Monday, September 24, 2012

The Obama "60 Minutes" Interview UPDATE

President Obama is out there accepting responsibility for all things bad in our nation, or so it would seem. In an interview with CBS' "60 minutes", He stated at one point that he takes "full responsibility for everything that we do...but..."

Before that, he took credit for saving the financial and the auto industries and giving us all great tax breaks.

Really? The Federal Reserve is now just making up money. Here's a video from Glenn Beck. He's playing a clip from the same 47% talk that Mitt Romney gave where he was excoriated by a "Mother Jones" editorial. In it, Mitt explains that the Fed is pretty much just making money out of thin air, and devaluing the dollar.

I'm not a financial wizard, but that scares me. How long before we start asking, "How's the saved economy thing going for ya?" to a financially collapsed superpower?

As to the auto bailout, whether or not it worked is still way up in the air. GM alone is still facing financial difficulties and seems to be managed by a government (they now own 25% of GM), whose economic policies are prevailing when building and marketing cars. GM takes a $49,000 loss for every Chevy Volt produced.

Barack Obama's economic policies are genius.

If he leaves the Bush era tax breaks alone, he calls it a tax cut on the middle-class. That's the Bush tax cuts mind you. They've been there for ten years. So now not raising taxes is the same as cutting them. Hmmm.

He also says that all of his temporary tax breaks are tax cuts. Just so we get this straight, he thinks that you, because you received a more sizable child and dependant care credit for one year should be thankful for this one temporary tax break and then spend all the money saved even though the economy is still weak.

How weak? We haven't seen the US labor force participation rate this bad since 1981, the year Ronald Reagan first took office.

But not so weak as the economy that Warren G. Harding inherited. He had a Depression on his hands when he took office 1921. What he did was roll back regulation, taxes, cut government spending and then get out of the way and let the  free market kick in on it's own. In a few years, this country had a solid recovery on it's hands with good levels of employment. That's why we only hear of Roosevelt's Depression. You know, the one that lasted so long. President Obama seems to pride himself in borrowing from the Roosevelt playbook. Maybe that's why this is the worst recovery from a recession since the "Great" Depression.

While discussing taxes, lets look at ObamaCare. ObamaCare is the single largest tax levied on the American people in it's history. If  not insured, one will have to pay a penalty tax that hits middle income Americans, the very people Obama says are getting the tax breaks. ObamaCare was unpopular from the beginning and most voters want it repealed.

Barack Obama accepts credit for a great many things, but he wants no one to realize how bad things truly are.


Here's a chart of all the taxes that have and will take effect due to ObamaCare, via The Foundry :

This from our "Tax Lowerer in Chief". go read the article.

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