Valerie Jarrett recently suggested that the idea Obama administration has launched a class warfare campaign is only known because of Fox News. True all the other major network’s would cover the story the way Pravda would cover the communist party in the former Soviet Union, passing along the party propaganda as news. However after years of Obama insisting we need to raise taxes on the rich, without regard to the economic impact, in the name of some misguided idea of fairness, I think the American people see he is all about class warfare. Recently he is insisting on raising taxes on people making over $200,000 next year, suggesting the GOP should just forget about what is best for the country and cave into his terrible economic plan.
The coverage of this on networks like ABC should please Valerie Jarrett as they pass along the ridiculously useless statistic that only 3% of small businesses will be affected by Obama’s plan to increase taxes. First of all most of those businesses not affected are not the ones that will provide the job growth we are looking for. Many of the small businesses not affected are people looking to supplement their income or provide work for themselves only, with no intention of growing the business to hire others. The more important statistic is that 40% of the revenue to be collected from this tax increase is from small businesses, and that number would be closer to 50% in good economic times. In addition, the vast majority of the small business creating jobs will be the ones that are successful and affected by this tax increase.
President Obama has said we should not raise taxes in a recession, although we are not technically in a recession, we are perilously close with many projecting we will slip back into recession. The last thing we need to do is to increase marginal tax rates to take even more from the private sector so it can be wasted by Obama on things like high speed rail, Solyndra, and Tom Barrett’s trolley.
We should extend the Bush tax rates through next year, but let the raid on social security funds end. Then we can let the campaign decide the vision for the future. Personally I think to bring the deficit down we should cut spending and reform entitlements first. If we can‘t do those things, we will not be able to ever raise enough money to balance the budget.
Obama is running a campaign to pit one group against another, with class warfare as the centerpiece. He really has no choice with his record of complete failure; he can’t run on his record. His only plan for the future is to do more of the same, which is the definition of insanity to keep doing something that does not work. Obama may be successful, because as Mark Belling says, he is telling a lie that people want to believe. Obama is saying if we just tax the rich more we can fix our fiscal problems. The claim is ridiculous, but it just might work as it plays into people’s greed. If we fall for it we will all pay dearly in the long run.