President Obama & the Class Warfare Card
FROM THE COUNTY CHAIRMAN’S DESK
Montgomery County Republican Party
Walter D. (Wally) Wilkerson, Jr., MD
The President’s press conference on 6-29-11 could have just as easily been a campaign stump speech. There is little doubt that he laid out most of the charges we will hear on the 2012 campaign trail. When it is an election with Democrat against Democrat, you can bank on the race card being played; and when it is a Democrat against Republican you can expect the class warfare card being played.
Obama mentioned corporate jets six times during the conference along with oil companies and hedge company managers while chiding Republicans for opposing higher taxes as part of the solution to the deficit and debt crisis. “It would be hard for the Republicans to stand there and say that the tax break for corporate jets is sufficiently important that we’re not willing to come to the table and get a deal done”, Obama said. Just how much would the taxes actually affect the deficit and debt?
Bloomberg News reported that abolishing the tax break for corporate jet owners would put $3 billion into the Treasury over a decade, achieving less than one-tenth of 1 percent of the President’s target for reducing the federal budget deficit and 0.075 percent of the $4 trillion in deficit reduction that Obama is seeking through a combination of spending cuts and tax increases.
The aviation industry was quick to respond. “We’re obviously very upset that our industry is being singled out for what we view as political purposes”, answered Pete Bunce, president of the Washington-based General Aviation Manufacturers Association. Obama was in Bettendorf, Iowa on June 28th at an Alcoa, Inc. emphasizing the importance of the company’s products to airplane manufacturers. “He’s going after a segment of the aviation industry that uses Alcoa’s products. We’re just scratching our heads”, Bunce added.
The Clinton Administration had a grand plan to raise taxes on luxury yachts. Buyers responded by purchasing yachts overseas and the manufacturers of yachts in the U. S. closed their businesses or laid off workers, resulting in no net increase in revenue.
Republicans generally oppose tax increases because history tells us that Democrats are not going to use the increased revenue to reduce debt or deficits, but to spend on their pet programs and to increase the size and scope of government. Secretary of the Treasury Timothy Geithner confirmed this fact when he said this in a House of Representatives Small Business Committee Hearing in June: “If you don’t touch revenues and you leave in place the tax cuts for the top 2 percent that were put in place by President Bush, if you leave those in place and you’re trying to bring our deficits down over time, then you have to do exceptionally deep cuts in benefits for middle-class Americans and you have to shrink the overall size of government programs …….”.
Senator Jim DeMint in an TV interview on June 30th said this: “I am for increasing revenues, but just raising the price of gasoline, which is effectively what he (Obama) is proposing, and make it more expensive to manufacture in our country by taking away some of the business production, isn’t going to help our economy and it isn’t going to raise enough money to make any difference. We need to cut spending….Our revenues have increased by 20 percent, but they can’t keep up with the level of spending that this president and the Democratic majority (the Senate) have thrown on us”.
Amen, Senator DeMint!!
Go to the Party website at www.mcrp.org and watch the Debt Clock.
For President Obama, the U. S. National Debt was $9.986 trillion in January 2009 and increased to $13.7 trillion by January 2011, a 38% increase.
On July 1, 2011, the Debt was $46,034.85 per person.
On July 1, 2011, the Debt was $119,230.27 per household.
On January 1, 1791, the U. S. National Debt was $75 million. It increased by that amount every hour in 2010.