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Entries in OBAMA'S INSUFFICIENT FUNDS (1)

Tuesday
Oct142008

The Obamatron: Remember the Movie Duck Soup?


~Snooper~


Here is to exposing the Liar from Chicago or wherever it is that he is truly "from":

OBAMA'S INSUFFICIENT FUNDS
As Obama Realizes His Tax Hikes Will Hurt The Economy, He Is Having A Tough Time Paying For His Proposals
(read that as he cannot fulfill his promises - Pelosi would be proud)

OBAMA'S SHIFTING RHETORIC ON THE WINDFALL PROFITS TAX

On The Campaign Trail Obama Routinely Rails Against Oil Companies, But Now Is Shifting His Stance On His Windfall Profits Tax Because Of Economic Concerns:

The Obama Campaign Said He Will Likely Scrap His Windfall Profits Tax. "Mr. Obama had initially proposed to offset the rebates' expense with a new windfall-profits tax on oil companies, but the campaign indicated Monday that he would scrap that plan assuming that oil prices do not rise above about $80 a barrel. The shift was just one sign of how the economic crisis has shoved concerns about budget deficits to the sidelines." (Jackie Calmes and Jeff Zeleny, "Obama Details Plan To Aid Victims Of Fiscal Crisis," The New York Times, 10/14/08)

FLASHBACK: Obama: "I Think It Is Appropriate For Us To Impose A Windfall Profits Tax On Our Oil Companies." (Sen. Barack Obama, Remarks At A Campaign Event, Charlotte, NC, 5/2/08)

FLASHBACK: Obama: "I don't take money from oil companies or Washington lobbyists, and I won't let them block change anymore. They'll pay a penalty on windfall profits." (Rob Christensen, "Claims Department: Fact-Checking The Ads," The [Raleigh] News & Observer, 4/15/08)

NOTE: Obama Originally Said The Windfall Profits Tax Could Fund A Number Of His Proposals, So Where Is That Money Coming From Now?

Obama Planned To Use His Windfall Profits Tax To Help Fund A $1,000 Tax Cut For Working Families, An Expansion Of The Earned- Income Tax Credit, And Assist Americans With Energy Costs." Democratic presidential candidate Barack Obama's proposal for a windfall profits tax on oil companies could cost $15 billion a year at last year's profit levels, a campaign adviser said. ... The plan would target profit from the biggest oil companies by taxing each barrel of oil costing more than $80, according to a fact sheet on the proposal. The tax would help pay for a $1,000 tax cut for working families, an expansion of the earned- income tax credit and assistance for people who can't afford their energy bills." (Daniel Whitten, "Obama May Levy $15 Billion Tax On Oil Company Profit," Bloomberg News, 5/1/08)

On The Same Day He Scrapped The Windfall Profits Tax, Obama Proposed New Spending:

On Monday, Obama Proposed "Costly New Programs" Bringing The Price Of His Full Economic Stimulus Plan To $175 Billion." Senator Barack Obama proposed new steps on Monday to address the economic crisis, calling for temporary but costly new programs to help employers, automakers, homeowners, the unemployed, and state and local governments. ... Obama advisers put the cost of Mr. Obama's full economic stimulus plan at $175 billion, including $60 billion for the steps announced Monday." (Jackie Calmes and Jeff Zeleny, "Obama Details Plan To Aid Victims Of Fiscal Crisis," The New York Times, 10/14/08)

If Obama Could Enact All Of His Campaign Proposals, Taxpayers Would Be Faced With Financing Nearly $1.3 Trillion In New Spending Over One White House Term. (Republican National Committee Website, www.gop.com, Accessed 10/14/08)

Click Here To View The Obama Spend-O-Meter

With An Obama Administration And Democrat Congress, We Will See "A Big Increase In Spending And Deficits." "Liberals will make a full-bore push for European-style economic policies. On the other hand, the remaining moderates will argue that it was excess and debt that created this economic crisis. ... Obama will try to straddle the two camps -- he seems to sympathize with both sides -- but the liberals will win. Over the past decade, liberals have mounted a campaign against Robert Rubin-style economic policies, and they control the Congressional power centers. Even if he's so inclined, it's difficult for a president to overrule the committee chairmen of his own party. It is more difficult to do that when the president is a Washington novice and the chairmen are skilled political hands. It is most difficult when the president has no record of confronting his own party elders. ... What we're going to see, in short, is the Gingrich revolution in reverse and on steroids. There will be a big increase in spending and deficits." (David Brooks, Op-Ed, "Big Government Ahead," The New York Times, 10/14/08)

