Archive for the ‘President Obama’ Category

Obama’s Budget Bomb, Worthy of Garbage Can

Tuesday, February 14th, 2012

Here we go again with President Obama demanding one class of citizens pay more in taxes than everyone else to help pay for his Ponzi scheme called a 2013 budget  Through his irresponsible spending, Obama has added $5 trillion to our now $15.3 national debt in his three short years in office and had the nerve this week to tell Congress he wants them to pass a nearly $4 trillion budget for 2013.

Making it more outrageous, Obama wants to slap higher earners in the face with $1.5 trillion tax increases by allowing the Bush tax cuts to expire for this special class of citizens. Families making more than $250,000 would go from a 35% to 39.6% tax rate and individuals making more than $200,000 would go from paying 33% tax rate to 36%. Also included would be raising the death tax (estate tax, money that’s already been taxed.

Of course Obama would allow the Bush tax cuts for everyone else to remain in place. Obama’s logic that 10% of those Americans who pay 70% of ALL taxes, just “don’t pay their fair share,” is preposterous, especially when 50% of Americans pay zero taxes at all. I think higher earners should be paying less and others should either start paying and paying more.

In defense of extending the holiday for the payroll tax through the end of 2012, the White House tweeted, “Obama: First and foremost, that means Washington shouldn’t hike taxes on working Americans. #40dollars” I guess Obama doesn’t consider higher earners some of which are business owners, who create jobs, as part of “working Americans.” If he did, he wouldn’t think they are any more deserving of tax hikes than any other class.

Many people have forgotten Obama and Democrats included a whopping $569 billion in new taxes in Obamacare, which includes taxes on higher earners such as: higher Medicare payroll tax, tax on investment income, and a tax on Cadillac insurance plans, among others.

Apparently, Obama won’t be satisfied until he can tax nearly 100% of higher earners’ income, making them indentured servants to the federal government.

Obama’s relentless assault on higher earners is a particularly obstructionist move on his part because Republicans have repeatedly and firmly warned him any talks of tax hikes is a non-starter for working together. He has tried this wealth redistribution move many times over (Americans Jobs Act, payroll tax extension, Congressional deficit reduction committee, debt ceiling debate, 2010 government budget, etc.) to no avail.

Yet, this president persists in pushing his extremist, leftist ideology that believes “the rich” should pay for the gains of everyone else, which is about as un-American as you can get. No where in the US Constitution does it state one class of citizens should ride to prosperity on the backs of another class who are taxed to death for their success.

After racking up our debt to $15.3 trillion, there is no way Obama can tax his way out of this mess. Instead of coming up with a meaningful plan to shrink government to meet revenue, as Newt Gingrich has oft said, Obama wants to increase spending to try to catch up with an out-of control, unsustainable government.

Never mind Obama’s budget projects a deficit exceeding $1 trillion for 2013, the fourth straight year in a row the country is running a $1 trillion deficit. What makes this budget even more of a joke is it does nothing to address the unsustainable growth of Medicare, Medicaid and Social Security.

Once again the president ignored the Simpson-Bowles deficit reduction commission, which Obama created by executive order in 2012, that recommended the critical need to reform our entitlement programs, as well as our tax code, among other things to bring down our soaring debt.

Even more grotesque is White House estimates that if Congress gives Obama $4trillion to spend, he’ll reduce the deficit by $4 trillion over 10 years. If you believe this, you believe pigs can fly. If government spending continues at this rate, cutting $4trillion over 10 years is like using a water gun to help quell a towering inferno.

You don’t need to read Obama’s budget tome in its entirety to know that unlike its title “An America Built to Last” this $3.8trillion budget is anything but built to last and should be called “An America Destined for Destruction.” The Simpson-Bowles report described our dire situation best:

“Our challenge is clear and inescapable: America cannot be great if we go broke. Our businesses will not be able to grow and create jobs, and our workers will not be able to compete successfully for the jobs of the future without a plan to get this crushing debt burden off our backs.”

But it seems Obama wants his legacy of hope & change to be dumping a pile of debt on America and being able to look back and say, after he’s finally voted out of office, “see that’s what I left behind.” The chapter on President Barack Obama won’t be a flattering one in the history books. Republicans are right to first denounce this fiscally irresponsible budget and then throw it in the trash can where it belongs.

Failures of Obama Presidency: Rock Star President Delivers Rock Bottom Results

Wednesday, October 26th, 2011

When he announced he was running for president, Obama instantly became the news media and Hollywood’s darling, the John F. Kennedy of his generation. But reality is much different than fiction and President Obama may go down in history as having one of the most failed administrations. Despite his poor track record of government spending to heal a sickly America, Obama announced yet another government program this week.

