Strap yourselves in folks. We are about to ride the Liberal express and the only hopes to stop it is a barricade of truth and Conservatism. I'm going to comment on the opening of his speech, but if I were to go line by line, this would be an extremely long post. The major part of his speech was centered around his wonderful economy. I'll spend the balance of my post dealing with this issue.
Obama began his speech by boasting a Constitutional truth about the timing of the speech. He can't even get a full minute into his speech and he is already demonstrating his apparent grasp on hypocracy. Show me were the Constitution requires giving the rights it speaks of to terrorist?! Show me in the Constitution where it is ok to favor tax breaks for some in society and deny them to others - all the while touting that we are all "equal" under the law.
He goes on to say, "But when the Union was turned back at Bull Run and the Allies first landed at Omaha Beach, victory was very much in doubt." What?! When the Union was defeated at Bull Run it ignited a feeling of revenge and resolve to preserve the Union and defeat the Confederacy. Secondly, do you think our boys who stormed the beaches of Normandy had defeat on their mind? What kind of military leader are you?! Victory was the goal! Typical Liberal here - always gloom and doom and victory is only achieved when America lays down at the feet of the world.
"One year ago, I took office amid two wars, an economy rocked by severe recession, a financial system on the verge of collapse, and a government deeply in debt. Experts from across the political spectrum warned that if we did not act, we might face a second depression. So we acted – immediately and aggressively. And one year later, the worst of the storm has passed." A year later the worst storm has passed? The storm has just begun! First, note all of the indirect blame on Bush (which is made clearer later in the speech). Secondly, our unemployment is now 10% and climbing. The national debt has grown well beyond where the Bush Administration had taken it. You blamed the financial sector for poor decisions - decisions Democrats forced them into by their legislation - decisions that ACORN forced them into. Now, after the banks receive your bailout money and they've paid it back, with interest, you want to nail them again with taxes. The only aggressive action that was taken was to further place our economy into the hands of the crypt keeper. This isn't that difficult, Obama - aggressive action would be a tax cut, across the board, by 50%. Aggressive action would be to eliminate Capital Gains taxes to encourage more investing. Aggressive action would be to put pressure on states that have an income tax and a sales tax to end one or the other. Aggressive action would be to admit you have no business making these decisions. The storm hasn't passed, folks, it has just begun.
He goes on to start with the economy. "Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis. It was not easy to do. And if there's one thing that has unified Democrats and Republicans, it's that we all hated the bank bailout. I hated it. You hated it. It was about as popular as a root canal." Again, WHAT?! The banks "helped" to cause this crisis through federal coercion. What steps did you take to shore up the damaging policies of Chris Dodd and Barney Frank?! And, you admit we all hated the bailouts...then why did you do it?! Now, you say it was "necessary" because unemployment may have "doubled" what it is today without it and we could have lost more houses than we did and had more business close than we did. So, your party's leadership in Congress forced banks to lend money to those who couldn't pay it back and now you want to come and rescue them while saying the banks are at fault. You can't create problems and then come to the rescue because all you will do is set yourself up to create a new problem, thus needing a new rescue. It is a government death spiral that just leads to more regulation of the market and less freedom for you and me.
He claims that this action has stabilized the markets and that most of the money given to banks has been returned. Hmmm...10% unemployment...hmmmm...a DJIA that is struggling to remain at 10k...hmmm...tax increases are coming to all. The markets have NOT been stabilized! Again, the banks which borrowed the money have paid it back, with interest by the way, and now you are proposing a tax on banks because their CEOs got bonuses. The financial meltdown was not because of CEOs getting bonuses! IT WAS YOUR PARTY ENGAGING IN COERCIVE ACTS, LED BY ACORN, THAT FORCED THESE BANKS INTO MAKING BAD DEALS! The only stability in the market that Obama will approve of is if it is totally under the strangling grip of the government.
He claims that this was helped by the 25 different tax cuts he proposed. Keep in mind, these "tax breaks" didn't go to the "rich." And, last time I checked, I never got a job from a poor person. But, you're right, Obama, tax cuts for the "rich" would be foolish. And, the credits these tax breaks offered were paltry in measure. One time tax credits are not tax breaks! Here's a tax break for you: pass federal legislation to ban the federal income tax and go to a national sales tax (no higher than 15%). "Oh, but you don't understand, so manyneeded government programs wouldn't have any more funding." EXACTLY! It's time to close the doors on these unconstitutional programs and departments! And we start with one of the biggest sucklers of the people's money, the Department of Education.
"Let me repeat: we cut taxes. We cut taxes for 95% of working families." As Ronald Reagan once said, "There is a non-Soviet word for that kind of talk. And extremely useful, time tested, original American word, one with deep roots in our rich agricultural and farming tradition." Turning over a couch cushion and giving me the proceeds isn't a tax cut. The very fact I am getting back a refund this year is because I OVER PAID IN TAXES. And, sorry for you unlucky 5% that didn't receive the tax cuts. What's the matter with you? Why would you want to be successful?! If you want to get angry, read this lovely piece from the Salt Lake Tribune (http://www.sltrib.com/opinion/ci_14319271). Furthermore, get what's coming for taxes in 2011 according to the President's new budget proposal - charitable deduction will be gone, mortgage interest deductions for the 250k earners and higher will be gone. However, if the Bush tax cuts are allowed to expire, the top tier tax bracket will go from 35% to 38%. The 25% bracket will go to 28%. The 28% will go back to 31% and the 33% bracket will go back to 36% (all pre-Bush tax cut rates). The 10% tax bracket will BE ELIMINATED. So, those making enough to be taxed at 10% will now be taxed at 15%. THAT'S A TAX INCREASE FOR THE MIDDLE CLASS!!!
Investors will also pay more - tax on dividends will jump to 39.6% from 15%. Does the middle class own stock? YES! The capital gains will go from 15% to 20%. For 2010, the estate tax is eliminated, but just for this year. So, make sure you die this year. But, some democrats are ready to have the estate tax come back prior to 2011. Something else that is curious: The Alternative Minimum Tax was never adjusted for inflation, so now it also is affecting the middle class. And, this year, the first $2,400 of unemployment wages are taxable and you can verify this with your payroll department. All of this, and we have a 1 trillion dollar annual deficit. Yes, Obama, the economy is doing fantastic! You can't spend your way out of a bad economy. You grow your way out of a bad economy by massive tax cuts to give us more of OUR MONEY to infuse back into the economy.
I'm telling you folks and have been for a while - Obama will drive this economy in the ground that all we have left is to rely upon the government. The evidence would show this is reality, not conspiracy.
"People are out of work. People are hurting. They need our help...and I want a job bill on my desk without delay." I'm not going to keep going line-by-line through this part because he just keeps heaping it on. GOVERNMENT CANNOT CREATE JOBS IN THE PRIVATE SECTOR! The private sector will create jobs based on the money it has to do so. Massive taxes and regulations limit the private sector's ability to create jobs. Again, to fix this simply cut taxes!
The 2010 Congressional election may be one of the biggest of our time. Let's hope we can get Conservative leadership back into the Capitol and stop this train wreck of an administration from destroying America for good.