My column today is on the incoherence of Obama’s economic policies, as displayed in his press conference:
A novice might also think that tax status of corporate jets is of disproportionate significance in how to move this country toward a balanced budget.
But the novice would be wrong. For starters, Obama’s most recent budget calls for adding $9.5 trillion in new debt over the next decade. If you got rid of the “accelerated depreciation” of corporate jets, Reuters economics columnist James Pethokoukis calculates, it would save a whopping .03 percent of that total.
Sadly, the room was full of journalists who do not consider themselves novices but who nonetheless let Obama get away with this demagogic dishonesty. No one asked the president why he suddenly cares so much about getting rid of a tax break he himself was for before he was against it. Indeed, no one asked why, if it is such an affront to the liberal conscience, it was part of Obama’s stimulus bill, which was passed without any Republican votes in the House and only three in the Senate (which means Nancy Pelosi voted for special tax breaks for corporate jets and the GOP didn’t).
More broadly, no one threw a flag on his claim that “every single observer who’s not an elected official, who’s not a politician,” agrees with him on the burning need to raise taxes as part of any budget deal. This is a good example of Obama’s most grating tic, his need to claim that all reasonable and serious people agree with him and anyone who disagrees must be doing so for base or ideological motives.
No one queried why he talks about the need to raise taxes on “millionaires and billionaires” but the fine print of his proposals defines millionaires and billionaires as people who make $200,000 a year as individuals or $250,000 as joint-filing couples. Jay Duckson at Central Business Jets tells the Wall Street Journal that the starting price for a private jet is $10 million dollars. Annual upkeep and fuel is about $500,000. You do the math.