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Weekly Address
July 24, 2010
This week, I signed into law a Wall Street reform bill that will protect consumers and our entire economy from the recklessness and irresponsibility that led to the worst recession of our lifetime. It’s reform that will help put a stop to the abusive practices of mortgage lenders and credit card companies. It will end taxpayer bailouts of Wall Street firms. And it will finally bring the shadowy deals that caused the financial crisis into the light of day. Wall Street reform is a key pillar of an overall economic plan we’ve put in place to dig ourselves out of this recession and build an economy for the long run – an economy that makes America more competitive and our middle-class more secure. It’s a plan based on the Main Street values of hard work and responsibility – and one that demands new accountability from Wall Street to Washington. Instead of giving tax breaks to corporations that ship jobs overseas, we want to give tax breaks to small business owners who are creating jobs right here in America. Already, we’ve given small businesses eight new tax cuts, and have expanded lending to more than 60,000 small business owners.
We’re also investing in a homegrown, clean energy industry – because I don’t want to see new solar panels and wind turbines and electric cars manufactured in some other country. I want to see them made in America, by American workers. So far, we’ve provided new tax credits, loan guarantees, and investments that will lead to more than 800,000 clean energy jobs by 2012. And throughout America, communities are being rebuilt by people working in hundreds of thousands of new private sector jobs repairing our roads, bridges, and railways. [What I'm not telling you: Sure, Wall Street has had a lot to do with the economic meltdown. Far more devastating are the periods when the democRATs controlled the House of Representatives. You know by brushing up on your U.S. Constitution that the House originates all spending and taxing legislation. These incompetent boobs--of which, I'm the inept, default leader--continually spend uuncollected funds on their various "pie-in-the-sky" schemes to buy votes and, in that dead Byrd's case, have one entire state's infrastructure named after the congressperson involved. Most plans--economic or otherwise--have to have a modicum of logic involved...... NOT mine!! If this Wall Street 'control' bill is a pillar of my overall economic plan, we're in deep kimchi my friend!! With all these plans, I just pull 'stuff' out'ta my ass and hope it sticks to the wall. Nothing I've tried seems to work and I know it. The bloggers and conservative radio personalities don't have to keep reminding the American people of my ineptness. Everyone in Washington keeps pissin-n-moanin' about all these jobs being sent overseas by the big corportations. There's one really effective, one really quick, one really easy, fix to that problem. Nullify NAFTA!! See, NAFTA is an acronym for "North American Free Trade AGREEMENT." An 'agreement' is just that, a negotiated solution to some perceived problem. A treaty on the other hand, is negotiated much like an agreement, but must be approved by the Senate before taking on the force of international law. NAFTA was--at best--a selfserving document to pacify the large american corporations, seeking ever greater profits. NAFTA itself, was never voted upon by the Senate; the Senate DID vote on H.R. 3450, a bill to implement the provisions of NAFTA. Now that the large corporations saught and gained the provisions of NAFTA, we vilify them for 'shipping jobs overseas' when the American congress gave them the very tools to do just that!!
These eight tax cuts for small businesses are just so much bullshit! They're all included in some ill conceived, unread, legislation like the soon to be nullified obamaCare. The regime has not and probably will not do anything specifically for small business--until actually forced to do so. All this 'green jobs' and 'green energy' hooey is just that--HOOEY!! None of the various 'green energy' possibilities; solar energy, wind energy, thermal energy, electric cars, is sustainable without huge government support. These businesses--which make the 'tree huggers' drool--will need more and ever growing government subsidies, JUST TO BREAK EVEN. This technology needs years more R & D to become self-sufficient.
Many, many miles of America's highway infrastructure is privately held, BY FOREIGN CORPORATIONS, who take the profits to their home country. To fund repairs for these entities is ludicrous!! Roads like the Indiana Tollroad, the Chicago Skyway are owned by Spanish and Australian consortiums who realize the profits, not American investors or the individual states. 99.9% of America's railroad infrastructure is privately held. Amtrak meerly leases use of the trackage on the routes they wish to travel. Here again, federally funded repairs to the privately held assets is ludicrous!! Amtrak is another of those unself-sustaining "pie-in-the-sky" dreams; to add all this 'green' crap to it would again, be ludicrous!!]
Our economic plan is also aimed at strengthening the middle-class. That’s why we’ve cut taxes for 95% of working families. That’s why we’ve offered tax credits that have made college more affordable for millions of students, and why we’re making a new commitment to our community colleges. And that’s why we passed health insurance reform that will stop insurance companies from dropping or denying coverage based on an illness or pre-existing condition. This is our economic plan – smart investments in America’s small businesses, America’s clean energy industry, and America’s middle-class. Now, I can’t tell you that this plan will bring back all the jobs we lost and restore our economy to full strength overnight. The truth is, it took nearly a decade of failed economic policies to create this mess, and it will take years to fully repair the damage. But I am confident that we are finally headed in the right direction. We are moving forward. And what we can’t afford right now is to go back to the same ideas that created this mess in the first place. [What I'm not telling you: These 'tax credits to 95% of working families' are just "nickles and dimes" compared to the actual tax receipts received from these hard workers. The college tax credits--when exercised--become just more unfunded mandates to the federal treasury, not backed by the first penny of actual tax receipts. To make these tax cuts and tax credits a true benefit to those who partake of them, immediate and equal spending cuts would have to be made--NOT in the lexicon of the American politician!! This "decade of failed economic policies" actually had it's start seventeen years ago with "Slick-Willie's" ill conceived NAFTA. This was 'the straw that broke the camel's back,' economically speaking. You, me and all Americans--daily--hear that sucking sound Ross Perot spoke of in his failed 1992 presidential bid.]
Unfortunately, those are the ideas we keep hearing from our friends in the other party. This week, the Republican leader in the House of Representatives offered his plan to create jobs. It’s a plan that’s surprisingly short, and sadly familiar. First, he would repeal health insurance reform, which would take away tax credits from millions of small business owners, and take us back to the days when insurance companies had free rein to drop coverage and jack up premiums. Second, he would say no to new investments in clean energy, after his party already voted against the clean energy tax credits and loans that are creating thousands of new jobs and hundreds of new businesses. And third, even though his party voted against tax cuts for middle-class families, he would permanently keep in place the tax cuts for the very wealthiest Americans – the same tax cuts that have added hundreds of billions to our debt.
These are not new ideas. They are the same policies that led us into this recession. They will not create jobs, they will kill them. They will not reduce our deficit, they will add $1 trillion to our deficit. They will take us backward at a time when we need to keep America moving forward. I know times are tough. I know that the progress we’ve made isn’t good enough for the millions of Americans who are still out of work or struggling to pay the bills. But I also know the character of this nation. I know that in times of great challenge and difficulty, we don’t fear the future – we shape the future. We harness the skills and ingenuity of the most dynamic country on Earth to reach a better day. We do it with optimism, and we do it with confidence. That’s the spirit we need right now, and that’s the future I know we can build together. [What I'm not telling you: I couldn't possibly be as stupid as this teleprompter portrays me!! Anyone who's successfully completed "econ-101" will know that the more money left in the hands of those who earn it, is the best way to advance the economy, nomatter at what level it starts. Most of the positive provisions in obamaCare apply to those americans who suck at the government tit; far more are the negatives which apply to the 55% of working-age Americans who unnecessarily fund the nations' ne'er-do-wells!
I'll spare you all the fascist drivel I usually espouse in these blather sessions.]
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