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In his weekly address on Saturday, President Obama was still peddling the falsehood that the goal of his so-called “fee on banks” was to recoup TARP funds from financial institutions, when in reality the nation’s largest banks have already reimbursed the government for the bailout money they received. Now we hear, as reported in this morning’s Wall Street Journal, that many of the nation’s largest insurance companies would also have to pay Obama’s savings tax, even though “most … turned down government bailout funds.”

So what’s the real purpose of Obama’s savings tax? On CNBC last Thursday, Rep. Barney Frank (D-MA) admits that the tax is “a good way to get some revenue in” for their binge spending agenda:

Now Obama is using the savings tax “as a political weapon” against Republicans, despite his campaign pledge back in June 2007 that the White House would no longer be a political arm for campaigns. As we pointed out this morning, this is just one of the many reasons why ... more

If you want to find evidence of the increasing disconnect that Democrats have from the reality of what the American people want, you need to look no further than the comments former DNC Chairman Terry McAuliffe made this morning on CBS News’ “The Early Show”:

People are angry. There’s an anti-incumbency mood out there, they want change … People want health care … They don’t feel good about their own economic livelihood and it’s the Democrats and President Obama who have been out there fighting for them every single day … President Obama has been in for one year. He has made tremendous changes … Let’s continue moving forward with all these reforms that President Obama has initiated.

People are angry. But they’re angry because President Obama and Congressional Democrats want to move forward with their liberal, big-government agenda, not because they think it’s not moving fast enough. Did McAuliffe pay any attention to what happened to Creigh Deeds in Virginia? Deeds even blamed Obama ... more