Under the auspices of We Can’t Wait, Obama announced Home Affordable Refinance Program (HARP) in Las Vegas, the nation’s foreclosure capitol. HARP is supposed to help homeowners with loans backed by Freddie and Fannie refinance to lower rates, even if borrowers are underwater on their mortgages—owing more than the homes are worth.

This newest and biggest idea from team Obama won’t work because his $50 billion Home Affordable Modification Program known as HAMP didn’t work either. Obama boasted HAMP would prevent 4 million Americans avoid foreclosure with lower monthly payments.  To date Treasury claims about 700,000 have been helped but the default rate for HAMP borrowers was estimated to be as high as 65%.

The problem is most of these people should never have had these loans in the first place and the government sponsored enterprises Fannie and Freddie fueled the housing crisis by encouraging lax lending. Instead of putting a band aid on a problem, the Obama administration should allow the foreclosure process to work itself through. Fannie and Freddie are also part of the problem. Both own 70% of all home loans; taxpayers had to bail them out to the tune of $160 million and if they refinance these bad loans under HARP, taxpayers will be on the hook for more money because these borrowers will likely demonstrate a high risk of default like their HAMP peers.

Obama refuses to learn from his mistakes and continues to obsessively push a spending agenda even Senate Democrats refuse to pass (budget, jobs bill, etc.) The Simpson-Bowles Debt Reduction Commission, created by Obama, concluded the nation’s debt of $14 trillion is “unsustainable” and was “driven in large part by two wars and a slew of fiscally irresponsible policies.”

Obama ignored the commission’s proposals including: simplifying the tax code, Social Security, Medicaid and Medicare reform. From Hope and Change, Change We Can Believe In to We Can’t Wait, Obama is full of catchy phrases and condemnations of millionaires, billionaires and those awful Republicans who won’t let him have his way. But what Obama is short on is successes.

Obama has been the architect of one failed, costly program after another. His scorecard as president doesn’t beckon lots of HOPE.  Here’s a smattering of highlights:

  • Presided over the worst Recession since the Great Depression
  • Highest unemployment in decades: 9.1%; Highest black unemployment since 1984: 16.1%; black teen unemployment at 45%
  • First downgrade of United States Credit Rating from AAA-AA-plus
  • Rise inpeople on food stamps historic high of 45.8 million an increase of 34% from 2009.
  • Median wealth of whites 20 times greater than blacks: average black household had $5,677 of wealth in 2009 compared to $113,149 for the average white household
  • HAMP: $50 billion
  • Colossal Stimulus: $787 billion, which didn’t stimulate jobs or the economy
  • Cash for Clunkers:  $3 billion
  • Cash for Caulkers: $6 billion
  • Proposed Jobs Bill: $447 billion, Senate Democrats won’t pass
  • National Debt: $14 trillion; 62% of GDP and reach 185% by 2035
  • Government Spending: 24% of GDP expected to 50% by 2038
  • Income Taxes: Top 5% earners pay 59% of taxes
  • Americans who pay no taxes: 51%
  • New Regulations 2009-2011 :75 new regulation, 1827 rules amended; Cost of new regulations: $1.75 Trillion annually
  • 2012 Federal Budget proposed by Obama : $3.73 Trillion

With a record like this, it’s hard to fathom how Democrats can keep propping up Obama and his failed agenda.  No wonder Americans are angry; 40% disapprove of the job Obama is doing compared to a slim 18% who approve of his performance, which is exactly why WE the PEOPLE CAN’T WAIT to vote Obama out of office in 2012.

NY+NV: Obama’s Recipe for Losing in 2012

Sunday, September 18th, 2011

How many times must the American people prove to Obama they are fed up with his policies before he will get it? By voting Republicans into Congressional offices in two special elections this past Tuesday, Americans gave the president another punch in the gut. Bob Turner won the New York 9th District race, Anthony Weiner’s former seat and a heavily Jewish district. Obama won this district by double digits in 2008 but Jews showed him Tuesday they were not happy with his weak Israeli policies, notably Obama’s demand Israel revert back to its 1967 borders with the Palestinians. Former NYC mayor Ed Koch supported Turner and said Obama “threw Israel under the bus”.

What’s laughable is Democratic National Committee Chairwoman Debbie Wasserman Schultz tried to proclaim with a straight face that “It’s a very difficult district for Democrats.” As Townhall’s Guy Benson , who did some astute reporting on the race noted, “New York’s Ninth Congressional District has been a very difficult district for Democrats to lose,” they’ve won the seat since in every election since 1923.

It also should be duly noted that Brooklyn Young Republicans under the leadership of President Russell Gallo and Vice-President Eugene Pevzner were instrumental in helping Turner win. They along with support from Kings County Republican Chairman Craig Eaton led an aggressive “boots on the ground” effort in Brooklyn, reaching out to the Jewish community, registered Democrats, and inactive Republican voters. The GOP clearly used an ethnic outreach model to win this seat so Republicans need to stop shying away from targeting ethnic minority voters (which include blacks).

