Obama Hearts Tax Cuts... Sortof
obama, obamanomics, ohio, tax 9:32 AM
by Nick Stone of Drawnlines Politics.
President Obama addressed a crowd of supporters in Cleveland, Ohio yesterday to rally support for Democrats in the upcoming midterm elections. With history telling us that a sitting president's party almost always loses seats in the first midterm of his presidency, Obama knows he has an uphill battle. Place historic trends atop a 9.6% unemployment rate, record spending levels and a staggering deficit, and Democrats are quickly sobering up to the notion that they can't spin their way into preserving their majority this fall.
Democrats, controlling all levers of federal power, know they are in trouble. So, rushing to the aid of Democrats in the ultimate swing state came President Obama himself. His weapon of choice? You guessed it, a "major speech." Yes, another one. And as though it isn't awful enough that this president chooses to attack our challenges with oratory, this speech took the cake. For all of Obama's problems, in many respects, yesterday's speech was just plain weird.
The post-partisan president attacked - by name - House Minority Leader John Boehner no less than 8 times in what is being described as the most sharply partisan speech of the Obama presidency. But while attacking Republicans on one hand, Obama seemed to pilfer a few Republican ideas on the other. For starters, I had to re-read three times to make sure that I wasn't misunderstanding when Obama uttered this quip:
"...economic growth is the single best way to bring down the deficit..."
Take it from Barack Obama the newest supply-side economist, that although he derided the Bush tax cuts as unaffordable and irresponsible, he apparently was just kidding. I say that because the Bush tax cuts that the president promises to end for "the wealthy" (read: small businesses and other job creators) did their job of growing our economy and increasing tax receipts. So did the Reagan cuts of 1981 and subsequent years. With pressure from his own constituencies, Obama is most of the way to a conversion on tax cuts. At least he agrees in principle that lowering taxes encourages economic growth, and that the opposite is also true.
This stunning news is worth repeating. To spur economic growth, Obama has apparently had a deathbed conversion on none other than tax cuts. But in the context of so many other tax increases and new regulations, many small business people are leary of the Obama tax cut proposal. And some businesses wonder how much his version of tax cuts would even help:
You can tell that Democrats know they messed up and that voters are ready to make them pay. It's no coincidence that very few Democrats are running on their success in passing the unpopular Obamacare package that they portrayed as urgent only months ago. Nor is it a surprise that so many "yes" votes for the Reid-Pelosi agenda are now running outsider campaigns, pretending to be upset with their own leadership.
What should truly strike voters as shocking this November is the whiplash they feel over the sudden embrace Democrats have over conservative principles... that is, of course, after they have already crammed most of their liberal dream agenda down the throats of the electorate.
This Election Day already promises to be one for the history books, akin to a 1980 or 1994.
Check us out on FACEBOOK
President Obama addressed a crowd of supporters in Cleveland, Ohio yesterday to rally support for Democrats in the upcoming midterm elections. With history telling us that a sitting president's party almost always loses seats in the first midterm of his presidency, Obama knows he has an uphill battle. Place historic trends atop a 9.6% unemployment rate, record spending levels and a staggering deficit, and Democrats are quickly sobering up to the notion that they can't spin their way into preserving their majority this fall.
Democrats, controlling all levers of federal power, know they are in trouble. So, rushing to the aid of Democrats in the ultimate swing state came President Obama himself. His weapon of choice? You guessed it, a "major speech." Yes, another one. And as though it isn't awful enough that this president chooses to attack our challenges with oratory, this speech took the cake. For all of Obama's problems, in many respects, yesterday's speech was just plain weird.
The post-partisan president attacked - by name - House Minority Leader John Boehner no less than 8 times in what is being described as the most sharply partisan speech of the Obama presidency. But while attacking Republicans on one hand, Obama seemed to pilfer a few Republican ideas on the other. For starters, I had to re-read three times to make sure that I wasn't misunderstanding when Obama uttered this quip:
"...economic growth is the single best way to bring down the deficit..."
Take it from Barack Obama the newest supply-side economist, that although he derided the Bush tax cuts as unaffordable and irresponsible, he apparently was just kidding. I say that because the Bush tax cuts that the president promises to end for "the wealthy" (read: small businesses and other job creators) did their job of growing our economy and increasing tax receipts. So did the Reagan cuts of 1981 and subsequent years. With pressure from his own constituencies, Obama is most of the way to a conversion on tax cuts. At least he agrees in principle that lowering taxes encourages economic growth, and that the opposite is also true.
This stunning news is worth repeating. To spur economic growth, Obama has apparently had a deathbed conversion on none other than tax cuts. But in the context of so many other tax increases and new regulations, many small business people are leary of the Obama tax cut proposal. And some businesses wonder how much his version of tax cuts would even help:
You can tell that Democrats know they messed up and that voters are ready to make them pay. It's no coincidence that very few Democrats are running on their success in passing the unpopular Obamacare package that they portrayed as urgent only months ago. Nor is it a surprise that so many "yes" votes for the Reid-Pelosi agenda are now running outsider campaigns, pretending to be upset with their own leadership.
What should truly strike voters as shocking this November is the whiplash they feel over the sudden embrace Democrats have over conservative principles... that is, of course, after they have already crammed most of their liberal dream agenda down the throats of the electorate.
This Election Day already promises to be one for the history books, akin to a 1980 or 1994.
Check us out on FACEBOOK
Posted by Nick Stone
on 9:32 AM.
Filed under
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obamanomics,
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