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The Insiders
Posted at 02:51 PM ET, 04/16/2012

Let's put the Obama Penalty issue to rest

I promise, this is my last post on the Buffett Rule, or as I call it, the Obama Penalty . . . today.

Last week, giving remarks on the Buffett Rule at the Eisenhower Executive Office building, Obama actually said the following:

“Now, I want to emphasize, this (the Buffett Rule) is not simply an issue of redistributing wealth. That’s what you’ll hear from those who object to a tax plan that is fair. This is not just about fairness. This is also about growth. This is also about being able to make the investments we need to succeed. And it’s about we as a country being willing to pay for those investments and closing our deficits. That’s what this is about.”

Reminder — this tax would raise $5.1 billion next year.  Remember, we will spend $3,700 billion ($3.7 trillion) next year. The president could not possibly think this is about growth. He could not possibly believe it’s about closing the deficit. Perhaps the president does believe this is about investments, since, as far as I know, he’s never made an investment in his life. Mitt Romney has forgotten more about investments than Obama has ever known. Again, let’s consult the handy dictionary as a reminder: in·vest verb (used with object)to put money to use . . . in something offering potential profitable return.

Perhaps the Senate vote will put this mindless charade to rest. The president has let his ideology and his emotion compel him to say things that don’t contribute to a serious discussion of our challenges. All campaigns have their hyperbole, distractions, phony issues and exaggerations. But pretending the Buffett Rule is anything but the Obama Penalty, and serves any of the purposes the president stated above, is a bad way to start the campaign. 

By  |  02:51 PM ET, 04/16/2012

 
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