If the NY win wasn’t ominous enough for Obama and his cohorts, Mark Amodei’s victory in Nevada put the icing on the Democrat double whammy cake. While Amodei’s win may not be getting the media attention of Turner’s, it’s quite a big deal because Nevada’s 2nd Congressional District is one of the most critical swing counties in the nation. Washoe County is a good predictor on how the rest of Nevada will vote and Nevada has voted for every winner of presidential races except one since 1912.

But before Republicans took these victories, Obama was given numerous warning signs to change political course yet, he refused. Prior to Democrats getting their shellacking in last year’s mid-term Congressional elections, Bob McDonnell won the Virginia gubernatorial race, Chris Christie captured New Jersey’s gubernatorial race and Massachusetts Senator Scott Brown won Ted Kennedy’s long held seat.

Americans voting Republicans back into power is a clear and direct repudiation of Obama’s reckless high unemployment, spending, taxing and debt agenda. Despite these major losses, President Obama refuses to focus on what the American people want: jobs, reducing the country’s $14 trillion debt and spending.

While Republicans called for budget cuts to fund the government’s 2011 budget, Obama insisted on tax increases on higher earners, those so called rich, individuals who make over $200,000 and couples who earn over $250,000. During the debt ceiling debate this summer, Obama again insisted on raising taxes on higher earners and refused to deal with entitlement reform then brazenly blamed the impasse on Republicans.

Apparently, the third time is the charm for our president. In September, Obama served up more of the same in his jobs bill, demanding Republicans “pass this bill now,” give him another $447 billion stimulus paid for by you guess it, MORE TAXES on the RICH. The top 5% of higher earners already pay their fair share in taxes to the tune of 50% of all taxes paid in this country. Obama’s Robin Hood jobs plan would eliminate mortgage interest deductions and other itemized deductions for the “rich,” raising their tax rate to 42% .

Taxing one group of Americans, many of whom are small business owners who create jobs, is a formula for killing jobs not creating them. Not to mention the fact that this is anathema to achieving the American dream. If you work hard, you should be able to keep more of your money not work to become a slave of the federal government. Not only are Republicans tired of this tax tune but more importantly the American people are also tuning it out. Obama’s approval ratings dropped to a new low of 42%, not to mention the fact that no president since Franklin Delano Roosevelt has won re-election when unemployment is above 7%.

I think I hear Republicans singing “We’ve only just begun. . . to win.” Obama has pissed off Blacks by not addressing the black 16% jobless rate, almost double the national average. Now he’s pissed off the Jews. This is a recipe for how to lose in NY and in 2012.

Obama wanted what is arguably the most difficult job in the world and he got it. But the question remains when will Obama take responsibility for the colossal failure his presidency of hope and change has become and do something other than blame everyone from Bush, Republicans, the Tea Party, natural disasters and the kitchen sink for his shortcomings.

Obama vs. Newt on Jobs: Loser & Winner

Monday, September 12th, 2011

While I didn’t expect much from Obama’s jobs speech before a joint session of Congress, it was worse than I expected. For a president who has failed the American people, where under his watch we’ve experienced the worst recession since the great depression, 9.1% unemployment, and the first downgrade of the US debt, it’s unimaginable, Obama would stand before Congress roaring demands 17 times to House Republicans that they must “pass this jobs bill now.”

Republican Presidential candidate Newt Gingrich, who turned out to be the star of last week’s Republican presidential candidate debate at the Reagan Library, offered a compelling summary of and solution to Obama’s job problem. Responding to Politico’s John Harris’ question on the new health law’s individual mandate requirement, Gingrich snapped:

“Every person up here understands Obamacare is a disaster. It was a disaster procedurally. It was rammed through after they lost Teddy Kennedy’s seal in Massachusetts. . . .It can’t be implemented. It is killing this economy and if this president had any concern for working Americans, he’d walk in Thursday night (to Congress) and ask us to repeal it because it’s a monstrosity!”

Having read an advance copy of the speech, CBS’ veteran anchor Bob Scheiffer remarked it was extremely “pugnacious” in tone, almost as if Obama was thumbing his finger in the noses of Republicans. That’s exactly what it was and then some. An imperial Obama went before Congress this week forgetting we live in a democracy, a government divided between the executive, judicial and legislative branches, where demands don’t hold sway. His speech came across as “Amateur Hour at the White House,” wrote Karl Rove.

After three years in office and spending $4 trillion in debt on programs that haven’t worked, Obama demanded Congress give him another $447 billion and pass American Jobs Act immediately. During his diatribe, Senator John McCain smiled, looking like he was about to burst into laughter at Obama’s request for more infrastructure spending, spending to hire more teachers and of course Obama’s favorite class warfare assault on “wealthy” Americans who don’t pay their “fair share” in taxes. Never mind the top 3% of Americans earning more than $200,000 pay 50% of income taxes.

