Obama’s War On Economic Growth
Nearly every day here in Washington there are new leaks or trial balloons floated out of the White House on economic ideas under consideration by the Obama Administration. Virtually every idea has a common characteristic – they will make economic growth and job creation less likely.
Obama is always eager to disparage and tax successful industries. Today’s news is that Obama plans to hit big U.S. banks with a new tax in order to raise funds to reduce the deficit. Remember when liberals wanted to impose windfall profits taxes on “Big Oil”? Well, bankers aren’t held in high esteem right now. Thus they are a tempting target for the Obama socialists who hope they can exploit the populist mood around the country by kicking bankers around and using tax policy as a political weapon, rather than as a tool for economic growth.
It’s true that banks got a taxpayer bailout, but the major banks already paid that money back to the Feds – with interest! Banks aren’t the reason the bailout program is $120 billion in debt. The auto union bailout and AIG are! Surely you didn’t think Obama would go after Government Motors – I mean General Motors.
Just a few weeks ago, Obama summoned the bankers to the White House and demanded that they give out more loans to stimulate the economy. (Never mind that overzealous lending contributed to the housing crisis.) But now he wants to get billions of dollars of more taxes out of them, which means they will have less to loan. Fewer loans means less money for small businesses, which drive job creation.
My point is simply this: Don’t let this crowd of leftists in the White House distract you with cheap class warfare and anti-capitalist rhetoric. It is their higher taxes, deficit spending and over regulation that is destroying America’s middle class.
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