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April 18, 2008

Obama's Wheels Start to Come Loose

Last night the wheels began to come off for Barack Obama, when ABC's Charlie Gibson went off the reservation and asked him challenging questions during a debate. Obama's economic ineptitude immediately became obvious. The Wall Street Journal reports:

Time and again, the rookie Senator has said he would not raise taxes on middle-class earners, whom he describes as people with annual income lower than between $200,000 and $250,000. On Wednesday night, he repeated the vow. "I not only have pledged not to raise their taxes," said the Senator, "I've been the first candidate in this race to specifically say I would cut their taxes."
But Mr. Obama has also said he's open to raising — indeed, nearly doubling to 28% — the current top capital gains tax rate of 15%, which would in fact be a tax hike on some 100 million Americans who own stock, including millions of people who fit Mr. Obama's definition of middle class.
Mr. Gibson dared to point out this inconsistency, which regularly goes unmentioned in Mr. Obama's fawning press coverage. But Mr. Gibson also probed a little deeper, asking the candidate why he wants to increase the capital gains tax when history shows that a higher rate brings in less revenue.
"Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20%," said Mr. Gibson. "And George Bush has taken it down to 15%. And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28%, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?"

Obama bobbed and weaved and gibbered, but could not even begin to answer the question. WSJ reaches the obvious conclusion:

Either the young Illinois Senator is ignorant of this revenue data, or he doesn't really care because he's a true income redistributionist who prefers high tax rates as a matter of ideological dogma regardless of the revenue consequences.

That is, Obama and his supporters are either:

  1. Ignorant fools.
  2. Malevolent socialist thugs.

A peek into his background suggests that Obama is more B than A, whereas many of his supporters are better characterized as A.

But his hard-core base, ignorant and foolish though it may be, leans heavily toward B, as demonstrated in the course of tantrums over Gibson daring to toss Obama anything other than the usual softballs. Check out this gem from Daily Kos (via DUmmie FUnnies):

Put me in charge and I will have these conglomerates broken up with their management and lackeys (Gibson, Stephanopoulos) in prison for a long time. Crimes against democracy will be defined, codified and punishments carried out forthwith.

Don't laugh too hard. In places like the North Korea and Cuba, people like this have managed to take control of the government.

On tips from Varla and V the K.

Posted by Van Helsing at April 18, 2008 2:00 PM

Comments

$200,000 is middle class? Holy dollar signs Batman! What planet is this fool from? He's even more out of touch than I thought.

Actually, Obamaramadingdongs supporters are ignorant fools AND malevolent socialist thugs.

Posted by: steven at April 18, 2008 3:01 PM

Every time I go out and look at the Daily KOS I get ill. Hard to believe there are that many loony Marxist leftard morons that give that filth a readership. The commenter's are scarier than the extremists that write the blog articles.

Posted by: HoosierArmyMom at April 18, 2008 3:31 PM

In fact, I think I'll go take a hot shower now... I really feel dirty! LOL!!!

Posted by: HoosierArmyMom at April 18, 2008 3:33 PM

That quote from D-Kos is very Hitlerian - even by kostard standards. I don't know if they realize it, but their parlance is just as Hitleresque as their totalitarian-socialist-jew-hatin' beliefs.

"Crimes against democracy will be defined, codified and punishments carried out forthwith."

Wow. Substitute "the State" for "democracy" and you've got a classic Hitler diatribe. But I'm pretty sure by "democracy" he really meant "the State" anyway.

Posted by: forest at April 18, 2008 4:37 PM

I was a bit annoyed with Obama's inability to bitchslap Charles Gibson for that asinine comment about revenues going up. Of course revenues go up when you cut capital gains taxes. Revenues also go up when you raise them. When you cut cap gains taxes, people hold off on selling stock until the tax cut goes into effect. So, what you have is a period of time with reduced trading preceding the tax cut, followed by a flurry of trading once the new rate takes effect.

Likewise, when you raise the tax, people who were thinking they only might sell the stock decide it's a good time to do it before the new rate goes into effect. The net effect on revenue in the short term of raising the tax is the same as cutting it, but in the long term, raising the tax, as any third grader can tell you, raises revenue.

