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July 26, 2011

Even liberal media noticing how out-of-touch Obama is (Video)

Topics: Political News and commentaries

It's beginning to look as though even the liberal media have begun to notice the wheels coming off the White House bus. Take, for example, left-leaning Politico noticing that Barack Obama has yet to offer any solutions despite the present late hour of the fiscal crisis. And then there's CNN's Gloria Borger noticing that Obama seems out of the loop on the actual proposals floating around the Beltway. Obama is still trying to pimp for support for tax increases ... and he's the only one left doing so:


As Ed Morrissey points out:

Of course, Obama tried to avoid using the phrase "tax increases," instead using the catchphrase "balanced approach." However, he did give a Rosetta Stone key to this euphemism in this passage, the only place where he says "tax increases":
Keep in mind that under a balanced approach, the 98% of Americans who make under $250,000 would see no tax increases at all. None. In fact, I want to extend the payroll tax cut for working families. What we're talking about under a balanced approach is asking Americans whose incomes have gone up the most over the last decade -- millionaires and billionaires -- to share in the sacrifice everyone else has to make.
So indeed, "balanced approach" means "tax increases." Obama wants to tax the top 2% in order to balance the budget, a campaign line that Obama has used since 2007. Unfortunately, that won't solve the problem, not even if we taxed the top 2% (link inserted) at a 100% rate.
As Morrissey goes on to note, even a small amount of confiscation would divert capital from actual business-expanding enterprises to government bureaucracies, further slowing, stopping, or even reversing the meager level of growth we have now ... creating a decline in revenue that would probably equal or best the supposed windfall that would come from increasing the top rate to 39.5%, effectively making the deficit situation worse. This is why no one but Obama is talking about tax increases any longer ... only substantial reform in federal spending, including and especially entitlements, will address the fiscal catastrophe we face. Instead of showing leadership, Obama is still running his class-warfare 2008 campaign.

Related:
Krauthammer's Take
Boehner's Achievement

Posted by Richard at July 26, 2011 10:43 AM



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