Barack Obama: ‘They Have Tried To Sell Us This Trickle-Down, Tax-Cut Fairy Dust Before’ (Video)
Posted by Jim Hoft on Friday, August 3, 2012, 4:58 AM
Barack Obama ranted against tax cuts on Thursday at a Florida rally.
“Orlando we know better. They have tried to sell us this trickle down, tax-cut fairy dust before. And, guess what? It didn’t work then. It will not work now. It is not a plan to create jobs. It is not a plan to reduce the deficit.”
And, of course, his supporters lapped it right up.
Here’s a little news for Obama…
The Bush tax cuts did create jobs.
The Bush tax cuts in 2003 created 8.1 million jobs. (Investors)
Investor’s reported:
From June 2003 to December 2007, the economy added 8.1 million jobs, according to the Bureau of Labor Statistics. The unemployment rate fell to 5% from 6.3%. Real GDP growth averaged close to 3% in the four-plus years after that, and the budget deficit fell steadily from 2004 to 2007.
And despite Obama’s claim, Bush’s policies did not increase income inequality. In fact, inequality was the same when Bush left office as when he came in.
Unfortunately for America, Barack Obama’s ‘Spend your way to hell’ plan did not have similar results.
Since the trillion dollar Obama-Pelosi stimulus was passed the labor force participation rate has dropped to a 29 year low. (RSC)
Since Obama took office the labor force has shrunk from 66% to 63% as almost 5 million American adults stopped looking for work.
The Republican Study Committee reported:
Democrats said their costly plan ($1.2 trillion, including interest) would “save or create” up to 4 million jobs and bring the unemployment rate down to about 6% today. The unemployment rate has not fallen below 8% at any point in the last 36 months. Furthermore, the official unemployment rate does not actually count unemployed people who have given up looking for work.
The above chart shows the “labor force participation rate.” This statistic represents the share of working-age Americans who are either employed or unemployed but looking for work. It is not a pretty picture. Only 63.7% of working-age Americans are currently in the workforce – the lowest in almost 29 years!
Here’s another way to look at it…
(Zero Hedge)
Remember this the next time Barack Obama starts spouting off about “fairy dust” economics.
ADVERTISEMENT
`
snap boy commented:
Isn’t this Year III of Recovery Summer?
AuntieMadder commented:
“They have tried to sell us this trickle down, tax-cut fairy dust before. And, guess what? It didn’t work then.”
Worked under Reagan, as I recall.
Granny commented:
You know, I was reading a book last night that I need to write a review for, one about the history of cheese, and I was reminded of the collapse of the Roman Empire.
Now, you may think that the Roman Empire collapsed because of invasions by barbarians, but that is not exactly true. What happened was that the machinery of the Roman Empire – the standing armies, the bureaucracy, the food supplies given to all Romans – got SO big and SO expensive that the Roman Empire had to raise taxes higher and higher and higher and higher, until there came a point where the government was taking almost everything that anyone produced. When they still couldn’t get enough, they made the tax collectors responsible for confiscating it. Any of the taxes a tax collector couldn’t collect or confiscate from the populace he had to make up from his own pocket. People started leaving the job of tax collector in droves, so the Roman Empire made it illegal to leave the job and made the job of tax collector hereditary, but they still couldn’t get enough money. When they couldn’t pay or feed the troops, there were no more Roman Legions and when the barbarians came knocking at the gates, there was nobody to keep them out.
HISTORY – Learn from it or repeat it!
madtntaxpayer commented:
Fairy dust……spoken by a real choomer!
IOpian commented:
So raising taxes, taking money out of the private economy, creates jobs? Talk about pixie fairy dust.
Carbon Pootprint commented:
It worked until the economic terrorist in the Axis of Progressive Evil NY, DC and LA intentionally caused the housing bubble. Guess Chitago should figure in there too but……….
Bubba commented:
This steaming corn studded four coiler is using so many different playbooks. Rules for Radicals, of course, but a close second is the playbook Goebels came up with. Just get the lie out there. Repeat it as fact, and repeat it often. And, the bigger the lie, the better. Just pound the message, and people will believe.
