by $4,320,000,000. The Earth began 4.5 billion years ago to give an example of just how big a number that is. Of course that pales in comparison to what he does when he’s not on vacation.
Obama’s vague plan seems to be vaguely paid for on the backs of the rich – great – except, when he runs out of their money, he’ll come for the middle class. It won’t take long since the “rich” can’t possibly pay off our debts while he’s adding “investments” and temporary union jobs. His “cuts” take place over ten years (who does a ten year budget?) and counts the wars ending – they are “make believe cuts” in other words.
The tax increases slash the income of upper middle class and rich. Obama said he will veto any bill that doesn’t include taxes on the wealthiest Americans. This is a campaign slogan, not a serious jobs bill.
Nancy Pelosi has banned the word Stimulus, but the President’s non-existant bill is Stimulus II, half the size of the last useless one, and the payment plan is vague at best, but we do know it raises taxes by 1.5 trillion.
The bill needs to be passed “right now” but we still don’t have the bill and it might be weeks before the Democratically-controlled Senate has the bill ready. It’s almost, maybe, perhaps, somewhat moving towards being on the calendar in October. I guess “right now” was in geological terms. It’s a good thing, the Dems are in charge so they can move this along so quickly.
Obama calls for money to go to union employees so they can stay employed for one more year, and includes no substantive change that would provide longevity to their jobs. The benefit for him is that if one teacher gets laid off, it’s the Republicans’ fault.
Obama wants money for “investments” such as infrastructure so, if one bridge falls, the Republicans can be blamed.
Obama is adding a new alternative minimum tax (the Buffet rule) so money can be redistributed from income producers to the 47% who pay zero income tax.
He will eliminate the Bush tax cuts, which are really the Clinton tax increases. He is talking about a massive tax increase way higher than Clinton’s taxes.
Obama suggested a series of tax cuts, but how they are to be paid for is unclear. I guess we can borrow from China until we all hit the debt wall. Obama’s plan is to give businesses a 3.1 percent tax cut on their first $5 million in payroll. If new workers are hired, or pay raises are given to current employees, business owners can see a larger benefit. With payroll increases up to $50 million, businesses will not have to pay a Social Security tax, according to Obama. He also suggested giving tax credits for businesses that hire people who have been out of work for six months or longer.
Obama iterated his call for Republicans to pass this bill, that is the same non-existant bill the Dems are unenthusiastically moving to the Senate floor at a snail’s pace. He said not passing it is “no smart, not right” and it’s “not class warfare,” it’s “math.” Here’s some math for you, in 945 days, Obama has spent more than $4.2+ trillion dollars, without counting Obamacare costs. Obama has a frightening 428 days of spending to go. Judging from his jobs plan, he has no ideas beyond tax and spend.
Since the President wants everyone to pay his fair share, when is he going to require Jeffrey Immelt to pay his fair share?