Latest Lie from Obama

When I saw the story from the Tax Policy Center, a non-partisan wing of the liberal Urban Institute and Brookings institute, declaring that Romney’s tax plan would raise taxes on the poor and middle class in order to give a tax cut to the rich, I knew it wouldn’t be long before Obama was campaigning on it.  The Obama administration has determined that the claims they make in their advertising doesn’t have to be true, it just has to be citable.

latest obama lie

The latest lie from the Obama administration

What the Tax Policy Center did was made up half of Romney’s plan.  In case you were wondering, they made up the half where Romney raises taxes on the poor and middle class to pay for tax cuts for the rich.  They started with the assumption that the Romney economy would be as terrible as the Obama economy.  Then they took only the proposed rate cut for the rich in Romney’s plan, minus potential elimination of certain deductions for the rich, and figured what it would take to balance the budget with our current low GDP and high unemployment.  They turned that remaining dollar amount into a tax hike on the poor and middle class.  Nevermind it is a false premise based on wrong numbers assuming parts of Romney’s plan that he has explicitly said are the opposite of what he intends to do.

And that’s all Obama needed to start running on Romney’s tax hikes for the poor to pay for tax cuts for the rich.

So I thought I would run my own numbers.  Obama has promised to cut the deficit by $3.2 trillion over the next ten years.  Please, stop laughing.  No, really, this gets better.  Do I have you back yet?  The problem is that eliminating the Bush tax cuts for the top two brackets will only raise $848 billion over the next ten years.  Follow?  So nevermind balancing the budget.  If Obama wants to cut the deficit by $3.2 trillion and only increase taxes on the rich by $848 billion, that means that Obama is going to raise taxes on the poor and middle class by $2.4 trillion dollars.  Think about it.  You know Obama isn’t going to cut spending.  So where is the rest of the money coming from?

Let me repeat that.  President Barack Obama’s tax plan will increase taxes by $2.4 trillion dollars on the poor and middle class.  On average, that is a $26,000 tax increase on every family in America that makes less than $250,000 over ten years, or $2,600 a year.

So there is your clear choice from the non-partisan Whitehouse12.com.  Romney might be raising taxes on every middle class family by $2,000 to give a tax cut to the rich, but by the same reasoning Obama is raising taxes by $2,600 for every family that makes less than $250,000 a year so that he can give tax cuts, stimulus funds, and handouts to unions, supporters like the owners of Solyndra, abortion overseas, and his friends.  Does that sound like a good economic plan?  Pay $2,600 more in taxes so Obama can fund his friends?

The difference between Romney and Obama is that Romney isn’t going to use this article in a campaign commercial.

Hit Piece Misses

The day after Scott Walker demonstrated the sheer might of the conservative vote over the power of public unions, media outlets are doing everything they can to find something else to talk about.  For example, Ross Tucker at The Exchange writes “Republicans Bungle the Battle Over Light Bulbs”.  His article is all about how Republicans are preventing Americans from saving money by preventing Democrats from making incandescent light bulbs illegal.  Apparently, the only way Americans know how to buy economically is if the government eliminates all non-economical options as determined by bureaucrats in DC.

In other news, MSNBC tried to say that the Walker win was a great thing for Obama because the exit polls that showed Walker barely surviving also showed Obama winning in Wisconsin.  Of course, Walker didn’t barely survive, but instead creamed his opponent by a 7 point margin.  If you adjust exit polling by the actual results of the election, Romney will have the distinction of being the first Republican President to win Wisconsin since Ronald Reagan.

AP highlighted Elizabeth Warren tweeting about Scott Brown’s no vote the Democrat equal pay bill that would unintentionally make more women unemployable.  I’m not sure why Warren needs an equal pay bill for women; she already got her affirmative action benefits for being a “Cherokee”.

But the best hit piece was a headline from Rick Newman at US News & World Report stating that Mitt Romney’s desire to sell the government owned GM stock would cost taxpayers $15 billion.  Or as his headline put it, “Mitt Romney’s Stance on GM Sale Would Cost Taxpayers Dearly”.  What a headline.

Newman himself reviews the reason we have GM stock in the first place, but can’t seem to make the connection that the losses to taxpayers from GM might actually be Obama’s fault.  When GM was faltering and heading into bankruptcy, instead of selling GM to Italy like he did with Chrysler or allowing them to go through the legal bankruptcy protection process, Obama funneled about $25 billion dollars into GM making the US taxpayer a Wall Street shareholder.  He did the same thing with AIG and Citigroup.

When it comes to playing Wall Street fund manager with our tax dollars, Obama sucks. I wonder what Occupy Wall Street thinks about our Wall Street fund manager-in-chief?

When GM re-emerged on the market at $35 a share, Obama did not cut our losses and sell.  Instead he held on to GM with our tax dollars.  GM has now dropped to $21 a share according to Newman’s article.  Newman admits that GM would have to reach $52 a share in order for taxpayers to recover the original money Obama invested in GM.

The premise of Newman’s article is that we don’t need any of our money back and can wait to see if GM makes it back to $52 a share.  Of course, at this point GM would have to more than double in value.  Newman thinks this could happen by the end of 2013.  I’d like to know what he is smoking and where I can get some.

Large cap stocks rarely double in a year.  Large cap stocks freshly out of bankruptcy with 60% of their common stock shares owned by a government who is just itching to sell may never double in price. Romney is wise to cut our losses.

By Newman’s own math, Obama cost taxpayers $8.7 billion by not selling when GM peaked at $39.

Newman was trying to use fuzzy math to make Romney the bad guy for cleaning up the President’s taxpayer funded investment.  Instead, he unintentionally presents a clear indictment of one more foolish Wall Street fund manager: Barack Obama.

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