As of now, I am in control here, in the White House

Obama Gets Pushback on Tax Cuts From Advisers

POLITICO reports on meeting Obama had with his own President’s Economic Recovery Advisory Board. The meeting apparently WENT A LITTLE OFF SCRIPT, in Obama’s own words.

President Obama argued with two members of his economic recovery board over middle-class tax cuts on Monday, swatting down arguments that the richest Americans need the same relief.

Addressing resistance from former SEC chairman William Donaldson and Harvard economic professor Martin Feldstein, who said economic uncertainty would persist if the tax cuts aren’t given to everyone, Obama stood firm on his view that extending the breaks for families making under $250,000 would benefit 98 percent of Americans, while providing them to the richest 2 percent would cost $700 billion.

“I don’t know any economists – including, I think, Martin – who think we are likely to get a bump in aggregate demand from $700 billion of borrowed money going to people like those of us around the table, who, if I suspect want a flat-screen TV, can afford one right now and are going out and buying one,” he said. “If we were going to spent $700 billion, it seems, we’d be wiser having that $700 billion going to folks who would spend that right away.”

Look here how Obama gives himself away with the little things he says. Several of my readers have commented on the “flat screen TV” quip. Such of sense of anger at “the rich” underlies this remark.

As if, once you get enough money, you’ve got nothing else to do except waste it on frivolous spending.  There’s this clear sense in the remark of, “while other people suffer, you go ahead a get yourself a flat screen TV.”

This is the man who talked about talked during the campaign about “spreading the wealth around.” The man who regularly berates companies and CEOs. This is not just borne of a sense of justice for the poor. It is created by a genuine anger at those who have succeeded in making money.

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7 Responses to Obama Gets Pushback on Tax Cuts From Advisers

  1. It seems that the only criteria the White House has for new economic policy is if an influx in currency will result in immediate spending. Recovery is going to be a result of steady and sustained job growth. The way they discuss the the taxes left in our hands is equal to them giving us or “the rich” a one time $500 dollar check. They can’t see what the long term benefit the untaxed revenue will have when left at the disposal of entrepreneurs and small business owners. Heck, they might buy two flatscreens!

  2. BHO wouldn’t care if revenues increased continuing the Bush tax rates for the top earners. He said that he’d still increase the capital gains tax even though revenues might decrease out of sense of fairness. I’m sure he knows that the top 1% pay 40% of the income taxes already. Does he want 100% taxation like his father suggested when writing on the economy of Kenya?

    The arrogance of his not listening to the economists, or maybe he is listening to that oh so famous one, Mr Marx. The hypocrisy of the Obama’s buying a million and a half dollar mansion on their salaries. They live the lifestyles of the rich and famous and until recently never gave much to charity. He’s an economic illiterate guided by an outdated, dead idealogy. Smart? I think not.

  3. I recently visited a four family house where each tenant is receiving state housing assistance worth 50 to 100% of the rent. Three of the four units had 42″ flat screen TV. The last had a 50″ projection TV. Obama is so out of touch.