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Tipsheet

Obama Flashback: Last Thing You Want in Recession is to Raise Taxes

Yesterday President Obama announced he would like to extend the Bush-Obama tax cut for one more year, but only to those making less than $250,000. The problem? His announcement contradicts yet another argument he made back in 2009. From Kerry Picket:

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"Well first of all he's right. Normally, you don't raise taxes in a recession, which is why we haven't and why we have, instead, cut taxes" Obama told NBC's Chuck Todd when Todd presented a question from a viewer named Scott who asked, "Explain how raising taxes on anyone during a deep recession is going to help with the economy any?"

Obama then added, "What I have to say to Scott is his economics are right. You don't raise taxes in a recession. We haven't raised taxes in a recession....we have not proposed a tax hike for the wealthy that would take effect in the middle of a recession. Even the proposal that have come out of Congress, which by the way were different than the proposals I put forward, still wouldn't kick in until after the recession was over. So he's absolutely right. The last thing you want to do is to raise taxes in the middle of a recession."


Hypocrisy? Desperation? Actually a mix of both. President Obama's tax hike on those making $250,000 per year, which could affect as many as 900,000 small businesses, will never pass the House and the Senate. Even his liberal counterparts like Nancy Pelosi have said the tax increase should start at the $1 million mark. Obama's announcement yesterday is simply a desperate attempt to distract away from dismal job numbers last week, slow economic growth and his own failed policies. He's once again making an emotional argument that things in America just aren't "fair" and that although taxing the "rich" in a recession doesn't make any economic sense, the key issue he is trying to sell as important is "fairness."

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In an effort to further their fairness argument, Democrats have made a coordinated effort to paint Mitt Romney, once again, as an out of touch rich guy with an offshore bank account. DNC Chairwoman Debbie Wasserman Schultz just couldn't leave it alone last night on Twitter and all the members of Team Obama spent their time on Sunday morning talk shows last weekend bringing it up.

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DWS failed to mention that millions have been forced to drain their own bank accounts and savings as a result of President Obama's destructive economic policies.

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