President Obama Doesn't Understand Money & That's Why America is Broke

moneyMath is hard. So is arithmetic. During the first presidential debate in Denver last night, President Obama repeatedly accused Mitt Romney of wanting to implement a $5 trillion tax cut.

“Governor Romney’s proposal, that he has been promoting for 18 months calls for a 5 trillion dollar tax cut – on top of $2 trillion of additional spending for our military. He’s saying he’s going to pay for it by closing loopholes and deductions … If you are lowering the rates the way you described, Governor, then it is not possible to come up with enough deductions and loopholes that only affect high income individuals to avoid either raising the deficit or burdening the middle class. It’s math. It’s arithmetic.” 

It’s almost like President Obama thinks there’s a limited amount of wealth in the world. Newsflash: Like love, wealth is not a pie that must be divvied up and portioned out until it’s all gone.

More from The Stir: Al Gore Blames Altitude for Obama’s Poor Debate Performance (VIDEO)

We don’t know how well Barack Obama did in his history classes, since he refuses to release his college transcripts, but I’m going to go out on a limb and guess not well. If he had actually studied history, he might have come across some interesting information about how previous presidents have raised revenue.

The very best way to raise revenue for the government is to lower taxes. I know, on the surface it doesn’t seem to make sense. Shouldn’t charging people more result in higher revenues?

Not really. History repeats itself, and by looking at what has happened in the past, we should be able to predict what will happen in the future. In the 1920’s, tax rates of more than 70 percent disgusted then Treasury Secretary Andrew Mellon. In 1926, Mellon and President Coolidge reduced taxes on the rich to 25 percent.

Tax revenue subsequently went up.

The same thing happened under John F. Kennedy, Ronald Reagan, and George Bush.

An amazing thing happens when the government doesn’t punish success: People are inclined to work harder and earn more. It’s math, Mr. President: A small percentage of a large amount is a lot more than 100 percent of zero.

When you tax the rich dry, they stop investing in productive, taxable business, and take their money to tax-exempt securities.  After all, they didn’t get rich by being stupid.

Mitt Romney understands that reducing the tax burden on high earners is the best way to get America back to work. The middle class can’t afford four more years of Barack Obama’s “help.”

 

Image via AMagill/Flickr

2012 election, barack obama, corporations, economy, election, in the news, mitt romney, politics, taxes

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nonmember avatar Rachel

Correct me if I'm mistaken, but isn't arithmetic a type of math? Like algebra or calculus? ...Good writing.

SickO... SickOfMorons

Simplistic is more like it.

Histo... HistoryMamaX3

Sometimes, it doesn't need to be complicated. :-)

SLA28 SLA28

Exactly Rachel!


Jenny, if you're sincerely NOT smart enough to realize that arithmetic is "math", then you're the last person who needs to be writing an article about Obama's fiscal policy.


And aside from that, way to promote the "I'm a girl, math is hard" stereotype.  Idiot.tsk tsk

areyo... areyouatroll

Um... I agree with the message you are trying to get across.

hotrd... hotrdumommy

Oh my God! Jenny I have actually missed you. Seriously the crazy liberal from NC has missed you. Those other Stir bloggers are nothing like you. Okay with that being said ummm "Obama 2012"

JAFE JAFE

LOL Rachel and SL28!!!!! Jenny was being silly. Too bad you didn't get it!


You know what I find hard to swallow? Why is is so hard to just admit what you're not good at? We're not all good at the same things. Clearly Obama didn't understand what Romney was saying last night or he wouldn't have looked so lost nor would he have acted so mystified. I think Obama is better at some things that Romney. I think this is why we need both sides of the isles but Obama has a hard time doing that too. Why do people have to act like they know it all? Obama knows nothing about business. Would it be so hard to admit that?

fleur... fleurdelys3110

@other commenters. Jenny knows that math and arithmetic are the same thing. She is quoting President Obama who said last night "It's math. It's arithmetic."

JAFE JAFE

I heard that last night fleurs. That's why I said what I did. Hoping they'd get it. 

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