Obama's Economic Illusions (Delusions)

The Wall Street Journal ^ | October 10, 2008 | Kimberly Strassel

[St. Louis Conservative]

And now, America, we introduce the Great Obama! The world's most gifted political magician! A thing of wonder. A thing of awe. Just watch him defy politics, economics, even gravity! (And hold your applause until the end, please.)

To kick off our show tonight, Mr. Obama will give 95% of American working families a tax cut, even though 40% of Americans today don't pay income taxes! How can our star enact such mathemagic? How can he "cut" zero? Abracadabra! It's called a "refundable tax credit." It involves the federal government taking money from those who do pay taxes, and writing checks to those who don't. Yes, yes, in the real world this is known as "welfare," but please try not to ruin the show.

For his next trick, the Great Obama will jumpstart the economy, and he'll do it by raising taxes on the very businesses that are today adrift in a financial tsunami! That will include all those among the top 1% of taxpayers who are in fact small-business owners, and the nation's biggest employers who currently pay some of the highest corporate tax rates in the developed world. Mr. Obama will, with a flick of his fingers, show them how to create more jobs with less money. It's simple, really. He has a wand.

[BornToBeAmerican]

Oh this is just AWESOME!!! Thanks for posting. I really needed a good laugh. Can anyone smell toast? Obama’s ears must be smokin’

[cblue55]

Funny satire, if it were not so true. She hit the nail on the head.

[EdReform]

BTTT

[henkster]

While sarcastic in tone (and who among us doesn’t appreciate that!) this article does a great job of exposing 0bama’s “economic plan” for the sham it is.

He promises everything to everybody. Yet anyone with half a brain should know how these promises would play out if we tried to enact them. It would be a total disaster for our country.

Case in point: in his health care commercial, 0bama promises to cut costs, and then in the very next breath promises to require coverage for pre-existing conditions. You CAN’T get both! If you require coverage for pre-existing conditions, someone has to pay for it. Costs must rise. Unbelievable.

0bama’s economic policy is like the joke of comedian Steve Wright:

“I got a humidifier and a de-humidifier. I put them in the same room and let them fight it out.”

[Don Corleone]

Now, less than three weeks before the voters speak IS the time to put this stuff out. A large majority have not yet decided or won’t decide till they pull the curtain around them in the polling place. Put the fear of an Obama Communist government in them NOW!

[just me]

Obama says every one needs to go to college. But I ask why would any one want to get an education to land a great job only to have the government tax the income to the level of minimum wage?

[econjack]

McCain and the GOP needs to do something to counter Obama’s ads that suggest business is the culprit of all problems. In one ad, Obama as a snippet that shows McCain saying: “Wait until I introduce [Sarah Palin] to the Washington lobbyist!” Of course, Obama is using that totally out of context and he knows it, yet dumb voters believe its portrayed context. Everyone knows the statement was meant to say that Palin would take on the special interest groups in Washington, and even Obama knows it. Alas, stupid voters don't, but the GOP sits there with its thumb up its butt and is not going for the jugular like it needs to. The GOP and it's passive approach to this election is going to see the death knell of capitalism in this country.

[newheart]

How can our star enact such mathemagic?

Million Mime Math

[MrB]

I read this, dead tree version, this morning - laughed out loud.

Satan cannot abide scorn, so I bet 0bama and his supporters are seething if they read this.

[Sybeck1]

Wonder what the market will do the day after the election?

[tentmaker]

BRILLIANT!

[ArrogantBustard]

0bama promises to cut costs, and then in the very next breath promises to require coverage for pre-existing conditions. You CAN’T get both!

Yep ...

What else is 0bama lying about?

[Condor51]

Mr. Obama will give 95% of American working families a tax cut, even though 40% of Americans today don't pay income taxes! How can our star enact such mathemagic? How can he "cut" zero? ... For his next trick, the Great Obama will jumpstart the economy, and he'll do it by raising taxes on the very businesses that are today adrift in a financial tsunami. ... It's simple, really. He has a wand.

(head shaking) Kimberly, Kimberly. You just don't get it. It's not mathmagic and Barry doesn't have nor need a wand. Its really all very simple.

The great Obama (Peace be his name) will *simply* apply the principles of Quantum Mechanics to the economy and US Treasury. Sooooooo, just like a Lepton can appear in two separate places at the same time - which defies logic but is a fact - Obama (Peace be his name) will make money appear in two places at the same time.

Ergo, the *Rich* can get a tax increase, but it wont affect them. They'll really still have their money - while at the same time that *Rich* person's money can be given to the poor. In effect they'll BOTH have the same money.

See Kimberly, its really all very simple. It's called Quantum Economics.

[jeffrho]

EXACTLY!! McCain and Palin need to keep hammering on the fact that it was DemocRATs that caused this mess!

It was Clinton policies that mandated reduced lending standards. It was DimocRATs Dodd, Franks, Meeks, Waters, et al that for years opposed ANY tougher regulation and oversight into the activities of Fannie and Freddie, despite warnings from Republicans (including McCain himself) and OFHEO auditors.

Make so much noise that the MSM are forced to start talking about the Dims involvement in this mess, just like they are having to do now with Ayers.

[St. Louis Conservative]

Depends on who wins.

[econjack]

Precisely! There is a YouTube video somewhere that shows the hearing a few years ago where the Republicans are sounding the alarms and hauling Franklyn Raines across the coals. Interestingly, Maxine Waters and a bunch of other Dems are on record saying “Mr. Raines is doing great job. There is nothing wrong at either Fannie Mae or Freddie Mac.” The GOP should use this info to show that the Dems are not capable of seeing beyond their own special interests. Instead, what do we hear from the GOP?

...crickets...

[ObamaandAyersaTerroristsBFFL]

Why is it that McLame can’t make this obvious pointed argument like this WSJ writer can? Next time hire someone from the WSJ for your economic team, sheesh.

[GailA]

obamaa's new I'll raise your taxes IF you make $250,000 ad hit the Memphis, TN market this morning. hubert humphry was the last pres canidate that openly admitted he'd raise your taxes if elect...if memory serves.

[palmer]

The GOP and it's passive approach to this election is going to see the death knell of capitalism in this country

The GOP has no clue what capitalism is.

[palmer]

Lots of voters are angry at the “wealthy” as typified by the demagoguery here about AIG life insurance execs. They will vote to eat the rich.

[MeekOneGOP]

Thanks for the post and ping, y’all !

From the Wall Street Journal ...

- - - - - - -

Obama’s Magic
Presto, change-o!

And now, America, we introduce the Great Obama! The world’s most gifted political magician! A thing of wonder. A thing of awe. Just watch him defy politics, economics, even gravity! (And hold your applause until the end, please.)

To kick off our show tonight, Mr. Obama will give 95% of American working families a tax cut, even though 40% of Americans today don’t pay income taxes! How can our star enact such mathemagic? How can he “cut” zero? Abracadabra! It’s called a “refundable tax credit.” It involves the federal government taking money from those who do pay taxes, and writing checks to those who don’t. Yes, yes, in the real world this is known as “welfare,” but please try not to ruin the show.

For his next trick, the Great Obama will jumpstart the economy, and he’ll do it by raising taxes on the very businesses that are today adrift in a financial tsunami! That will include all those among the top 1% of taxpayers who are in fact small-business owners, and the nation’s biggest employers who currently pay some of the highest corporate tax rates in the developed world. Mr. Obama will, with a flick of his fingers, show them how to create more jobs with less money. It’s simple, really. He has a wand.

http://online.wsj.com/article/SB122360618747721991.html

- - - - - - -

Ping! Ping! Ping a few others!

[Grampa Dave]

"To kick off our show tonight, Mr. Obama will give 95% of American working families a tax cut, even though 40% of Americans today don’t pay income taxes! How can our star enact such mathemagic? How can he “cut” zero? Abracadabra! It’s called a “refundable tax credit.” It involves the federal government taking money from those who do pay taxes, and writing checks to those who don’t. Yes, yes, in the real world this is known as “welfare,” but please try not to ruin the show." The reparations will continue to those, who never contribute a penny to our GNP.

[KansasGirl]

[What else is 0bama lying about?]

It would be much easier to make a list of what Obama is telling the truth about:

Okay, done.

[JaneNC]