Flip, Flop, Flip… Now Obama Wants to End Bush Tax Cuts
Posted by Jim Hoft on Wednesday, April 13, 2011, 6:31 AM
During the 2008 election and most of last year Barack Obama railed against the successful Bush tax cuts.
Then in December Obama changed his tune saying the Bush tax cuts were a “good deal for America.”
Today Mr. Fickle’s back bashing the Bush tax cuts.
CNN reported:
President Barack Obama enters politically tricky territory Wednesday when he outlines his plan for reducing long-term deficits and the national debt amid a climate of tense budget negotiations.
A senior administration official confirmed that the president will renew his call to end the Bush-era tax cuts for families making over $250,000 a year, a proposal that Republicans fiercely oppose.
“We can’t tax the very people we expect to reinvest in our economy and create jobs,” House Speaker John Boehner, R-Ohio, told reporters. “Washington has a spending problem, not a revenue problem.”
“Many of us approach this speech with … high hopes and low expectations,” said Rep. Jeb Hensarling, R-Texas.
During the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth. This was due to the Bush tax cuts.
More… Bush tax cuts resulted in record tax revenue.
The President’s tax relief was followed by increases in tax revenue. From 2005 to 2007, tax revenues grew faster than the economy. The ratio of receipts to GDP rose to 18.8 percent in 2007, above the 40-year average. Between 2004 and 2006, capital gains realizations grew by approximately 60 percent. Growth in corporate income tax receipts was especially strong in the President’s second term, nearly doubling between 2004 and 2007 and contributing a full percentage point to the increase in the total federal receipts-to-GDP share.
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Published May 15, 2012 at 8:05 pm - 33 Comments
Andrew commented:
Yeah, give them more money to spend. That’s the ticket.
FreakyBoy commented:
Somebody’s got to pay for high speed rail, abortions, ObamaCare ads, and NPR.
It’s in The Constitution…right?
Mark commented:
Lloyd Dogbreath is a vintage retard, like Harvard Boy. Cut spending, neuter the Commiecrats.
Txn4Evr commented:
When will the Republicans learn you can’t trust this worthless a**hole. Do the peoples will and leave the democrats behind.
No Quarter!
Old Fan commented:
LOL !
You cannot make up the Democratic Partisan sophistry.
It was like Hillary Clinton bragging about “smart power” – telling us the USA cannot meddle. Now today she meddles everywhere, making a massive mess.
Obama, Pelosi, Reid, Schumer, Clinton, Boxer, etc., have no clue. They will lie, cheat, steal, pushing divisive class warfare for their own petty gain.
Simply pathetic.
forest commented:
The 2nd Great Depression is grinding on, gas prices are skyrocketing, the Statists passed a HC law that is rightfully scaring the pants off small business, and the government won’t quit wasting money it doesn’t have.
Sounds like a great time for a tax hike!
cal rifkin commented:
Plouffe has determined that taxing the rich is Obama’s best issue for ’12. Class warfare always has the top billing for these marxist a-holes. That it’ll hurt job creation is not an issue, because the number one goal is getting reelected, and besides they can manipulate the numbers anyway…
TiminPhx commented:
You get up too quickly from bending over at your prayer mat and it’s hard to tell what crazy thing your brain is going to come up with.
backhoe commented:
That should do it…
Crashing the Recoveryless Recovery.
Militant Conservative commented:
Rush predicted this yesterday.
Too bad the house has to vote for it. It’ll die right there.
Powder is dry
Neo commented:
Clip from a rehearsal of Obama’s speech ..
Robert commented:
The Democrats are winding up to play class wars for the 2012 election. The media will help them.
The answer at every instance of this must be to stop spending so much.
We don’t want the government to do everything that it thinks it should do.
Pezro commented:
The millions of small business owners who make 250k+ gross and file as individual income taxes will respond accordingly. Please raise taxes on the productive just this once, Soetoro. Progressivism will be dead for good.
commonman commented:
This is no surprise, we have 42 million Americans on food stamps thats nearly 13% of entire population.we have shanty towns coming to neighborhood near you , dozen of cities across the nation like Nashville ,saciamento,where hundreds of people are living in Depression – era. 43% of Americans are broke this according to actricle on msn money.Lets tax some more Mr. President , this is dem-o-rats answer to everything tax and tax more.
Robert commented:
There is not enough income to pay for everything that the government wants to do.
Even taxing the wealthy at 100% does not pay for the majority of one year’s spending. After that, it’s on to the rest of us.
Or, the Commie/Statists will have to confiscate accumulated wealth for the good of The People.
tommy mc donnell commented:
if the american people are to regain their freedom we must take OUR income back from the politicans. we must cut taxes at every level of government. taxation is the key to the left’s power over the people. it funds their voter factory; the welfare state, its the key to their colonization program(government benefits for the colonizers are what attracts them to come here), it provides the funds for their money laundering schemes that keep them permanently entrenched in power.the power to tax is the power to tyrannize.
averagemelon commented:
You will NEVER rid the land of tax hike after tax hike if the American PEOPLE refuse to stop drinking at the government waterhole.
kato commented:
Obama is just an errand boy. The lefties and commies ran the teleprompter for two years. Now the marketing department has taken over.
