Krauthammer on President’s Desire for Debt ReductionJuly 8th, 2011 by Lee Eldridge
When the President scolded Congress for kicking the can down the road on our deficits and debt reduction, I just about keeled over with laughter. Portraying himself as the adult among unruly children is so disingenuous that it’s laughable. Charles Krauthammer has penned an excellent article worth the read in IBD. Here are a couple excerpts:
First, a list of how Obama has been kicking the can down the road:
This from the man who:
• Ignored the debt problem for two years by kicking the can to a commission.
• Promptly ignored the commission’s December 2010 report.
• Delivered a State of the Union address in January that failed to even mention the word “debt” until 35 minutes in.
• Delivered in February a budget so embarrassing — it actually increased the deficit — that the Democratic-controlled Senate rejected it 97-0.
• Took a budget mulligan with his April 13 debt-plan speech. Asked in Congress how this new “budget framework” would affect the actual federal budget, Congressional Budget Office Director Doug Elmendorf replied with a devastating, “We don’t estimate speeches.” You can’t assign numbers to air.
And Krauthammer’s comments about the President’s attacks on jet owners and the oil companies:
And what have been Obama’s own debt-reduction ideas? In last week’s news conference, he railed against the tax break for corporate jet owners — six times.
I did the math. If you collect that tax for the next 5,000 years — that is not a typo — it would equal the new debt Obama racked up last year alone. To put it another way, if we had levied this tax at the time of John the Baptist and collected it every year since — first in shekels, then in dollars — we would have 500 years to go before we could offset half of the debt added by Obama last year alone.
Obama’s other favorite debt-reduction refrain is canceling an oil-company tax break. Well, if you collect that oil tax and the corporate jet tax for the next 50 years — you will not yet have offset Obama’s deficit spending for February 2011.
The hypocrisy on vilifying the jet class is hysterical. Included in the Democrat’s stimulus package was an incentive for corporations to purchase private jets. The incentive allows corporations to depreciate the purchase of these planes over five years instead of the standard seven. Why did they do this? Because they believed that this would stimulate the industry. It has been estimated that this “tax break” amounts to $300 million per year. That’s $3 billion over ten years when we’re running an annual deficit of about $1.5 trillion. But now this becomes the symbol of corporate greed and favors to big business. A symbol that the rich are not paying their fair share.
How many Republicans voted for the Obama stimulus that included this tax incentive? Zero.
This is all political theater. The Democrats do not want to lower spending. How do we know this? Easy. Show me a budget where they have developed a plan for tackling our deficits and the debt. You can’t, because they don’t have one. Remember, before the President said we must tackle our debt, he wanted a “clean” bill to raise the debt ceiling with “no strings attached”. Yet now he’s the adult in the room. The great compromiser. Don’t make me laugh.