What he’s saying is the exact opposite of the truth (it’s worked dramatically every single time taxes have been cut to stimulate growth and increase government revenue). But, this would be banana dictator knows it doesn’t matter. Enough idiot slobs will believe it.
The sad thing is…he’s right.
exceller commented:
the man is a liar, no tax cuts are even being considered. Obama wants to raise taxes only on certain people.
Swifty commented:
The fairy dust comes from thinking the government can spend the country out of economic problems. I was laid off in the summer of recovery, the 2010 summer. Thanks for nothing, Obama. Obama is a damn disgrace.
dba...vagabond trader commented:
Fairy dust? Sounds homophobic.
Monkey Wrench commented:
#5
Actually, taxes were raised under Clinton and over 20 million jobs were created. When Clinton left office (and Bush took office) unemployment was around 4% and the deficit had disappeared. Taxes were cut dramatically under Bush and only 4 or 5 million jobs were created. When Bush left office the unemployment rate was about 7.6% and we were running a large deficit.
Flintstone F. commented:
What year is this?
Flintstone F. commented:
#11
Monkey Wrench forgets to include the “dot.com” economic boom, the fact that under Clinton he had mostly a republican congress that kept him in check. He had an opportunity to create massive growth with a tax rate cut and failed to take advantage of the opportunity. Federal spending was cut with a republican congress and the surplus was an opportunistic positive for Clinton who failed in so many other ways.
Bush, took office about nine months before 9/11 and the US was moving into a small recession at the time which began under Clinton.
Bush cut tax rates and tax revenue increased.
Finncrisp commented:
Barry’s MUD strategy is working perfectly. Marxist Utopian Delusion is right on track. Next stop failed state, after that … UTOPIA!
Monkey Wrench commented:
13
Bush also had a Republican Congress, but it sure didn’t keep him from spending. Federal spending went through the roof along with the deficit.
Oh, if you are going to cut Bush some slack for inheriting a small recession, I guess you cut Obama a lot of slack since he inherited the greatest economic downturn since the Great Depression.
My only point is that it’s not as simple as cut taxes create jobs, raise taxes lose jobs.
IOpian commented:
Apparently he uses Fairy Dust himself to sell his Green Agenda by cutting taxes using tax credits. This guy is experiencing a Crisis of Cerebral Continuity.
Militant conservative commented:
Monkey wrench is omitting
Way too much, but this is how
Simple minded he is.
kato commented:
The Great Black Dope.
Can anyone really believe this dimwit lectured students in constitutional law? Did he bring teleprompters into the classroom?
He actually seems to believe that “making the rich pay just a little more” is the answer to our economic problems. He doesn’t seem to have the slightest conception of the problem we face — the problem that he has made worse by orders of magnitude.
And the most sickening aspect of all this is that he plays to the giant and growing parasite class in this country that pays no taxes but votes to increase the taxes of those who are productive and thrifty. Listen to all that hootin’ an’ ahollerin’ that forms the background of almost every clip. That’s the sound of America’s most uneducated, least employable citizens. They’ve been conditioned by 50 years of handouts, quotas, set-asides, and special exemptions to become a permanent freeloader class, destroying once-great cities and spitting in the face of those whose pockets they empty.
rasqual commented:
Wait . . . isn’t this they guy who, not long ago, himself said that a down economy is not the time to raise taxes? I mean, HE was the one peddling this “fairy dust” a while back.
LOL
I guess that was such a jolt to his real beliefs that he just couldn’t sustain it any more. “Must…be…myself! Can’t…stand…acting like…a free marketeer!”
LOL
Stella Baskomb commented:
Logical fail in the President’s thinking: Trickle-down economics is always the tactic of choice that justifies the Democrat party’s neverending calls to increase taxes.
So I would say that the fairy dust is all settling at Obama’s feet.
He really needs some Spine and Shoulders conditioner.
And, a mirror.
`