Please, America, no more jive acts in the White House.
wow commented:
#7 April 13, 2011 at 10:46 am
cal rifkin commented:
You are so right. The rest of the people be damned. All they care about is getting the “zero” reelected.
AuntieMadder commented:
This means they didn’t cut enough from the budget. If House Republicans don’t vote this one down, or if they vote it down after fighting amongst one another, we’ll know this was orchestrated by both parties, a compromise on the part of Republicans to get the budget passed.
wow commented:
P.S. We don’t have a revenue problem. We have a SPENDING problem!!! Fix that and the rest will fall into place!!!
jd commented:
prediction:
obamas new budget will outline savings, and its effects will kick in after the 2012 election. this measure will insure he can say: “i was serious about reducing the debt”.
once re-elected, he will throw said proposed budget right into the shredder.
this is the transparency we are getting.
Granny commented:
Don’t kid yourself. IWonWTF knows full well this isn’t going anywhere The food fight will, however, distract the discussion from real cuts that should be made and serve to make the Republicans look like the bad guys who couldn’t produce a budget.
Ma commented:
Obummer needs to be a one term pos like Carter. Then I would direct Congress to defund everything they give prior presdients. Let them take care of themselves. That’s their reward for doing a sh**ty job and bankrupting the country. Then Congress can slash its own perks and budgest, foreign aid, EPA, NEA and other worthless federal agencies. Plus legislate term limits on house and senate members.
waicool commented:
Obama’s term as president is a nightmare.
Khan Krum commented:
Slightly off topic, but I’m posting on Gateway Pundit in St. Louis… How cool is that?!
Robert commented:
Rush is talking now that the Republicans are not going to fight raising the debt ceiling.
If so, it will be time to let them know the political consequences of not being serious about reducing the deficit.
Under no circumstances do I advocate third party politics. We are too close to the edge to allow the Democrats a split conservative vote, should have done it years ago, too late for that nonsense now. The only answer is to primary in conservative candidates. The Republican party is and will be the conservative party, or the Republic will fall.
nelli commented:
We are all spending hawks. Can we all just concentrate on the overspending for a while, and apply the kind of pressure it’s going to take to carve this fast-growing cancer of a government down to size? I mean, everybody take a couple of weeks to write or call every congress person, attend a meeting, call a talk show, go to a demonstration? The liberals are likely forming plans to riot for more spending all summer. We need to let them know we’re here, and we’re fed up. Not as the Tea Party, because there are more of us than just that. Everyone who isn’t on the dole must step up, because we won’t outnumber those who are on the dole much longer, if we don’t get results. Not talk…spending cuts
Pa Deuce commented:
We have two contradictory scenarios. Capital in the hands of capitalists, particularly capitalist entrepreneurs, is used to build factories and offices, buy production equipment and tools, and hire workers. The alternative is to give the borrowed capital to government, where it disappears into waste, inefficiency, and corruption, with the borrowed capital to be repaid by our grandchildren. LBJ’s War on Poverty from 1965 to 1995 substantially destroyed Black family life in the United States and left us with a $6 trillion national debt. The rate of poverty is now worse than in 1965. The Dot.com Bubba Bubble was faster acting but less expensive, leaving us with an increase in the national debt of (only) $3 trillion from the crash of the Bubba Bubble in January 2000 to late 2003. The Democrats’ Unaffordable Housing Project has so far cost us an additional $5 trillion plus.
So, the question now is: are we going to give our money to government bureaucrats to waste, or are we going to give it to capitalists to build a productive economy? I am not saying that all capitalists are paragons of virtue (that is why we have laws, even though Democrats tend to ignore those laws), but I am saying that no system can be worse than a bureaucracy making economic decisions; that is what bankrupted the Soviet Union, that is what bankrupted the EUSSR, and that is what is threatening to bankrupt us.
Militant Conservative commented:
Watching the liar n chief just say that tax cuts cause debt. WTF!!?!?!??!?
This will be the meme of the left, just watch.
Primary Boehner commented:
This strategy also has the advantage of giving the Repubicans a way to save some face when they don’t deliver on cutting spending.
megapotamus commented:
Yes, Bush managed to cut his deficits handsomely, but then he abandoned his free market principles to save the free market system. And this is the betrayal we are dealing with now in large measure. It was the first thing he did that made me think the Lefties might have been right and he was not all that bright after all. Of course he was still much better than the alternative, which we now have.
Andreas K. commented:
Give a politician a way to get more tax money, and the only thing he will do is spend it all.
Higher taxes -> more money to spend -> growing debt + higher deficit.
save us commented:
Down with the liar in chief.
Joe Wilson was and is right.
Finncrisp commented:
Barry is at it again. Attacking small business, attacking anyone who has achieved the success that used to be admired, but now is distained. Now we have full fleged commie lib statism and we must dig our heels in and say NO to this freedom destroying job assasin.
This is the time to say no to all his crapola
AuntieMadder commented:
megapotamus, the alternative to Bush would have been Gore and then Kerry. He was better than what have now, too, but contrary to the delusions of lefturds, the choices in 2008 weren’t Barky or Bush. I’m sure you know that but let’s be careful not to reinforce their delusions.