Friday, January 30, 2015

More Proof That Politics Sucks .... President Obama's Version of 'Middle-Class Economics' Is a Farce

In recent days we've written that President Obama's vote getting attempt to introduce legislation purportedly helpful to the middle class was in reality a politically driven farce.  Now the president's liberal allies come forward and put forth numbers that confirm his proposal to help the middle class is nothing more than a phony cheap political stunt.

In fact, much of what Obama says these days is 'unserious' stuff and in reality is sad to witness. Really sad.

'Middle-Class Economics' is worth quoting at length:

"President Obama is disguising his latest tax increase as “middle-class economics,” no doubt because it sounds better than calling it income redistribution. So it’s instructive that this false political front has already been exposed by no less than the President’s political allies at the Tax Policy Center.

This week the liberal think tank analyzed the tax proposals in Mr. Obama’s State of the Union with one of those familiar distributional tables that attempts to estimate the after-tax results across the U.S. income scale. Surprise, surprise, the middle 20% of earners—people making between $49,000 and $84,000—would see their taxes rise by $7 on average in 2016.

In selling his proposals in Kansas the other day, Mr. Obama said that middle-class economics is about “lowering the taxes for working families by thousands of dollars, putting money back into their pockets so that they can have a little bit of cushion in their lives.” Paying $7 more isn’t much of a cushion.

The same goes for the second and fourth income quintiles. According to the think tank, the taxes of those groups would rise by 0.1% on average. The tax changes of note would come at the bottom and top of the income scale, with a 0.7% average rise in tax liability for the top 20% of earners, and a 1.2% boost in after-tax benefits (largely from tax credits) for the bottom 20%. Mr. Obama’s middle-class economics, in short, applies to everyone but the middle class. . . .

The main point of cutting taxes is to help the economy, and to let all taxpayers keep more of their hard-earned money. It is not to redistribute income. . . .

No modern Presidency has been worse for average American incomes than Mr. Obama’s, and his new tax proposals are more of the same."

Summing Up

There's nothing more to say about President Obama's version of 'middle-class economics.'

The President's supporters at the Tax Policy Center have already said quite enough about it.

You can't make this stuff up. And here's what is so sad about it. He's serious.

At least that's my take.

Thanks. Bob.

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