Obama's Tax Trap

From Floyd Reports (Impeach Obama Campaign):

Obama’s Tax Trap


Posted by admin on July 24, 2010 · Comments (3)











By William E. Saracino







The jug eared socialist in the Oval Office continues his war on our economy, and he’s getting splendid results in destroying American capitalism. How bad is it? Those of you who share my weakness for demon-rum, or better yet demon-Bombay gin, had best pour a stiff double before reading on.



June 30th was an historic day. On that day alone our national debt rose by $166 billion, the largest one-day increase in history. As a point of reference, $166 billion is larger than the deficit for the entire year of 2007. The Bloomberg economic forecasting service reported the debt increase for all of June – $1 trillion – brought our total national debt to $13 trillion, adding that by late 2011 the national debt will exceed – yes exceed – our total GNP.



The June employment figures showed that 430,000 government jobs were “created” compared to 41,000 in the private sector. Confirming this trend, USA Today reported that for the first 6 months of this year “paychecks from private business shrank to their smallest share of personal income in U.S. history…at the same time government-provided benefits rose to a record.” In case anyone missed the point, they added “the result is a major shift in the source of personal income from private wages to government programs”.



Let’s do a brief quiz here. Shifting personal income from private wages to government programs is called socialism. Those who pursue such policies are called socialists. President Obama is pursuing these policies. Therefore, he is a ________. Bravo I see you all got the right “S” word for the blank.



New home sales in June fell 33%, the largest monthly decline ever recorded. Our richest state, Connecticut, had its bond rating downgraded by Moodys. House Speaker Nancy Pelosi, making sure everyone knows she is an economic illiterate, stated “unemployment benefits are one of our best job creators”.



The good news is that all the above will contribute to a Democrat incineration in November. The bad news is that the Democrats will attempt to use the economic chaos they’ve created to force tax increases on Republicans in the name of deficit reduction.



They will shamelessly state that our debt is at unmanageable levels (which is true, thanks to them) and the only way to avoid becoming Greece, a nation whose debt instruments nobody will buy, is to raise taxes (which is false).



The GOP has justifiably preached the evils of profligate spending and huge deficits. The Obama socialists plan to pirouette, agree with the GOP, and aver that as much as it will pain them, raising taxes is the only cure.



Raising taxes would sound the death knell for a resurgent GOP. That is why it’s imperative that Republican leaders and candidates start pairing their alarm at deficit spending with declarations that economic growth, not new taxes, is the way out of the deficit maze. That used to be called supply side economics, and under Ronald Reagan it produced the longest peace-time economic expansion in history.



It will not be easy for the GOP. The Democrat attack machine and their media sock puppets will hammer relentlessly for the only “responsible” way out of deficits – tax increases. And sadly it is predictable that some Republican office holders, more interested in media accolades than principles, will go along. In California we have the strumpets Abel Maldonado and Mike Villines. Nationally, remember that John McCain opposed the 2001 tax cuts. His doppelganger in the Senate, Lindsay Graham from South Carolina, is already making noises about finding a “middle way” out of the deficit.



That would be GOP suicide. Liberal Washington Post columnist David Broder, of all people, recently wrote a piece titled “GOP needs Reagan, not Bush, to win”. He reported on a poll by moderate/liberal think tank the Benenson Strategy Group, which has worked for past Obama campaigns. The results were stunning and unmistakable.



Among unprompted respondents only 25 percent said a Republican Congressional majority would signal a return to Bush’s economic policies. By comparison, 65 percent said a Republican Congress would promote “a new economic agenda that is different” from Bush’s. However when “W” is mentioned specifically Obama’s economic agenda is preferred over Bush’s by 49 percent to 34 percent. But a generic conservative approach, pitting a leader “who will start from scratch with new ideas to shrink government, cut taxes and grow the economy” beats one committed to sticking with Obama’s policies, 64 percent to 30 percent. The last sentence should be required reading for every GOP candidate and consultant.



Another question in the poll asked which path voters prefer to jump-start private-sector job creation and economic growth — new government investments or cutting taxes on business? Cutting taxes on business won 54 percent to 32 percent.



Broder, the dean of liberal D.C. pundits, summed it up thusly: “This sounds to me like Ronald Reagan returning to whomp Barack Obama. Maybe all the Republicans have to do is to reject the Bush label and bring Reagan back for an encore.” Amen and amen.