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Heeding Their Own Advice?

- July 13, 2011

Obama Has Been Clear That You Don’t Raise Taxes In A Recession –  So Why Now Is He Insisting On Doing Exactly That?

OBAMA AND HIS CHIEF OF STAFF HAVE BEEN CRYSTAL CLEAR: NOW IS NOT THE TIME TO RAISE TAXES

In 2009, President Obama Said “[T]he Last Thing You Want To Do Is To Raise Taxes In The Middle Of A Recession …” (“Obama: We Must ‘Help Elkhart Reinvent Itself’,” MSNBC, 8/5/09)

  • OBAMA: “[B]ecause That Would Just Suck Up — Take More Demand Out Of The Economy And Put Businesses In A Further Hole.” (“Obama: We Must ‘Help Elkhart Reinvent Itself’,” MSNBC, 8/5/09)
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In January, Chief Of Staff Bill Daley Said He Does Not “Think Raising The Taxes On The American People Right Now Is The Way To Go At This Point Of Our Economy.” (CBS’ “Face The Nation,” 1/30/11)

BUT NOW THE PRESIDENT IS INSISTING ON RAISING TAXES

Obama Says He Is Going To Raise Taxes If Reelected

Obama Admitted He Will Raise Taxes If He Is Reelected. OBAMA: “That is a reasonable proposition. So, when you hear folks saying ‘Well, the president shouldn’t want massive job killing tax increases when the economy is this weak.’ Nobody’s looking to raise taxes right now. We’re talking about potentially 2013 and the out years.” (President Barack Obama, Remarks At Press Conference, Washington, D.C., 7/11/11)

Obama Is Holding The Debt Ceiling Hostage For Higher Taxes

“Obama Wants $1 Trillion In Taxes On Top Of What He’s Already Signed.” “Obama wants $1 trillion in taxes on top of what he's already signed. … There are numerous other new taxes in the [health care] bill, all adding up to some $438 billion in new revenue over 10 years. But even that is understated because by 2019 the annual revenue increase is nearly $90 billion, or $900 billion in the 10 years after that. Yet Mr. Obama wants to add another $1 trillion in new taxes on top of this.” (Editorial, “Taxes Upon Taxes Upon…” The Wall Street Journal, 7/11/11)

Obama’s April Budget Speech Called For Trillions In New Taxes

Over Half Of The Savings From Obama’s April Deficit “Plan” Came From Tax Increases, Not One-Third As The President Claimed. “So of the 3.4 percentage points of savings, more than half — 1.9 points — comes from taxes. That’s 56 percent, not the one-third or one-quarter that Obama was talking about. And I am assuming that Goldman is using the White House’s rosier economic forecasts when evaluating Obama’s plan.” (James Pethokoukis, “Obama’s New Plan May Actually Rely 60 Percent On Tax Increases,” Reuters, 4/15/11)

In Total, Obama Called For $2 Trillion In New Taxes. “Talk about fuzzy math. President Obama claims higher taxes will account for a mere third — $1 trillion — of his proposed $3 trillion debt reduction over 12 years, not counting less interest expense. Wrong. The actual number is probably around 50 percent of $4 trillion in savings — some $2 trillion — and could be closer to 60 percent.  (James Pethokoukis, “Obama’s $2 Trillion Stealth Tax Hike,” Reuters, 4/17/11)

And Obama’s FY2012 Budget Sought To Raise Scores Of Taxes That Even Democrats Rejected

Obama’s FY2012 Budget Seeks To Raise Taxes By $1.6 Trillion, With Businesses Taking A Significant Hit. “However, Obama also would rely heavily on new taxes, to a degree unacknowledged by administration officials in recent days. His budget request calls for well over $1.6 trillion in fresh revenue over the next decade, much of it through higher taxes on the wealthy and businesses.” (Lori Montgomery, “Obama Budget Projects Record $1.6 Trillion Deficit,” The Washington Post,2/14/11)

Obama’s FY2012 Budget Contains Many Tax Increases “That Were Largely Ignored By Congress When Democrats Controlled Both Chambers.”  “President Barack Obama's budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controlled both chambers. Republicans, who now control the House, are signaling they will be even less receptive.” (“Obama Budget Resurrects Rejected Tax Increases,” The Associated Press2/14/11)

OBAMA INSISTS ON RAISING TAXES DESPITE THE “STALLED” ECONOMY

The New York Times’ David Leonhardt: “The Recovery Has Stalled Again. Only 18k Jobs Added In June And 25k In May. Both Far Below Population Growth.” (David Leonhardt, Twitter Feed, 7/8/11)

The Wall Street Journal: “The Choppy Two-Year-Old Recovery Is Proving To Be One Of The Worst Since The 1930s.” (Luca Di Leo And Jeff Bater, “Jobs Data Dim Recovery Hopes,” The Wall Street Journal, 7/8/11)

  • WSJ: “The U.S. Economy Barely Added Jobs For The Second Month In A Row …” (Luca Di Leo And Jeff Bater, “Jobs Data Dim Recovery Hopes,” The Wall Street Journal, 7/8/11)

The Associated Press: “Hiring Slowed To A Near-Standstill Last Month. Employers Added The Fewest Jobs In Nine Months And The Unemployment Rate Rose To 9.2 Percent.” (“Unemployment Rises To 9.2 Percent In June As Employers Add Only 18,000 Jobs,” The Associated Press7/8/11)

  • AP: “The Latest Report Offered Stark Evidence That The Recovery Will Be Painfully Slow.” (“Unemployment Rises To 9.2 Percent In June As Employers Add Only 18,000 Jobs,” The Associated Press7/8/11)
  • AP: “More Than A Quarter-Million People Stopped Their Job Searches In June. That Kept The Unemployment Rate From Rising Even Further.” (“Unemployment Rises To 9.2 Percent In June As Employers Add Only 18,000 Jobs,” The Associated Press7/8/11)

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