"Now, I want to emphasize, this is not simply an issue of redistributing wealth. That's what you’ll hear from those who object to a tax plan that is fair. This is not just about fairness. This is also about growth. This is also about being able to make the investments we need to succeed. And it’s about we as a country being willing to pay for those investments and closing our deficits. That’s what this is about."- Barack Obama, Remarks on the Buffett Rule, April 11, 2012
Well, it isn't quite like making the oceans recede -- miraculous powers Barack Obama professed to have in 2008 -- but it is pretty close. The President wants us to believe that by raising taxes he can both grow the economy and slash the deficit. Whatever it was that Obama learned in Community Organizing 101, it apparently had nothing to do with basic economics.
The President has decided that rather than explain the dismal failure of his economic policies over the last 3-plus years, he'd rather play class warfare. So, he's been clanging the gong for what he calls the Buffett Rule -- a 30% minimum tax on all income for individuals that make a million dollars per year regardless of the source.
Imploring the same tactics as the Occupy Wall Street crowd, the President is pressing Congress to pass his Buffett rule. Smack around the few to appease the many. It's a strategy sure to make Saul Alinsky proud of his disciple – play high stakes class-warfare by demonizing a relatively small number of the wealthiest Americans, who he says are not paying their "fair share" in taxes which he self-righteously condemns as "deeply wrong and irresponsible."
Obama knows that the votes necessary to pass a tax hike – on the wealthy or anybody else – are nowhere to be found on Capitol Hill during these difficult economic times, and particularly during an election year. Obama Buffet Rule isn't about good government, economic growth, or balancing the budget. It's about re-election politics, and thus, reality and facts have very little to do with the President's rhetoric. This is purely about appealing to the uncivilized instincts of greed and selfishness in enough Americans to keep his job. A more honest President would call it what it is – Buffett Baloney.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 24th, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 23rd, 2014 | John Ransom