OBAMA'S SHIFTING RHETORIC ON DEFERRING INCOME TAX HIKES

Obama Can't Decide Who Should Pay More Taxes - Now That He's Scrapping His Windfall Profits Tax He Believes Upper-Income Americans Can Pay More - Contradicting What He Said Last Month:

Obama Now Has "No Plans To Change" His Tax Increase On Upper-Income Americans. "Despite criticism from the McCain camp that increasing taxes would further endanger the economy, Mr. Obama has 'no plans to change' his longstanding proposal to repeal the Bush tax cuts next year for households with an annual income of more than $250,000, said Jason Furman, Mr. Obama's economic adviser." (Jackie Calmes and Jeff Zeleny, "Obama Details Plan To Aid Victims Of Fiscal Crisis," The New York Times, 10/14/08)

In September, Obama Implied He Would Defer His Tax Hikes Because Of The Weak Economy:

Obama Told ABC's George Stephanopoulos That The Economic Situation In January Could Require Him To Defer His Tax Increases. ABC's George Stephanopoulos: "So even if we're in recession next January, you come into office, you will still go through with your tax increases?" Obama: "No, no, no, no. What I've said, George, is even if we're still in a recession I'll go through with my tax cuts, that's my priority." Stephanopoulos: "But not the increases?" Obama: "I think we have to take a look and see where the economy is. The economy is weak right now." (ABC's "This Week," 9/7/08)

In June, Obama Also Changed Positions On Whether He Would "Defer" Tax Hikes Depending On The Economic Situation:

Obama Told CNBC's John Harwood That He May "Possibly Defer" Some Of His Tax Increases Based On The Economic Situation. CNBC's John Harwood: "Higher taxes for capital gains, for dividends, for carried interest, for high-income Americans. You embraced a lot of those policies when the economy was stronger than it is now." Obama: "Yeah, yeah." Harwood: "Even if you think those are a good idea substantively, is there reason, because of the situation we're in, to delay the implementation of any of those to avoid having a negative effect on job creation?" Obama: "Well, there's no doubt that any policies I implement are going to be based on the economic situation that I inherit from George Bush. You know, one of the things I believe in is a manager of the economy, is you should base your decisions on facts and not ideology. And so even if I'm predisposed to a certain set of policies, I'm going to want and se e what's going on at the moment and ask a wide range of viewpoints from situations..." Harwood: "So you can see the possibility of deferring some of those?" Obama: "Some of those you could possibly defer." (CNBC's "Your Money, Your Vote: McCain Vs. Obama," 6/10/08)

But Obama Later Told Reporters He Never Said He Might "Defer" Some Of His Tax Increases. Question: "Senator in your interview yesterday with John Harwood, you suggested you might consider deferring the tax increases you proposed. Do believe that raising taxes hurts jobs creation, even if it's only on the most wealthy of Americans?" Obama: "No, first of all I didn't say I would defer, what I said was that I always take facts into account." (Sen. Barack Obama, Remarks At A Campaign Event, St. Louis, MO, 6/10/08)

Click Here To Watch

NOTE: Obama's Income Tax Increase Would Burden Small Businesses Struggling In A Weak Economy:

FactCheck.org: "McCain Is Right About One Thing. Many Small-Business Owners Would Indeed See Their Taxes Go Up If Obama Is Elected And Raises The Top Income-Tax Rates." ("McCain's Small-Business Bunk," www.factcheck.org, 7/14/08)

Two-Thirds Of Small Business Income Would Be Subject To Obama's Significantly Higher Tax Rates. "The conservative argument (and that of the John McCain campaign) is that Obama's stated plan to raise taxes on households making $250,000 or more in income is a tax increase on small business. The simple answer to this dilemma can be found in the IRS Statistics of Income Bulletin (Table 1.4, for those who are interested). So what do the data say? In 2006 (the latest year available), $706 billion of such income was reported to the Internal Revenue Service. Of this, about half was reported by households in the top marginal income tax rate. Interestingly, two-thirds of this income was reported by households making $250,000 per year or more -- the very same households that Obama wants to increase taxes on. The Obama campaign maintains that the number of small-business owners is what's important. Economists know what matters is the tax rate that's applied to the bulk of small-business income. Make no mistake about it: Obama's plan to raise taxes on households making more than $250,000 will raise taxes on most small-business profits in America." (Grover G. Norquist, Op-Ed, "An Argument Against Obama's Tax Plan," The Politico, 7/11/08)