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President to propose “millionaire’s tax” to help balance the budget
This is either scraping the bottom of the ideas barrel or the president is light years ahead of the rest of us, and knows something we don’t:
Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.
Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires’ minimum tax will be prominent in the broad plan for long-term deficit reduction that he will outline at the White House on Monday.
So for the second time in a month, President Transparency proposes a literal blank slate of legislation, and is encouragin its passage. Kings have had harder times in mandating edicts.
What is this nonsense if it isn’t class warfare, and a desperate attempt to start discord among Republicans? After a disastrous few weeks for Obama and the Democrats, this is most definitely be his desired goal. The president knows that the proposed tax is dead on arrival in the House. He knows this. And anyone with a brain knows that this does nothing to create jobs, and is a drop in the bucket with regards to deficit reduction.
But Republicans will have to defend not endorsing it, and the administration, along with Democratic congressional leaders, will go on the offensive. But as the weeks drag on, and the government continues to pump out report after dismal report on the state of the economy (the September NFP report is out in a little over two weeks), it might not make a difference for the administration.
The Solyndra scandal for dummies
For those who want a brief, succinct explanation of the stench of cronyism, the stench of political corruption that is the story of President Obama and Solyndra, here is a five-panel cartoon.
First one in the series:
[h/t: Instapundit]
August NFP report shows net zero growth in jobs, the “great goose-egg economy”
A dismal labor report Friday showed the economy added zero net workers in August, intensifying pressure on President Obama to unveil a major jobs initiative during his speech to Congress next week.
The Labor Department report showed the unemployment rate stuck at 9.1 percent. It was the weakest jobs report since September 2010.
In a nutshell, this is the great goose egg economy — a big zero, a big nothing — and this better be one hell of a speech next week. There is a plethora of bad news. You have what is going on in Greece, you have lawsuits potentially coming today or Tuesday against the banks. You have the Fed in a Wall Street Journal article overnight asking Bank of America if they are going to be OK if things get really bad. There are a lot of confidence issues in the marketplace, the jobs number only made things worse and people wonder about this jobs number and its correlation with Philly Fed. That is scary.”
Gallup: 40% approval for Obama, lowest of his administration to date
Notice the disapproval rating is up to 52% as well.
Here’s an interesting bit from Gallup’s write-up:
The crucial period for Obama will begin after Labor Day, given the relative quiet on the political front that should be the case before then. Obama will generate some news coverage this week with his bus tour through Minnesota, Iowa, and Illinois, but after that, he has a scheduled vacation on Martha’s Vineyard, during which he will be largely out of the news — barring some major crisis.
[...]
If the president is not able to turn around the negative momentum in his ratings during the fall months, it may be more and more difficult for him to do so as the presidential campaign begins in earnest next year.
The White House is getting the word out that a “jobs plan” is on the way. Sometime in September, after his vacation. There is no urgency here on the President’s part, as millions are without work. And any plan he has will probably include more spending, useless targeted tax credits and the like.
This administration and its ideology are out of ideas, and it shows.
DWS: Ten year incumbent Governor Perry deserves no credit for job creation in Texas
Of course, that distinction belongs to President 39%, who deserves all the credit:
“There is a dramatic contrast with the governor of Texas” when it comes to his record versus the president’s on job creation,” Wasserman Schultz said. “Not the least of which is that it is extremely difficult for him to deserve credit for that job creation when you have rising gas prices that created oil jobs that he had nothing to do with, when you had military spending as a result of two wars that created military jobs that he had nothing to do with, when you have the Recovery Act championed by President Obama that created jobs in Texas that he had nothing to do with.”
[...] “So it is way overblown to suggest that the job creation in Texas is squarely on the shoulders of [Perry's] policies.”
Democrats, apparently, are born liars. If the Democrat party wants to campaign on the stimulus bill to scream about all of the wonderful jobs they have created, then so be it. Try selling that to the American people for the next 15 months.
Meanwhile here’s Ms. Shultz in Iowa this past weekend, preaching to getting booed by the Democratic faithful:
Oof.
If I was a Democrat, with unemployment over 9%, a historic downgrade of our country’s credit, a stalling economy with little or no growth, I wouldn’t exactly be too confident in my party’s outlook right about now. And having this uninspiring moonbat representing the party wouldn’t be helping matters.
[H/T: Memeorandum]






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