And his dopey minions cheered when he said it.
Barack Obama told supporters yesterday in Florida that free market principles failed.
He also pushed his Buffet rule to redistribute wealth.
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Real Clear Politics reported:
“If we would just convert these investments that we’re making through out government in education, research and healthcare. If we just turn those into tax cuts, especially for the wealthy, then somehow the economy is going to grow stronger. That’s the theory,” President Obama said about the right at a campaign event on the tax code in Boca Raton, Florida today.
“Here is the news. We tried this for eight years before I took office. We tried it. It is not like we did not try it. At the beginning of the last decade, the wealthiest Americans got two huge tax cuts, in 2001 and 2003. Meanwhile, insurance companies, financial institutions, there were all allowed to write their own rules, find their way around the rules. We were told the same thing we’re being told now — this is going to lead to faster job growth, it’s going to lead to greater prosperity for everybody. Guess what? It didn’t,” he said an audience at Florida Atlantic University.
He’s really hoping you’re not paying attention.
As the chart below reveals – historically, when Americans were allowed to keep more of their money, the national deficit decreased, tax revenues increased and jobs were created. During the Obama years the exact opposite actions were taken resulting in devastating results.
(J. Hoft Chart)
Obama’s hoping is hoping you’re uninformed and stupid.
By the way… It’s not the first time he tried to persuade an audience that free markets and liberty did not work.