After President Obama finished delivering his State of the Union speech in the House chamber last night, it was evident that the Democratic loss in Massachusetts on January 19 had taught him nothing. He still attacked the free market, talked of raising taxes, pushed for the passage of ObamaCare, and continued blaming President George W. Bush for every economic woe that couldn’t be pinned on a sitting Republican.
In fact, Obama did everything but the one thing citizens wish he would do: take the will of the people into account somewhere in the midst of his decision-making process.
Early in the speech, Obama broached the subject of his pending “fee on … [big] banks.” While this “fee” is nothing less than a bank tax, Obama disguised it as a way “to pay back the taxpayers who rescued [banks] in their time of need.”
Does this mean that those of us who pay taxes in this country will be getting a refund check in the mail? No. Rather, it means Obama plans to take “$30 billion of the money Wall Street banks have repaid,” as well as the money he’ll get from his new “fee,” and give that money to “community banks” so “small businesses [can get] the credit they need to stay afloat.”
In other words, Obama is going to spread the wealth by taking money from successful banks with whom the wealthy invest, and giving it to small banks and credit unions where the poorer people who bought his “hope and change” mantra hook, line, and sinker, can get a loan, or at least feel like they’re sticking it to the rich folks.
Besides going after banks that are solvent, Obama also pledged to raise taxes on oil companies, the money managers who handle investment accounts, and individuals who make more than $250,000 a year. (To be fair, he didn’t come right out and say he was going to raise taxes; he said he would “not continue tax cuts for oil companies, investment fund managers, and those making over $250,000 a year.”)
Regardless of how it’s worded, these pledges mean higher fuel costs and less return on our investments, as oil companies and fund managers charge more to cover their taxes. This also means taking money from productive Americans so it can be redistributed to the frequently nonproductive Americans who voted for Obama.