Balance the budget by taxing the jet-flying rich? Do the math, it doesn’t add up. Balance the budget with higher taxes on “the wealthiest Americans or biggest corporations” like “President Reagan, the first President Bush, (and) President Clinton” passed? If that had worked, we wouldn’t still be in a deficit pickle.
But what stood out to me in the Spender-in-Chief’s divisive speech to the nation was this intellectually bankrupt line:
“How can we slash funding for education and clean energy before we ask people like me to give up tax breaks we don’t need and didn’t ask for?”
In fact, “clean energy funding” and “tax breaks for people like me” are one and the same.
Barack Obama’s rich green friends get a $7,500 tax break to subsidize expensive electric-car purchases like the $41,000 Chevy Volt. But that’s just the tip of the glacier. Millionaire Elon Musk has pulled down $465 million in federal Energy Department loans to build his luxury electric cars. Millionaire Henrik Fisker got $520 million to build his own battery-powered golden chariots. Fortune 500 corporations GM, Chrysler, and Ford have received $600 million in federal green loans combined. Millions in stimulus daollars have gone to giant corporations like A123 Systems ($250 million), Dow ($160 million), and South Korea’s LGChem ($150 million). And so on.
Obama has ruled this corporate candy off-limits to cuts. This isn’t just demagoguery, it’s deception.