Barack Don't Know Didley

President Obama

Speaking in a radio address Friday, President Barack Hussein Obama offered a few insights:

"The Republicans who want to take over Congress offered their own ideas the other day. Many were the very same policies that led to the economic crisis in the first place, which isn't surprising, since many of their leaders were among the architects of that failed policy 

The current recession is a result of the collapse of the financial industry in 2007-2008, which resulted from the government's intrusions into the banking industry by their pressuring banks into making high risk loans and then backing those low to no collateral, unsupportable loans with guarantees from Fanny Mae and Freddie Mac.  It was a financial disaster brewed in the minds of Barney Frank and Christopher Dodd.  The republicans in government attempted to ward off the disaster, but were unable to break through the dense fog in Barney Frank's head.  It cost the nation billions and destabilized the world economy.  


Tax policies had nothing to do with it.

"It is grounded in same worn-out philosophy: cut taxes for millionaires and billionaires; cut the rules for Wall Street and the special interests; and cut the middle class loose to fend for itself. That's not a prescription for a better future."

What would you know about plans for a better future?  What did the government take over of GM and Chrysler have to say about a better future?  How did strong arming those that had invested in those companies and handing control over to the auto-unions work toward creating a better future?

Republicans responded:

"The new agenda embodies Americans' rejection of the notion that we can simply tax, borrow and spend our way to prosperity," said one of its authors, California Rep. Kevin McCarthy. "It offers a new way forward that hasn't been tried in Washington — an approach focused on cutting spending — which is sadly a new idea for a Congress accustomed to always accelerating it."

Damn straight.

Then the AP author ventured into the deep end of the pool:

"Perhaps the biggest difference was on taxes, where Republicans want to extend all of George W. Bush's income tax cuts permanently — at a cost of some $4 trillion over 10 years."

Taxes are not a cost to the government, professor.  

Taxes are best described as a cost to the taxpayers.  President Obama would like taxes to go up in January, at a cost of so many billions to taxpayers.  Taxes are imposed upon a citizenry.  The funds are the earnings of the citizens.  Taxes, whether they rise or fall, are never a cost to the government.