Posted by DrJohn on 12 November, 2012 at 6:00 am. 93 comments already!

Question: When does $70 billion equal 1.25 trillion?

Answer: In Obamaworld

“You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.”

– Abraham Lincoln

Unless they are Obama supporters. It turns out that you can fool all of them all of the time.

Barack Obama admits to being weak at math. On Leno he said:

“The math stuff was fine up until about seventh grade. Malia is now a freshman in high school. I’m pretty lost.”

That explains a lot.

Barack Obama claims that he was re-elected to raise taxes on the so-called “wealthy.

President Barack Obama and House Speaker John Boehner are signaling they’re open to some compromise on a taxes and spending to prevent more financial pain in the new year, but the two sides are digging in on raising taxes for wealthier Americans. Obama said Friday that his re-election gave him a mandate to pursue that position because “the majority of Americans agree with my approach.”

His approach was and still is to lie. Or else he is plain stupid.

Obama has people believing that 70 billion equals 1.25 trillion. They believe it because he told them it does. Obama supporters do not question anything Obama says.

Yes, Obama did say 70 billion equals 1.25 trillion. He spoke with the feckless Scott Pelley during an interview for 60 minutes and he said:

“And if we go back to the tax rates for folks making more than $250,000 a year, back to the rates that we had under Bill Clinton,” he continued, “we can close the deficit, stabilize the economy, keep taxes on middle class families low, [and] provide the certainty that I think all of us would be looking for.”

In an ad Obama said

“Now Governor Romney believes that with even bigger tax cuts for the wealthy, and fewer regulations on Wall Street, all of us will prosper. In other words, he’d double down on the same trickle-down policies that led to the crisis in the first place.”

Obama went so far as to enlist Bill Clinton to lie; to say that these tax rates on the “wealthy” caused the current financial mess.

“This election to me is about which candidate is more likely to return us to full employment. This is a clear choice. The Republican plan is to cut more taxes on upper income people and go back to deregulation. That is what got us into trouble in the first place.”

It’s a lie of course. It’s so false that not even Ezra Klein believes that.

“I am absolutely not saying the Bush tax cuts led to the financial crisis. To my knowledge, there’s no evidence of that.”

Yet there it is- just undo those tax cuts for the “wealthy” and the deficit will close, the economy will stabilize and Mayan apocalypse will be avoided.

The Obama administration claimed it was talking about all of Bush’s policies, to which Glenn Kessler replied

We think that distinction would be lost on ordinary people.

Lost it was. It was lost on all Obama supporters- including Scott Pelley.

The truth?

The deficit this year is projected to be $1.25 trillion.

Repealing the Bush tax rates for the “wealthy” would net approximately $70 billion per year. That’s it.

Allowing all the Bush tax rates to expire would net approximately $380 billion per year. That begins to take a bite out of the deficit. What is obvious is that the big money comes from the 98%, not the 2% or the 1%.

And still Obama supporters think that $70 billion will erase a $1.25 trillion deficit.

Because Obama said so.


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