Stumping in Connecticut Monday night, the president found a new way to critique his Republican presidential challenger's tax plan.
"It's like Robin Hood in reverse," the president said. "It's Romneyhood."
Cue the crowd roaring with approval.
Last week, an independent study found that tax proposals put forward by Romney would raise taxes on most Americans while only reducing taxes for the very wealthiest. The Obama campaign immediately picked up on the study and began citing it.
"They have tried to sell us this trickle-down tax cut fairy dust before," Obama added. "And guess what? It does not work."
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Good one, Obama!
Even the NYT today reports that business leaders see a rosy future IF OBAMA IS RE-ELECTED and the Tea Party budget slashers get ousted. Otherwise, it's downhill all the way.
Interestingly in the NYT today also, Andrew Ross Sorkin ponders the withdrawal of massive billions from the equities market:
Sorkin writes: "Let me offer a more straightforward explanation of why investors have left the stock market: it has been a losing proposition. An entire generation of investors hasn’t made a buck.
“The cult of equity is dying,” Bill Gross, the founder of Pimco, wrote in his monthly letter last week.
“Like a once bright green aspen turning to subtle shades of yellow then red in the Colorado fall, investors’ impressions of ‘stocks for the long run’ or any run have mellowed as well,” Mr. Gross wrote. His letter came after he had sent a Twitter post that read: “Boomers can’t take risk. Gen X and Y believe in Facebook but not its stock. Gen Z has no money.”"
Is this why the equity crooks like Romney are fighting so hard to keep their edge?
Yes as a favored lib paper I can believe the NYT will be on the party listings with obama. No shock there.
Tea Party is the only chance for salvation the other two will gladly spend till the bill comes due and everything crashes. obamas already telling us he wants another $11T in debt. Nope cut off the drugs, time to go cold turkey and get better.
The ability of ordinary people to make money in mutual funds or other stocks has proven more dubious since 2008. The volatility of the stock market means for most ordinary people the stock market is a bad choice to put your money. We used to have money in mutual funds but recently pulled it all out. The stock market is rigged so that those on top make the profits. Sure those who invest in stocks can sometimes make real money and real profits. It seems though for too many of us the volatility of the stock market, even for mutual fund investments made long term are just not returning anything to the small investor. Wall Street could not care less either about the small investor. Wall Street caters to the Bain Capitals of the world not for a middle class guy with a W-2 and a pile of bills on the kitchen and a daughter or son getting ready to go off to college.
The richest twenty percent of households owned 85% of the total net worth and 93% of the financial wealth in America as of 2007. The top richest one percent of households owned 34.6% of the net worth and 42.7% of the financial wealth in America in 2007. The top one percent owned more than the bottom four-fifths or eighty percent of U.S. households who owned a mere 15% of the total net worth and a meager 7% of the financial wealth in America in 2007. Check out G William Domhoff's "Who Rules America, Wealth, Income, Power." at this website "www2.ucsc.edu/whorulesamerica/power/wealth.html."
So we are seeing a troubling bifurcation of wealth inequality in our economy. Entirely too much wealth concentration is happening at the top one percent while nearly everyone else has ever shrinking incomes, wealth, and living standards. We must break up the five largest "too big to fail banks" on Wall Street making them just right for antitrust lawsuits in a federal court. The five largest big Wall Street banks control about 60% of all the financial transactions in America from housing mortgages, consumers loans, to credit cards; these big banks have too much control over our economy. We need to break these big banks up because if we do not they will just continue on with their wild speculative schemes that will make fast profits for a very few at the top and leave a huge financial liability for the public when those crazy leveraged money schemes all go bust.
Another 2008 financial crisis will happen again only this time instead of having another "Great Recession" we will have the "Great Depression II" because the middle class has no more money to spend and funds for "too big to fail banks" have already been spent. This scenario could happen sooner than any of us want to think about. We could barely get our economy healed again from the 2008 Great Recession before we will start entering the beginnings of a new one percent generated "boom to bust" business cycle that means the Great Depression II is just right around the corner. The urgency of filing these antitrust lawsuits in federal court could not be more critical. Read the Financial Crisis Inquiry Commission Report by getting a copy yourself at bookstore or go to this "..fcic.law.stanford.edu/report/" Stanford law school website:
"..fcic-static.law.stanford.edu/cdn_media/fcic-reports/fcic_final_report_full.pdf".
I cut off the "http. portion" on my website references because newsvine won't let me put the entire website address on without deleting the entire website. Most computer smart people can quickly figure this out.
