Now he is campaigning for the gimmicky "Buffett Rule" that would impose a 30 percent surcharge on millionaires and billionaires. He says it is needed to reduce the deficit, but the $47 billion it will raise over 10 years wouldn't even make so much as a dent in the gargantuan, $1 trillion-plus deficits that he's run up over his four-year term.
There were only 4.6 million households with net assets of $1 million or more in the last decade (many are small businesses with employees whose owners can hardly be called wealthy), according to the Consumer Federation of America.
And the 403 billionaires identified by Forbes Magazine wouldn't even fill a high school auditorium.
But Obama's real intention is to squeeze more money out of a weakened economy to raise spending for more social programs and dramatically enlarge the size of the federal government.
"The Buffett Rule is really nothing more than a sneaky way for Mr. Obama to justify doubling the capital gains and dividend rate to 30 percent from 15 percent today," the Wall Street Journal editorialized. "The problem is that this is a tax on capital that is needed for firms to grow and hire more workers. Mr. Obama says he wants an investment-led recovery, not one led by consumption, but how will investment be spurred by doubling the tax on it?"
Meantime, Obama has not given up on his plan to raise taxes on incomes over $200,000 for single taxpayers and $250,000 for working married couples. Even when his job approval numbers sank into the 40-percent range this summer, he again proposed raising the two top tax rates.
This is the warmed-over plan that was rebuffed in Congress, even when Democrats were in the majority, in the firm belief that it made no sense to raise anyone's taxes in a weak economy. Even Obama, at the end of 2010, acknowledged that when he reluctantly agreed to extend all of the Bush tax cuts for another two years.
But if he is re-elected and the Democrats make gains in Congress, he's certain to push again for higher taxes. That's what his politically divisive, class-warfare, spread-the-wealth "fair share" campaign is really all about.
It is virtually impossible to overstate how much the U.S. economy has declined under Obama's anti-growth, anti-job policies over the past four years. He inherited a deep hole, but he has dug us into a deeper one.
Since 2009, out-of-control deficit spending has added more than $5 trillion to an unprecedented national debt that has soared to more than $16 trillion. Our feeble economy is growing at a snail's pace of 1.7 percent a year, full-time jobs are in short-supply, business investment has stalled, median incomes are down sharply, wages are flat, home prices have still not recovered and mortgage foreclosures are still at frightening levels.
More than 24 million Americans are unemployed, underemployed or have stopped looking for work altogether. Gas prices are crushing family and small-business budgets. Poverty is at the highest level in 50 years.
A record number of U.S. households, affecting 50 million Americans, faced hunger last year and were forced to cut back on meals, according to a recent report from the U.S. Department of Agriculture.
Despite Obama's Orwellian campaign slogan, we aren't moving forward. We're falling terribly behind and going in the wrong direction. And it's not going to change until he leaves office.
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