The community organizer in the White House hit the campaign trail this week, attempting to make the case that Republicans don't deserve a shot at running Congress again. He's certainly reading the tea leaves, so to speak, which predict a big win for the GOP on Nov. 2. On Monday, Barack Obama unveiled his latest "stimulus" (except don't use that word!) in the form of $50 billion for infrastructure. The White House plan includes rebuilding 150,000 miles of road and 4,000 miles of rail, as well as the creation of a government-run bank (uh-oh) to finance transportation projects.
What happened to last year's infrastructure stimulus? The Wall Street Journal1 reports, "All but roughly $100 billion of the original $814 billion (recently reduced from $862 billion by the Congressional Budget Office) has now been spent." So now we need more of the same, because this time it'll work. No, really, he means it this time.
Of course, a White House official admitted, "This is not an ... immediate jobs plan. This is a six-year reauthorization that's front-loaded." We're all for good roads and improving infrastructure, but this appears to be more government spending with little economic growth to show for it.
Moving on, the president proposed making Ronald Reagan's 1981 research and development tax credit permanent, as well as instituting a one-year tax write-off for all business capital purchases. These tax cuts will almost certainly help economic growth, but there's a catch: The latter would be temporary and both would be "paid for" by closing other corporate tax "loopholes" (i.e., raising taxes elsewhere). Oil and gas companies will be targeted specifically. If "loopholes" are the problem, we should get rid of them all and lower the corporate tax rate from 35 percent to 20-25 percent, which is the average for the developed world. But don't hold your breath waiting for Obama to propose that.
Lest you think the president has found religion on taxes, however, his stump speech on Wednesday included the usual class warfare rhetoric typical of Marxist Democrats. "With all the other budgetary pressures we have," he sneered, "with all the Republicans' talk about wanting to shrink the deficit, they would have us borrow $700 billion over the next 10 years to give a tax cut of about $100,000 each to folks who are already millionaires." He continued to patronize the "wealthy," saying, "This isn't to punish folks who are better off -- God bless them. It's because we can't afford the $700 billion price tag." This, of course, is The Big Lie -- that it's the government's money and the government's decision about what it can "afford."
It's not that he didn't warn us -- on the campaign trail in 2008, Obama said that he wants to "spread the wealth." Spreading the wealth, however, means less wealth for everyone. At least half of all small businesses will be hit by these tax hikes, and given that small businesses create four out of five new jobs, expect unemployment to remain high after the Obama tax increase.
Democrats are truly and with a vengeance living up to their tax-and-spend reputation. Obama might blame Republicans for record deficits (and we won't jump to their defense), but according to Terrence Jeffrey2 of CNSNews, "In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan." And Obama has the chutzpah to complain that the government can't "afford" a tax cut.
That, in a nutshell, is why voters are angry. Democrats misread their 2006 and 2008 election victories as a mandate for their "progressive" agenda, when in reality it was voters rejecting the corruption and progressive-light agenda of the Republicans. So Democrats simply doubled, tripled and even quadrupled everything Republicans did wrong -- and now they're surprised that voters are furious.
Quote of the Week Memo to Obama: "The Cuban model doesn't even work for us anymore." --Fidel Castro in an interview with The Atlantic
Better late than never. Unfortunately, it's an admission too late for the millions who suffered under his rule. More: http://patriotpost.us/edition/2010/09/10/digest/print/