Obama-Loving Media Spin the Economy

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Remember, our leftist president once told ABC’s Charlie Gibson that he wants to raise capital gains taxes — even though Obama conceded that historically higher capital taxes lead to less revenue. Then why raise rates at all, asked Gibson. “For purposes of fairness,” said then-Sen. Obama.

This is a president determined to “spread the wealth” to deal with “the gap” between the top 1 percent and the bottom 99 percent. To the Occupy Wall Street protestors, this is a president who said, “You are the reason I ran for office.” This is a president who said, “I do think at some point you’ve made enough money.”

This is a president who blames the Wall Street/housing meltdown on greed. As the see-no-Obama-on-the-economy Time magazine article puts it: “We got into the housing mess because we used our homes like ATMs to cover up the fact that neither incomes nor jobs have grown as much as they should have in the past two decades. It was a myth we all bought into, from the policymakers who pushed the idea of an ownership society fueled by debt to interest-rate-lowering central bankers who kept the music playing to individuals who took the mortgages they knew they couldn’t afford.”

This is the Obama version of events. Greed. Lack of oversight. Government policy had nothing to do with it. Banks just suddenly and for no reason started lending money to people they knew could not afford their mortgages.

Time magazine makes no mention about the central role played by laws like the Community Reinvestment Act. Nothing about the government-built and government-supported behemoths Freddie Mac and Fannie Mae, which changed the rules so that “underrepresented” borrowers could buy a home, too. The government told lenders to lend to high-risk borrowers — or else. What, or else? The government actually threatened fines and held up prudent bank mergers if one or both sides did not sufficiently “lend” to borrowers who, under normal circumstances, failed to qualify.

NPR, however, took the pretzel-twisting in defense of Obama to an even higher level. When the disappointing first quarter numbers came in, NPR’s Scott Neuman actually asked this question: “Common sense says high growth rates are good and slower, more modest ones are not so good. But is that always the case? After all, the ‘irrational exuberance’ of the early 2000s helped bring on the recession, as people borrowed and spent their way to prosperity.”

So bad economic news is actually good economic news. Four more years!

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  • StephenD

    Just pointing out his rationale for raising taxes is enough. He wants to "redistribute wealth" as if it is a zero sum game. If the rich guy has it…I can't have it. What nonsense. I don't have it and never did. But I don’t want it handed to me either. I have something you find rarely among the entitlement folks; self-respect. What I do have I've earned working my entire life. No one gave me anything except the desire to be self-sufficient. In that regard, I am wealthy beyond measure. You want to make things better for those without…Go ahead and redistribute my work ethic.

  • kafirman

    Thank you for your public service Mr. Elder. Wish you were President, Sir. Vis-a-vis capital gains we're (always) at the top half of the Laffer. Rates go up, revenues go down. http://www.heritage.org/research/reports/2004/06/… But then again, for capital gains taxes, since 0 is the optimal rate, we are always at the top half.

  • egruberman

    Perhaps the Canadian economy is outperforming the US because business don't have to pay for employee healthcare like they do here.

    • Marla

      The Canadians have a Conservative government, with a Prime Minister who understands and is implementing reductions in tax rates. The policies of lower tax rates, decreased regulation, and freedom of economic transactions are what are causing Canada to outperform the US.

      The Canadian medical system is a mess. There are long lines, inconveniences, waits until the condition cures itself or kills the patient.

    • ebonystone

      Do business pay taxes in Canada? If they do, they're paying for part of their employees' healthcare. And for part of the health care of everybody else in the country.

  • RiverFred

    Obama, the master of illusion, and his cronies summed up in one word:
    A system of government where the least capable to lead are elected by the least capable of producing and where the members of society least likely to sustain themselves or succeed are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers. In other words destroying America one trillion at a time.

  • Rifleman

    I don't think the industrial sized lipstick will help that pig. This economy is nothing like "Morning in America." They can't even compare it to the Bush recovery without looking pathetic.

  • Ronald Johnston

    Anybody who thinks osama obama is incompetent has his or her head up their rear end!!!! The homosexual dope addict terrorist plant knows exactly what he is doing!!!!

  • SoCalMike

    What a surprise!
    Slime Magazine, the NY Slimes and the Washington Compost ALL lie with the greatest of ease.
    Why do they still have readers?? Maybe just to see what schemes officialdom is cooking up since these "news" organs are nothing more than mouthpieces for government.
    And by default according to the brainwashed Slimes and Compost writers, that which grows the government by definition is good and that which shrinks it is evil and must be defeated at at cost and by any means possible.
    That's why they pretend to care about the environment as the treat the information well we all draw from like their own personal toilets.
    There is a special place in hell with their names on it.

  • H&R_ Barack

    Just when Big-media dinosaurs face extinction and their tar pits de mortuis, some realist points out that:

    The GOP "leadership" has not enough collective huevos to make a frittata!

    One step forward…..three steps backwards under such GOP Phart-Knockers as:

    Mitch McConnell,
    John Boehner,
    The National Republican Senatorial Committee (NRSC) John Cornyn,
    Michael Steele.
    Reince Priebus, et al.

  • H&R_ Barack

    Great article Larry.

    It shall forever be debated whether Jimmy Carter, or Barack Obama is the epitome of incompetence.

    When Ronald Reagan assumed office in January of 1981, we were in the throes of a recession with annual inflation running at 13.5% under Jimmah Carter. The job facing Reagan was the most daunting since the Great Depression.

    ~ "Reaganomics" created more than 22 million jobs. – Obamanomics LOST 88 MILLION jobs! (in 3 years!)

    During Reagan's first term GDP grew by an astounding 7.19%!

    TO THE POINT: The inflation rate declined under Reagan to 4%. And when the lowest unemployment in ten years was announced,

    I recall Connie Chung's snarky comment…..
    "while many more citizens are currently employed under Reagan; most claim that they do not like their job."

  • shirley schmidt

    when St. Ron took office I was in law school thanks to the 18% mortgage loan rates which eliminated my job/prospects in the loan and building industry –we actually had underwriting guidelines in those days. Obama and others with the "community organizer" – redistribution of wealth mentality are simply thieves. Thieves of the freedom and prosperity this country once had. Where did it go? to the globalist pirates who have long coveted and hated what we have here. America wake up before it is too late.

  • Len_Powder

    The Left would find something nourishing in Obama's excrement. They probably won't even find the odor offensive.