Obama is rushing to offer a ‘grand bargain for middle-class jobs.’ He starting ignored the middle class about three seconds after being elected in 2008. The rabble now is getting a bit cranky so he needs to pretend to do something.
And how will Obama create jobs, you ask? Wait for it… By cutting the US corporate tax rate, that’s how! And then spending on infrastructure and education in some vague and unspecified way. Woo-hoo, I can see all that money trickling down to us. Oh wait, maybe’s that a urine stream that’s trickling down. Hmm.
Last week Obama gave a speech at Knox College in Illinois on the economic situation that like his remarks on Trayvon Martin a few days earlier was filled with the number of bromides calculated to give his MSNBC posse just enough to rally around. To give you a sense of the shallowness of it all, he uses the term “folks” 26 times. One supposes that with people like Al Sharpton and Ed Schultz, the only thing that would cause a breach with the President is a Swiftian modest proposal that hungry folks eat their children.
That’s lovely, considering that lowering tax rates does not increase corporate spending. Think this through: lower taxes encourages higher dividends, not investment in workforce or equipment. But higher dividends do benefit some segments of our economy, namely Wall Street and rich investors. John McCain thinks the middle class earns $250K per year, so maybe Obama is just helping the “new” (redefined) middle class.
Obama, without exception, works to enrich Wall Street.