Last night’s State of the Union address by President Obama-if you can call it that-was an atrocious attempt at hitting the reset button after three consecutive losses in Virginia, New Jersey and Massachusetts. The theme of the address seemed not to be the state of our union, but the state of Obama’s effort to remake the nation after the so-called “lost decade” (the Bush administration) he mentioned last night. Obama showed his true colors in his remarks last night, and one year into his “post-partisan” presidency, it is revealed that the President is everything the warning signs told us he was-a radical ideologue determined to bring self-prescribed change to a nation that clearly disagrees with his vision for the country.
Obama started out by pointing out the obvious, which is to say that the state of the economy is not good. He paid lip service to good economic policy, advocating an elimination of capital gains taxes for plant and equipment investments by businesses. Then he began to lie. Saying that the administration had “saved 2 million jobs and cut taxes for 8 million people” and is on track to create over a million more jobs by spring, he praised the $787 billion stimulus bill that even Obama said had lukewarm results at best as recently as last week. This came after reports that unemployment had inched up in December. Obama said the “lost decade” was one in which “as many jobs were lost as created.” What he failed to mention is that most of those layoffs-4 million to be exact- have occurred since he took office a year ago.
When Obama’s falsified accomplishments in cutting taxes were not met with accolades from the Republicans, he went off-script and channeled forth his unfathomable arrogance, saying, “I thought I’d get some applause there.” His tone in saying this, however, was not one of good fun, but one of brash partisanship and resentment for those that do not appreciate his efforts-he is after all, Barack Obama-an end in himself in this quest to rid society of its ills.
Obama pushed ahead with campaign-like empty platitudes encouraging Congress to “clean up the mess” left by the “previous administration,” pushing divisive cap-and-trade legislation, opposition to which cost long-serving Rep. John Dingell (D., Mich.) his chairmanship of the House Energy and Commerce committee, which went to the hyper-partisan global warming alarmist, Rep. Henry Waxman (D., Calif.). Obama hasn’t gotten the message that America is totally over the “blame Bush” game.
As if cap-and-trade legislation wasn’t enough to cause economic jitters, Obama, together with his party have a newfound populist fervor in their rhetoric, politicizing the Federal Reserve chairman and advocating economically backwards fees on the sum total of assets at the nations’ largest banks, which prompted a 552-point slide on Wall Street last week. While everyone agrees that the bonuses being paid at Wall Street institutions while the country is still in recession are outrageous, taxing bank assets rather than fat cat bonuses is a fee that will only serve to hit banking customers, reduce lending capability, and prolong the recession. This is not to say banks should not be held accountable for awarding outrageous bonuses-surtax on the tune of 40-50% would prove sensible, rather than a tax on bank assets.
Obama seemed to focus on how many special-interest green tax credits the government could give away in order to spur job creation. Instead of vowing to press ahead on unpopular health care legislation, a source of wariness about expanding business and adding jobs, according to a recent NY Times article interviewing small business owners, Obama would do well to cease the hyper-partisan economic warfare, calls for ever-increasing taxes, and the empty populist rhetoric, and ensure economic stability by ending calls for a return to easy credit, making the existing tax cuts permanent, and ending his quest to grow government at every opportunity.