The condesending Obama has returned in fine form. Yesterday the President declared it’s time for us to “eat our peas.” Apparently eating our peas is code word being “serious” and raising taxes. The President complained that he would rather be talking to the media about “new programs” or “the NFL season.” In that little exchange Obama proved that he just doesn’t get it. New programs are the reason why the Federal government has the problems it has now. The government is spending to much and it’s time to reign in spending.
Meanwhile the Al Jolsen of the administration, Vice President Joe Biden, is busy telling an audience that no “real” economist believes tax increases will cost jobs. “C’mon man, let’s get real” Biden barked yesterday in his best street wise, man of the people voice. It is unclear which is worse, Biden’s condensending man of the people rhetoric or his condesending attitude towards economists who don’t agree with him. There are thousands of economists out there who will be happy to argue that tax increases kill jobs. But of course they aren’t “real” economists. Joe Biden is apparently the economist gatekeeper.
The fact is that tax increases will cost jobs. Around 40% of consumer spending in this country comes from the top 2%. If those people are taxed at higher rates, that means less consumer spending. Who do you suppose that’s going to hit the hardest? The middle class of course. It means fewer purchases, which hurts the manufacturing sector, the retail sector and all the jobs that feed off the middle class. Not to mention with less money, the top 2% won’t be able to invest in companies that create jobs. Tax increases are most certainly a job killer.
High taxes and massives spending deficits have hurt all of us. The down economy that Obama hasn’t been able to turn around has affected blacks the hardest. Black net worth has fallen by 83%. Black unemployment has increased dramatically under Obama. His policies have had an affect on people and unfortunately it’s not very good. The black middle class is fast disappearing thanks to this recession. It is Obama’s policies that have ensured that the recession continues on, sapping blacks of more of their wealth. Even worse, Obama’s policies are bleeding blacks of their upward move to the middle class.
Federal economic policy does have an affect on average Americans. It can be positive or negative. Over regulation, high taxation and high spending is bad for everyone. It stifles job creation, which hurts all of us. Smaller government, with tax cuts and spending cuts has the opposite effect. The more money in the hands of the private sector, the more jobs will be created. Money in the hand of government is little more than a waste.
While Obama is busy playing school yard bully or nanny, the Republicans have offered serious plans to get the economy rolling again. Obama wants to play class warfare, even if it means his policy hurts the lower and middle classes. It’s sort of incredible that the President has the audacity to push his weight around at this late hour, after having spent the first six months of the year avoiding Republicans at all cost. His class warfare is transparent. The GOP needs to stick to their guns. No new taxes!