We also need to raise taxes substantially on the wealthy. We can not have a democracy where all the wealth is controlled in a few hands. Plutocracy is what we have today instead of democracy. We need to raise taxes on the very wealthy upwards of at least 40%. We need to raise capital gains taxes to at least 40% as well. We also need to raise the income cap on Social Security and Medicare up from its current $106,800 to at least $250,000 as proposed by Senator Bernie Sanders. We must make more investments in our infrastructure, public schools, higher education, and green energy. We also need to close corporate loopholes and overseas tax shelters. We can also work on policies that reward companies for keeping jobs here in America. We can not have a society where only the very rich do well and all the rest of us do poorly. American workers work harder and are more productive than ever while getting nothing in return for their increased productivity.
We need to get the minimum wage raised to $10 per hour in an Obama second term plus we need to get lower wage Americans affordable health care. People who work for $10 per hour earn about $20,000 per year. This amount will generally qualify a mother with one or two children for food stamps/SNAP. So the incentive for people on the lower economic rung of the ladder to want to work is actually a disincentive because the current $7.25 per hour is way too low. Try paying your rent and health insurance premiums on $7.25 per hour! It simply can not be done. So if we are going to tell people to go out and get a job they need to earn $20,000 per year and have decent health insurance otherwise they have no incentive to leave their house. Rent in many American cities will easily be $1,000 per month or more for a two bedroom apartment. In more expensive cities rent can for a two bedroom apartment could be double. So if you worked for $10 per hour you would be paying half your income in rent! If you can not make $10 per hour you may as well not even work. The bottom line is that the American dream has turned into the American nightmare for our young people and for those without college educations America is a horribly expensive place to try and live once you put car expenses onto the cost of living. So $10 per hour is chicken feed and for a family it means food stamps.
Romneyhood: Chickenfeed for the poor.
$2000.00 more in taxes for the middle class
$250,000.00 more in tax breaks for him and his peer group of 1%.
Yeah, I can see why half the country wants to vote for that.
????????????????????????????????????? Actually, I can't. WTF??????? You like this idea, Repubs?
Is that $2000 on top of obamas jan 1st tax increase of $1600.
I think he said he is going to end that increase, as well as the 21 new obamacare taxes. So you will pay the same as you do now at worse.
Why is reid passing these middle class tax hikes? Must be his mormanism is more important than the poor paying more taxes.
Help the tea party eliminate all the tax code, and pass the fair tax so everyone is equal and pays the same. Romney will be hit hard by the fair tax, unless he starts buying clinton's old underwear at the salvation army. But that assumes without the tax break clinton would still donate them I guess.
If you want a tax break you need to pay taxes. You can pay 50% on your income, then get a 50% reduction the next year if you are poor and want a big tax cut. No lawlessness needed to pay more then pay what you owe.
I would think if the stories are true and unemployed romney pays the same as the welfare brood in the projects they would admire that he is just like them.
The payroll cap is because of the payment cap. Are you suggesting we pay the rich an even larger SS payment also?
We can invest billions if you close the dept of education and use the money for teachers. Well half anyways, the other half towards spending cuts.
We still need $1.25 TRILLION in cuts before we can spend anything.
$50B every 6 months an in 3 years you are paying down the debt. You don't need to cut trillions, just $300B in REAL cuts and we are going in the black.
Then you don't borrow money when you pay something off, you lower the debt ceiling instead. In 33 years we have ZERO debt. I don't think we have anything longer than a 30 year note on the books.
But Rex you don't have to work for minimum wage, there is no law that says you must work for less than you are worth.
Obama and you Liberals are so damn stupid. You don't even know the story of Robin Hood
Robin Hood didn't steal from the rich to give to the poor he stole from the government because of their over burden taxes and gave that back to the people
If you dont beleave that then maybe you need to pick up a book and read it sometime
@TRjr Robinhood had many sides to it, he also stole from the greedy churches. In all robinhood stole from the rich and tried to give to the needy. It is probably safe to say that you do not know the full story of Robinhood.
Actually he stole what the government stole from the people and returned it.
I don't think he ever went out and took what the government rightly collected in taxes, because that was being used to "invest" in roads so the people got rich.
But there is no doubt who the sheriff of washinton is. And holder would be the dufus of the guard.
No, Actually there were many versions of robinhood. The idea was that he stole from the rich and gave to the oppressed/poor. Try googling it, it might help your train of thought.
The premise is: "Romney would take from the poor and give to the rich". Robinhood in reverse. I know how hard it is for you conservatakes to bring yourself to accept what the president said.
Mainly he hasn't told the truth since he won the election. Why would he start now? If he had a history of telling the truth instead of lieing then yes you might argue he is right. But with his track record nope anything he says is a lie till proven otherwise, and the tax plan is pure bunk, there are no specifics in romneys plan so where is he getting these tax increases from. The only increases are obamas Jan 2nd ones, and his obamacare ones, the later romney will kill, the former if reid doesn't find a way to enact them over the peoples objection.