Obama hedges on tax funds for rich
The Associated Press reports
Democrat Barack Obama says he would delay rescinding President Bush’s tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.
When asked “what about increasing taxes on the wealthy,” Obama hedged, replying
“I think we’ve got to take a look and see where the economy is. I mean, the economy is weak right now. The news with Freddie Mac and Fannie Mae, I think, along with the unemployment numbers, indicates that we’re fragile.”
If a person reads this correctly, he would rightly surmise the following: Taxing “the rich” when the economy is faltering hurts the economy. What logically follows is this: Taxing the rich when the economy is good hurts ________. Hmmm…
Why is it considered appropriate to increase the taxes on the wealthy when the economy is good? If such practice is bad when the economy is weak, isn’t it also bad when the economy is strong?
Apparently not if you are a Democrat.
Because using class warfare to get elected is a traditional Democratic tactic. And in an election year, declaring economic war is not likely to produce any screaming headlines.
So how, then, can we explain Obama backtracking on his firm commitment to see to it that the rich pay their fair share of taxes?
Let’s consider this possibility: perhaps allowing “the rich” to keep more of their money, whether in times of economic trouble or times of economic prosperity, has some upside for the all of the rest of us who do not fall into that category.
And there folks, hidden between the lines, is the truth. Capitalism works. And the Democrats know it.
But publicly saying so doesn’t get them elected.
September 8th, 2008 at 7:56 pm
Well said!
September 9th, 2008 at 12:16 am
Apparently they are hoping to get elected by spreading a message that those of us who are not “rich” are victims. The evil CEO’s and the George W. Bush administration are to blame for our “lot in life.” They are to blame for astronomical mortgages and credit card debt that we can’t pay. It couldn’t possibly have anything to do with Americans having a propensity to live beyond our means. Whatever happened to the American values of the Protestant work ethic and the spirit of capitalism? Obama is a great motivational speaker. He really has a gift for arousing a spirit of entitlement and discontentment.
September 9th, 2008 at 12:16 pm
Although it isn’t the theme of your remarks, you did mention the Fannie Mae and Freddy Mac debacle. I really don”t know the pros and cons of “saving” these organizations, but it doesn’t appear to be pure “Capitalism”. I’m told that if they are left to fail, then it falls down on banks that have made loans to risky borrowers. We saved the S & L ’s a number of years ago. Did it work out the way it was planned and were the Taxpayers and Producers better off? I do feel that the CEOs should not be rewarded (Severance Packages) for the lack of success of these institutions. And, I don’t want to take more from those CEOs that were successful. They create jobs and provide dividends. Reward them and expect better things. No redistribution of Wealth. There is not much pride in receiving unearned wealth.