Posted by: Ash Mcgonigal at April 18, 2008 7:26 PM

So that psycho on Kos would put Gibson in jail for asking Obama legitimate questions?
That's what's known as fascism.

Posted by: Adam at April 18, 2008 7:49 PM

Ash Mcgonigal,
Obamaramadingdong couldn't bitchplap Gibson because reality has repeatedly bitchslapped the asinine claim that raising the cap gains tax increases revenue, either long term or short term. I guess history didn't make it through the third grade.
You seem to be as ignorant and immune to facts as Obamaramadingdong.

Posted by: steven at April 18, 2008 7:51 PM

Pelosi, Gingrich team up for global warming TV add

It's the second of the "Unlikely Alliances" spots filmed as part of former Vice President Al Gore's $300 million "We" advertising and online activism campaign designed to get the American public to pressure their elected officials to address global warming.

The first ad featured left-leaning Rev. Al Sharpton and conservative Rev. Pat Robertson sitting on a couch......

http://www.sfgate.com/cgi-bin/blogs/sfgate/detail?blogid=14&entry_id=25803

Posted by: Oiao at April 18, 2008 8:27 PM

Dirty rich people is what I heard. Lets have a 100% tax on all lottery winnings over $100k, I mean it is unearned money.

I am poor btw. I average about 50k a year.

Posted by: Parker at April 18, 2008 11:04 PM

Honestly the crowd at Daily Kos is more Marxist than Obama, but thats not to say that Obama doesnt want their votes.

The Civil War in the Democratic Party that Kos started with their vicious attacks against Clinton is almost amusing except for the fact that they are using the same tactics that they use against our own country as they use against Clinton.

A long time contributor at the Daily Kos remarked on the abuse that his own fellow KoKos have heaped upon him by stating, "I've put up with the abuse and anger because I've always believed in what our online community has tried to accomplish in this world... No more. This is a strike - a walkout over unfair writing conditions at DailyKos."

http://www.dailykos.com/story/2008/3/14/20827/4727/132/476843

(the comments in the link above are hilarious)

ABC journalist, Jake Tapper, noted; "…these diarists' boycott of DailyKos is indicative of the turmoil in which the Democratic Party finds itself."

http://blogs.abcnews.com/politicalpunch/2008/03/clinton-obama-w.html


Posted by: Freedom Now at April 19, 2008 4:05 AM

Ash...what school of economics did you attend? You haven't a clue about what you're talking about

Posted by: JamesJ at April 19, 2008 4:53 AM

James,

I think Ash answers your question. He graduated from third grade economics.

"...but in the long term, raising the tax, as any third grader can tell you, raises revenue."

Seriously though, do liberals really think that a high level of economic activity is a constant "in the long run"? It's not. High taxes and onerous regulation will cause contraction as people who would otherwise be investing decide to sit on their little pots of gold instead of taking risks. Prosperity is not just there automatically to be stripped from at will by government mandate.

Posted by: forest at April 19, 2008 6:47 AM

It's been demonstrated repeatedly that lowering tax rates increases economic activity thereby raising revenues. Yet, bitter lefties still cling to their discredited socialism.

Do you guys think we would be better off if we went back to the 70% tax rates of the Carter Era? Or the 94% tax rates of the FDR Era?

Aside from the economic issues, there are moral issues as well. What right does government have to confiscate as much income as it can get its greedy hands on? Don't higher income tax rates benefit the hereditary wealthy (who can use lawyers and accounting tricks to avoid them) at the expense of the self-making middle class? Do you guys really think government spends money more wisely and more efficiently than people making their own choices? (Two words: Big Dig).

Posted by: V the K at April 19, 2008 7:09 AM

Obama will fall, as fast as he has risen.

Emotions, based on glibness and presentation of the person stirring them can only be sustained as long as you keep feeding the beast.

The beast grows larger and larger, the individual emotions have been expressed to their limit at the onset.

Posted by: Eneils Bailey at April 19, 2008 7:33 AM

Moonbat Trifecta: Gay CNN Reporter Arrested for Drug Possession. The kicker is his name is "Dick Quest."

