Tax Cuts to Those Who Don't Need It

I was half-listening to the Democratic Forum broadcast live on MSNBC this morning when I heard Sen. Barack Obama (D-Ill.) say something that made me shake my head in disbelief. When discussing differences between himself and President Bush, Obama noted that the president provided “tax cuts to those who don’t need it.” Really?

I wonder if Sen. Obama is up to the task of being president of the United States based on this one particular statement. The last time I checked, the American economy has been fueled, rather than stifled, due to the tax cuts enacted by Congress and signed into law by the president earlier in his term. Did reducing the marginal rates and slicing capital gains rates stimulate the economy — an economy battered by 9/11 and fighting a war on terrorism? Let’s see, where to start? 

Last month, the American economy created 175,000 jobs. Not sure if Obama has a fact-checker on his campaign staff, but I’d helpfully point out that since August 2003, more than 8 million jobs have been created in America. In fact, nearly 2 million jobs were created over the last 12 months alone. I’d also note that the American economy has added jobs for 45 straight months. Oh, and we’re at a rate of nearly full employment with the nation’s unemployment rate at 4.5 percent.

One last statistic I’d share with Sen. Obama is that real after-tax per capita personal income has risen by 10.2 percent since President Bush took office. In plain English that means that Americans have $3,000 more dollars in their pocket because of, not in spite of, the fact that President Bush pushed his tax cut plan through Congress.

Sen. Obama sounds great on the stump when talking about lofty goals and painting broad strokes on his vision canvas. When the senator comes down from 30,000 feet and attempts to play the class warfare card, criticizing the president of the United States for providing “tax cuts to those who don’t need it,” he’d better have the facts to back up his assertions.