Line 40 on the 1040 Form is where one decides whether to take the standard deduction or the itemized deduction. Despite repeatedly claiming that high income people like himself get “unfair” tax breaks, President Obama passes on the standard deduction.
President Obama leads by example.
President Obama’s Three Point Plan for _______(fill in the blank)
1. He’s got these people.
2. The people are experts.
3. They’re going to fix everything.
President Obama gives you his word.
The plan applies to every issue. Most recently it is an outline of his newest economic initiative – his “jobs summit”.
Is anyone shocked that after 10 months or so, the President admits that he and his Adminstration have no idea how to create jobs so they’re going to bring some “experts”?
The President frequently claims that he is not responsible for the economic hand he was dealt by events and largely this is true, excepting the admittedly small effect he had as Senator voting for ill advised programs that contributed to the economic crisis.
However, when promoting the ARRA (Stimulus Bill) he made very concrete claims that his bill would prevent further catastrophe which he described as including “Double digit unemployment” (at the Elkhart ‘town hall’ event). Most of the news media’s coverage was uncritical despite all of the ARRA’s obvious flaws. Now the President, along with many more knowledgeable people, is predicting exactly what he said his bill would prevent.
Today’s employment numbers reminded me I needed to check on the Bureau Of Labor Statics so I could provide a first person report not typically available in the news media.
Many will remember that when the January job loss report came out, most news media organizations trumpeted the fact that is was the most jobs lost in a single month since 1974. True in an absolute sense, but as a percentage of the total workforce, wildly misleading. A comparable percentage loss would have required over 1,000,000 jobs lost.
Today’s jobs report was heralded as good news, because the job losses were slowing. The Bush era headline would have been “Most Unemployed Ever Recorded” Actually that headline is a few months late as the record was surpassed in February of this year. We’ve lost 2 million more jobs since then.
Another historic first for our President.
President Obama has identified companies who, in an effort to avoid high taxes and other costs in the U.S., have moved jobs overseas. The President’s solution is to raise taxes on them. What’s wrong with this strategy?
If a shareholder of a international company was given a chance to vote on whether the company would pursue a cost ineffective strategy or become a foreign company, what would be the likely outcome? This is the most extreme example, but I think it properly characterizes the choices companies affected by the President’s plan will have to make.
When Bush ran the Federal Government on a deficit to spur the economy out of the Clinton Recession and 9-11 he was criticized from all corners as irresponsible. When Obama proposes deficit spending to accomplish the same the response is….?
Some have pointed out some of the flaws in Obama’s plan such as the obvious delay inherent in capital spending, but again the best analysis is through the meme of acquisition of power. Will Obama be able to acquire more power through doling out capital projects? Yes. Yes he can!