President Obama, the man who recently tried to buy four apples with a dollar, now thinks owners of flat panel TVs are rich.
Here’s what Obama said Monday during a meeting with an economic panel he himself appointed, which unexpectedly gave him some push back on his plan to raise taxes on higher income earners. He complains that maintaining the lower Bush-era tax rates for the upper brackets would cost $700 billion in lost revenues and do little to stimulate spending.
I don’t know of any economist . . . who would argue that we are more likely to get a bump in aggregate demand from $700 billion of borrowed money going to people like those of us around this table who, I suspect, if we want a flat screen TV can afford one right now and are going out and buying one.
Obama appears to think you have to be rich to afford a flat screen TV. But according to HDTV magazine, two thirds of U.S. households now own “at least one” high definition television. That’s 50 percent more households than own a dog. Prices for new flat screen televisions these days start at less than $200.
So yes, you do have to be a millionaire to purchase a flat screen TV. That is, if you want to buy 40 of them.
Apparently, the person in charge of running our economy has no idea what anything costs.
One exception: Obama probably does know the price of lobster, which he has been consuming at an alarming rate.