Posted by: V the K at April 19, 2008 7:58 AM

FLDS Tipster Arrested for False Report - UPDATE: Is Barack Obama Delagate!?!?! To Be Determined.

"Rozita Swinton, the woman arrested today for falsely tipping off the police that she was an abused child bride at the FLDS polygamy cult in Texas is a PLEDGED BARACK OBAMA STATE DELEGATE!!"

"Another example of a Democratic activist making up a fake but accurate story? Sure, she lied about everything, but isn't the goal of removing children from parents who's lifestyle we don't approve of trump truth?"

I did not see this in the MSM......

Read more here:
http://mypetjawa.mu.nu/archives/192350.php

Posted by: Oiao at April 19, 2008 8:20 AM

V the K - good one....Trifecta! He even looks like a horse face.

I've seen him on CNN. Gee, I'd never a thunk he was a homo.

Posted by: Oiao at April 19, 2008 8:23 AM

One more for Obama.

Just a reminder - as Obama cries about the press picking on him.....

Who Made an Issue Out of the Flag Lapel Pin?

"It was October in Iowa.

Sen. Barack Obama, D-Illinois, was trailing in the polls.

He needed to appeal to anti-war liberal Democrats."

ABC News..........No Way........
http://blogs.abcnews.com/politicalpunch/2008/04/who-made-an-iss.html

Posted by: Oiao at April 19, 2008 8:50 AM

Ash would also appear to be one of those from the Cult of Obama who squeal because someone for once asked their Messiah the same kind of questions Republicans get asked at every debate and every interview.

Posted by: V the K at April 19, 2008 8:58 AM

Apparently, when Dick Quest was arrested, he had a rope tied around his neck connected to his genitalia. (For Carlos and the Hash Fanatics, Genitalia is NOT the national airline of Italy.)

Posted by: V the K at April 19, 2008 8:58 AM

Oh, and it appears to be that the liar who was arrested for phoning in the fake tip that led to the raid on the Polygamy Compound may be a pledged Obama delegate.

Posted by: V the K at April 19, 2008 9:00 AM

Here is another article.

Colorado woman may be caller who sparked CPS sweep, officials say

The Dallas Morning News does not mention the Obama connection.

http://www.dallasnews.com/sharedcontent/dws/news/
texassouthwest/stories/DN-call_19tex.ART.State.
Edition2.461730e.html

Posted by: Oiao at April 19, 2008 9:05 AM

(For Carlos and the Hash Fanatics, Genitalia is NOT the national airline of Italy.)

It's an Italian biotech company, isn't it? /g

Posted by: Jay Guevara at April 19, 2008 9:32 PM

PARKER WROTE:
"Dirty rich people is what I heard. Lets have a 100% tax on all lottery winnings over $100k, I mean it is unearned money."

You Liberal/Socialists are OBSESSED with "unearned money". I suppose you want to have a 100% inheritence tax too? Why should anyone, INCLUDING YOU, get money just because you happen to be related to someone?
That's not my idea, by the way, it has been demanded by others like you, Parker.
Last year someone found a painting in THE TRASH that sold for several thousand dollars. That meets you idea of "unearned" as it was just dumb luck, like the lottery, so according to YOU that lucky person should be FORCED to give up that money.

"I am poor btw. I average about 50k a year."

Well, BOO HOO slick! I make around EIGHTEEN THOUSAND a year, and that includes my disabled pension.
GIMMIE SOME OF THAT MONEY, YOU HYPOCRITICAL B*****D!

Posted by: KHarn at April 20, 2008 6:46 AM

Kharn you are disabled that's clear, but the fact that someone would pay you even 18 grand to do anything is amazing, and you should get down on your knees and thank your poor employer everday!

Posted by: Anonymous at April 22, 2008 5:04 AM

"Anonymous at April 22, 2008 5:04 AM"

Insults are the last refuge of the immature.

Posted by: KHarn at April 22, 2008 2:45 PM

"Insults are the last refuge of the immature."

If so, you must be 6.

Posted by: Anonymous at April 23, 2008 2:24 AM