I know. The title of this blog post goes without saying, unless you’re a tea-brain talking about your favorite politician of the month. But I never for a moment thought that Barack Obama would be the latest President to disprove this myth: On December 6, he spouted a whole raft of lies. ( Sorry, with his credentials I can’t give him the benefit of the doubt for simply being ignorant like his predecessor).
So here are three of the lies about his deal with the Rethuglicans to extend the Bush tax giveaways:
- “The typical American family would see their taxes go up by $3000 next year”. False. For that statement to be true, the “typical” family would have to have taxable income of $135,000. Actually, the median family income is $52,000/yr. And if Bush’s welfare-for-the-wealthy were allowed to expire the typical family’s tax would only increase by about $335. Don’t believe me? See My Tax Burden. Close, only 1000% off. Strike one, Mr. Obama.
- This could result in “well over a million” jobs lost. False. The exact opposite is true. Supply side economics has been thoroughly and repeatedly refuted, ever since the term was first raised up the flagpole by Nixon’s economic adviser Herbert Stein, a conservative Keynesian. What drives any economy is demand not supply. When money is spent, demand increases and jobs are created. When money is secreted overseas, which is where much of the top bracket tax cuts go, circulation of currency is gutted & demand plummets. (Nobel prize winning economist Paul Krugman estimates continuation of welfare-for-the-wealthy could take $3 trillion out of the economy over the next 10 years.) If tax cuts create jobs, why the massive bleeding of employment during every single year of the Bush administration?? Strike two Mr. Obama.
- Although he didn’t specifically say it, the nature of his speech and its astounding concessions to Rethuglican leadership imply that there were no alternatives. But the fact is, if this Congress lets the tax cuts expire, who cares if the new Republican majority tries to reinstate them next year? Just veto their bills Mr. President. And right now, force these thugs into a public up-or-down vote against their own unemployed constituents, letting their benefits expire, thereby dramatically displaying the true Rethuglican agenda: perpetuate welfare-for-the-wealthy, keep screwing the majority of Americans. Strike three Mr. Obama.