His binge spending hasn’t stimulated anything but our mounting debt. As the Wall Street Journal aptly put it: Obama “passed $830 billion in stimulus, $3billion for cash for clunkers, $30billion in small business loans, $30 billion for mortgage modification, the GM-Chrysler bailout, Obamacare, Dodd-Frank,” etc and what do we have to show for it? Record high unemployment, no jobs created in August and projected economic gloom for years to come.

Obama’s sudden urgency to create jobs only comes after his approval ratings have sunk to new lows. Recent polls reveal over 70% of Americans believe the county is headed in the wrong direction. The country needed jobs three years ago when Obama became president but he was singularly, obsessively focused on passing $1 trillion job-killing Obamacare, which the majority of Americans opposed.

Companies big and small aren’t hiring employees because of the cost of providing health insurance, as mandated by Obamacare. By repealing Obamacare, business confidence in America would be restored and hiring would begin anew. This is the path to job creation.

Gingrich concluded his eloquent Obamacare response, which received applause from his fellow contenders and the audience alike, by saying he would “repudiate every effort by the news media to get Republicans to fight each other to protect Barack Obama, who deserves to be defeated and all of us are committed as a team. Whoever the nominee is, we are all for defeating Barack Obama.”

Mr. Gingrich a truer word was never said and after Obama’s shameless jobs speech I think the majority of Americans couldn’t agree with you more.

King Obama and the Republicans

Friday, July 8th, 2011

With unemployment surging to 9.2% in June, President Obama is in NO position to tell Republicans what to do much less command them to capitulate to his wishes on raising the nation’s debt ceiling by August 2, 2011. Democrats got a big shellacking in the 2010 mid-term elections, giving Republicans control of the House and more Senate seats. Obama’s budget was rejected by the Senate 97-0 and Democrats haven’t produced a budget in over 700 days. Meanwhile, the president, riding a sky high spending spree, introduced a $3 trillion budget for 2012.

In two short years in office, Obama has spent $4 trillion about the same amount President Bush spent in his entire eight years in office. President Obama is not the Messiah and I hope by now the liberal news media and supporters can painfully see this and end this sickening fawning over a man, who has failed as president. Last week Obama held a White House press conference acting like a king holding court over his loyal subjects. His demeanor was childish, glib and anything put leader-like.

In true blame game fashion, Obama said Congress needs to grow up and give him a $4 trillion debt buster budget plan HE likes so HE can sign it, because HE is KING. Obama’s churlish rhetoric was aimed at sticking it to Republicans and grabbing headlines than engaging in a meaningful discussion about reducing the nation’s $14 trillion debt, he jacked up over the past two years.

Obama chastised Congress, which is really code for Republicans, for waiting until the last minute to bring him a debt deal, saying even his kids Sasha and Malia “finish their homework a day ahead of time. . .Congress can do the same thing. If you know you’ve got to do something, just do it.”

Obama should heed his own advice and just agree to the Republicans terms for reducing the nation’s debt. Ending tax breaks on corporate jet owners sounds good but would only amount to minuscule savings. As for all those “wealthy Americans,” most of those millionaires Obama describes make less than $1 million. People making $250,000 and over in this country already PAY ENOUGH TAXES! Nearly 75% of small businesses are set up as partnerships, sole proprietorships or LLC and taxed at individual rates so raising taxes on these “rich” earners will mean job cuts. Not the remedy we need right now with 14 million Americans unemployed.

There is something very wrong in this country when 10% of people pay 55% of taxes and nearly 50% pay NO taxes. When you have no skin in the game, you think government money grows on trees and the nanny state will always be there to pick up the tab. Well, the nanny state is bankrupt.

The federal government must stop its spending binge and as all 47 Senate Republicans support, add a balanced budget amendment to the Constitution. We have only balanced the budget five times in half a century, which will force Congress to make necessary cuts. Everything should be on the chopping block, Defense, entitlement programs, regulatory redundancy including staffing but not tax increases on individuals. Americans are taxed enough already and when numerous studies show when taxes are cut state and federal revenue grows.

For the past three years, the federal government has been on a spending binge, borrowing 40 cents for every dollar it spends. Under Rep. Nancy Pelosi and Sen. Harry Reid’s leadership, Democrats ballooned the nation from $8.67 trillion to $14.1 trillion, an increase of $5.43 trillion or 63%. From the presidencies of George Washington to Bill Clinton, the federal government amassed as much debt as Democrats added in just four years in power (2007-2011).

This debt reduction showdown between Obama and Republicans reminds me of the 1960s’ TV series Lost in Space. The president is drifting around in outer space while the robot, played by Republicans, issue him stern warnings, “Danger Will Robinson, Danger!” Are you listening Mr. President?