When it comes to healing America’s ailing economy by cutting taxes, President Obama is all for the idea—unless it benefits the most financially successful Americans. That would be the “wealthy,” a class of elitists among whom are listed Mr. and Mrs. Barack Obama, current residents of 1600 Pennsylvania, Washington, D.C. Probability of address change within the next 24 months? High and growing!
Obama’s philosophy on taxes is right out of the leftist handbook for perpetuating economic mayhem and ruin:
1. Although the overwhelming majority of taxes are paid by the so-called rich, cutting taxes for this class of Americans is unthinkable.
After all, most rich people are Republicans, and white, to boot! Why bring relief to white Republicans, even if it will help the overall economy?
2. In contrast, the less successful deserve robust tax cuts, even though they pay little or no taxes to begin with.
In addition, unlike the wealthy, the ranks of the less successful are populated with huge numbers of people of color, every last one of which is a Democrat.
Obama’s goofy logic may be the result of too much interaction with VP Joe Biden who has stated publicly that paying higher taxes is the “patriotic thing to do.”
Obama’s wrong minded policy is hardly a rarity among Democrats who would generally prefer to rip the wealthy than help the poor!
A notable exception, however, is found in Peter Orszag, an economist formerly employed at the Obama White House.
Orszag penned the following words, in part in his new role as a columnist for the New York Times:
“In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it.
“Why does this combination make sense? The answer is that over the medium term, the tax cuts are simply not affordable. Yet no one wants to make an already stagnating jobs market worse over the next year or two, which is exactly what would happen if the cuts expire as planned.
“Higher taxes now would crimp consumer spending, further depressing the already inadequate demand for what firms are capable of producing at full tilt. And since financial markets don’t seem at the moment to view the budget deficit as a problem — take a look at the remarkably low 10-year Treasury bond yield — there is little reason not to extend the tax cuts temporarily.”
The problem with Orszag’s spiel is that, although it makes sense in terms of improving the economy, it fails to punish the rich for the heinous crime of being mostly white Republicans!
John W. Lillpop is a Capitol Hill Coffee House staff writer.