Okay, I'll admit it... all the good titles for this post were used already. What I wanted to use was "does the math add up," but that was taken already. I'll get to that in a second. Moving on, here is the official second term plan from President Barack Obama titled, "A Plan for Jobs and Middle Class Security - The New Economic Patriotism"
See Obama's second term plan here: https://secure.assets.bostatic.com/pdfs/Jobs_Plan_Booklet.pdf
The first surprising thing to me is that CNN's Jessica Yellin said, "it's not anything significantly new." - Check it out: http://newsbusters.org/blogs/noel-sheppard/2012/10/23/cnns-jessica-yellin-not-anything-significantly-new-obamas-just-releas
Now yes, I have read this plan front to back. Just like the title says, it's déjà vu. There really is nothing new, and it truly feels like 2008 all over again. There is one sad part about this, however: Other great articles have already been written. In short, I could go through this "plan" line item by line item, showing how it's rhetoric, pie-in-the-sky, old-news policies that didn't rebuild our economy in the first 4 years aren't going to help us in the next 4, but I guess I'm a little late to the party :-/
What am I talking about? Well, to sum it up, Erin Burnett of CNN did a great job calling out the President's plan here (and yes, she is the one that questioned if it "adds up"): http://outfront.blogs.cnn.com/2012/10/23/obama-unveils-20-page-plan-for-second-term-does-it-add-up/
Thanks for stealing my thunder, Erin. :) Though that clip is short, she really hit the economic high points of this bogus plan. You might ask, "well why don't you go in to some of the details?"
"Yes!" I would respond... however, those sneaky folks at The Wall Street Journal beat me to it: http://online.wsj.com/article/SB10001424052970204425904578075041463410864.html?mod=WSJ_Opinion_LEADTop
My quick take: Obama's plan, as predicted, calls for raising taxes on the top 2% of earners. Again, this is no surprise, and some how, though we divide the country in to 2% and 98%, this isn't division or class warfare. I've analyzed taxing the wealthy plenty of times, and yes, the math doesn't add up. Perhaps the most telling case of how taxing the wealthy won't help reduce the deficit is seen here: http://loudmouthelephant.blogspot.com/2012/03/tax-rich-obama-class-warfarecampaign.html
As you can see, The Wall Street Journal article's author, also correctly highlights:
- "Perhaps you've heard that the President wants to raise taxes on the top 2% of U.S. taxpayers. If you haven't, well, the pamphlet mentions that once or twice. Left unsaid is that this plan increases revenue only between $50 billion and $80 billion a year, a rounding error in the $1 trillion-plus deficit era. Mr. Obama does claim to have a plan to reduce the gap by $4 trillion over the next decade. Mostly this comes from unwinding the wars in Iraq and Afghanistan that are already being unwound and assorted budget gimmicks."
So sure, I guess I'm guilty of not getting to it first. Basically, I just completely agree with Mrs. Burnett's and the WSJ's analysis of this plan. If I were to write my own opinion, it would be repeating much of what they said. Burnett's quick analysis of the numbers is spot on, and I don't have much to add. I do hope Americans get a chance to see this. If you think continuing on the same path is a good thing, that's your choice. But if Obama tries to claim his plan is something new, there are plenty of us out there that will call him on it.
What do you think? Please share your opinions below.