If you were regularly described as one of the most “brilliant” leaders in our nation’s history and were poised to launch a 16-month-long crusade to convince the nation to re-elect you, how would you sell your dismal economic record? Barack Obama gave his answer in a press conference yesterday, when he promised to deliver “massive, job-killing tax increases” and claimed a 9.2 percent unemployment rate proves he was right all along and Americans should be grateful.
Obama’s plans for the nation include more redistribution of (borrowed, Chinese) wealth, financed by $1 trillion in tax increases. Even Obama understands the likely impact of this move. In 2009, he told MSNBC’s Chuck Todd, “You don’t raise taxes in a recession,” and during the lame duck session of Congress he called extending the Bush tax cuts “an essential step on the road to recovery.” In Monday’s press conference, he admitted:
So, when you hear folks saying, “Well, the president shouldn’t want massive job killing tax increases when the economy is this weak.” Nobody’s looking to raise taxes right now. We’re talking about potentially 2013 and the out years.
In other words, he promised he will wait until he is safely re-elected and beyond the reach of the people (except for impeachment), then destroy the economy. Obama ’12!
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Only the most naive believe these tax hikes will only touch the “millionaires and billionaires” Obama constantly inveighs against. The Associated Press noted yesterday, “Proposals under consideration include raising taxes on small business owners and potentially low- and middle-income families.” After all, the wealthiest Americans are already paying a disproportionate percentage of income taxes. Patrick Tyrrell of the Foundry blog writes that the IRS estimated as of “2008, the top 25 percent of income earners—those earning $67,280 or more—pay 86.34 percent of the income taxes, yet earn only 67.38 percent of all income in the U.S.” If Obama is re-elected, he has told American you can expect unemployment to skyrocket.
Obama then added an odd claim: that the discouraging job reports of Recovery Summer 2.0 prove his stimulus plan worked. He said:
[W]ithout relitigating the past, I’m absolutely convinced, and the vast majority of economists are convinced, that the steps we took in the Recovery Act saved millions of people their jobs or created a whole bunch of jobs. And part of the evidence of that is as you see what happens with the Recovery Act phasing out. When I came into office and budgets were hemorrhaging at the state level, part of the Recovery Act was giving states help so they wouldn’t have to lay off teachers, police officers, firefighters. As we’ve seen that federal support for states diminish, you’ve seen the biggest job losses in the public sector — teachers, police officers, firefighters — losing their jobs.
You see, people losing their jobs now is proof Obama saved their jobs earlier. Be sure to note the reporter’s bewildered expression at the 0:54 mark.
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Obama’s unscripted inanities are amusing, but the effects of his policies are no laughing matter. Former Virginia Governor Jim Gilmore, who is currently the president of the Free Congress Foundation, sketched out what the “new normal” really means for average Americans. If current economic trends continue, the average family making $45,000 a year in 2005 will be nearly $100,000 poorer in 10 years. “[F]rom 2005 to 2021, the total loss for this family would be $96,977,” Gilmore wrote, “enough money for this family to purchase eight years of groceries, 31 years of gas for one vehicle or four years at a public four-year college.”
When the best economic mind the ruling party can produce says unemployment is success and “job killing” is his goal, no one should be surprised the status quo future he has planned for most Americans looks like this: