How is he a liar? He asked a question and BO stuck his foot in his mouth? Besides I am a Buckeyes fan too!
I think Mad-As-Hell buys the lies told by Bidden and Obama saying that Joe the Plumber said he was making more than 250 thousand.
What Joe actually said was he was trying to buy the plumbing business where he had worked for years. He said that business was making more than 250 thousand a year.
In 1972 with $5,000 down I managed to borrow nearly $100,000 dollars to build a new FM radio station. I was making about $8,000 a year at the time I built the station. By the second year the station was making about $200,000 and by 5 years was making $300,000 a year.
However had the station not made it, I would have been on the hook for that $100,000 minus what ever a losing money station could have been sold for.
I don’t know how old the owner of this plumbing business is. Many small business owners when they sell out to retire, try to sell to a long time employee. A long time employee can be trained to run the business and with the prospect of buying the business will stay and work for reasonable wages. An employer does not have to worry about losing a good employee. It is a way for a small business to get and hold a good worker and train a successor.
My cousin worked at a large locally owned store in my home town for many years at not great wages. But when the owner retired he sold the business to my cousin. Who paid it off over a few years and went on to become a very wealthy man. During the years he was just an employee he didn’t make any more than Joe the Plumber makes. And during the years he was paying it off it was not all that great either. But after he got it paid for he has been in fat city.
The problem for men buying a small business is the money that goes to make the payments is considered profit and is taxed. A business that makes 250 thousand a year will have payments that would be about 200 grand a year. So if the business makes 250 grand and they tax it at Obama’s rate, there is no way the employee can buy it.
So the owner sells out to a big corporation with the money to buy it and Joe the plumber remains an employee making 40 grand a year for the rest of his life.
That is what Obama calls spreading the wealth. The unintended consequence is big companies get bigger and guys like Joe the plumber never have a chance. However if Joe buys the place he will have to hire a guy to replace himself. So Obama Costs Joe his small business and a young plumber a job and makes a big company even bigger.