The president has decided that if you reelect him he won't raise your taxes for a year. A fitting campaign slogan for President Obama would be "Obama giveth, Obama taketh away." It's a little long for a bumper sticker, but I'm still working on it.
It isn't an economic policy simply to tell American workers that they can keep a little more of the money they earn for one year in exchange for their votes. It is alarming and disgusting that a president would taunt — or let's call it bribe — people with the pledge of a single treat of no tax increase for one year if they give him power for four more years. It isn't even good politics for Obama since everyone knows how he really feels about the private sector, private employment and people keeping their own money.
If he had a real plan for debt management and rational pro-growth tax and spending plans for after the election, he would say so. Instead, he plays petty politics with our economy by finding one more group to give a pittance to. The president practices the art of dependency-building by recruiting one worried group of Americans at a time, hoping that enough voters succumb to the idea that if others are getting theirs from Obama, they might as well go ahead and get theirs, too. Again, this isn't economic policy; it is a cynical political game used by a feckless and desperate candidate.
In making the announcement, Obama didn't talk about the effect his bogus tax cut would have on the economy or acknowledge the uncertainty it would create — he cited his campaign polls. Good grief, and the left says Mitt Romney is shallow.
Ironically, the president who despises corporations and has no idea how they work is no doubt praying for good corporate earnings for the second quarter to be reported over the next few days. Obama is desperate for the talking point that corporate profits still exist. Think about that: Obama's political future is partially dependent on near-term corporate profits. Since his bad economy is producing lower gas prices, he fears the flip side: that his bad economy will produce lower corporate profits, slower job growth and lower stock values and balances that Americans will notice in their retirement and savings accounts.
Well, maybe it's all part of Obama's political calculation. If voters can't earn money and keep it in an Obama economy, maybe they will just take his handouts, vote for more of the same and blame the rich.
Finally, a story about union money supporting Obama. More later, but read this!