Obama in Debate over Tax Cuts

Obama attended a meeting today of the President’s Economic Recovery Advisory Board. He was planning to talk about “Skills for America’s Future,” an initiative to expand partnerships between American companies and community colleges. This plan is backed by McDonald’s, Accenture, and Gap Inc. among others.

But most of the meeting ended up being an argument over taxes. SEC Chairman William Donaldson and Harvard economist Martin Feldstein both argued for making the tax cuts permanent for all income brackets. They both used the tired cliché about consumer confidence and certainty.

Obama said that if the tax cuts were extended for everyone except the top 2%, “You'd think that would provide some level of certainty.”

He said the wealthiest Americans can already afford luxury items and aren’t holding off on purchases until they get their tax cut. Making the tax cuts permanent for millionaires would cost the treasury an additional $700 billion. “If we were going to spend $700 billion, it seems it would be wiser having that $700 billion going to folks who would spend that money right away.”

He included himself in the category of “well off,” and said the well off would not simply “take our ball and go home” if their tax cuts aren’t made permanent.

Former Federal Reserve Chairman Paul Volcker agreed, saying, “I want to assure you that my psychology will not be affected.”

Obama had opened the meeting by criticizing Republicans who want to cut the deficit by cutting education funding. But doesn’t he understand? The less we spend on education, the more dummies — i.e. Republicans — will be churned out by our crumbling schools system.

Barack Obama: a Threat to Big Business

There are exceptions; not everyone in the business community is threatened by Obama.

Paul Volcker, former Federal Reserve Chairman, endorsed him last month. And Obama has been consulting with Warren Buffett and international financier Robert Wolf. Wolf said “When I sat down with him, I found him to be unbelievably refreshing and smart and thoughtful.”

One Democratic strategist said “He's been pretty clear that business would have a seat at the table, but business wouldn't be able to buy all the chairs." Communist!

No wonder the U.S. Chamber of Commerce has given Obama the lowest rating of the three White House contenders. They gave McCain an 80% favorable rating; Hillary Clinton got 67%; Obama got 55%.

The National Association of Manufacturers (not that they're partisan or anything) gave a zero rating to Clinton and Obama; McCain got 100%.

Here are some of the reasons the Good Ol’ Boy Network doesn’t want Obama:

He sponsored a bill that would give shareholders (i.e. the owners of the company) a nonbinding proxy vote on executive pay.

He also voted for a free trade agreement with Peru which would include protections for Peruvian workers and the local environment. What?!?!?!? God created those Peruvian peasants for American businessmen to exploit!

And that’s not all: Obama might amend NAFTA (North American Free Trade Agreement) to include environmental and workers’ protections.