WASHINGTON -- There are plenty of reasons to be dubious about President Obama's forced fence-mending efforts with the business community as he begins his 2012 campaign for re-election. His stout defense of a mountain of job-killing business regulations Monday before what was described as a "polite, subdued audience" at the U.S. Chamber of Commerce signaled that business has well-deserved doubts about him, too.
"I want to be clear: Even as we make America the best place on earth to do business, businesses also have a responsibility to America," Obama lectured corporate executives by paraphrasing President John F. Kennedy?s famous self-sacrificing plea to think first about what they can do for their country.
"As we work with you to make America a better place to do business, ask yourselves what you can do for America. Ask yourselves what you can do to hire American workers to support the American economy, and to invest in this nation," Obama said. But Obama forgets that Kennedy called for cutting higher, punitive tax rates across the board, for high- and low-income brackets alike, to "get the economy moving again." Kennedy's proposals led to a burst of business growth, increased job creation and a balanced budget to boot at the end of the 1960s as a result of higher tax revenues from stronger economic growth. Kennedy was a pro-growth, free trade, lower tax rate Democrat who eschewed playing the class warfare card that Democrats and Obama have played relentlessly since they have come to power.
Obama relentlessly bashed business executives, the rich (anyone earning more than $250,000), and "millionaires and billionaires." He pushed for higher tax rates on all of them. He opposed free trade agreements. He has effectively regulated every nook and cranny of the American economy. Kennedy did none of these, saying instead that "a rising tide lifts all boats."
Now, with the economy still showing dangerous signs of weakness and his own re-election prospects in precarious territory, he is calling for cutting the 35 percent top corporate tax rate, passing trade deals with South Korea, Columbia and Panama, and weeding out needless regulations that impede growth and new job creation.
Obama needs the Republicans more than they need him to get any of these proposals through Congress, and Democrats see his flip-flop proposals as a betrayal of the liberal agenda he pushed in 2009 and 2010. The GOP has taken control of the House, added six seats in the Senate, and is now poised to strengthen its forces in the House and take control of the Senate in 2012.
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