Obama seems to have singled out corporate welfare to get his increases in "revenue" although this makes up only a small portion of the deficit. He is giving speeches attacking hedge fund managers, Wall Street bankers and the tax breaks on corporate jets? Excuse me? As the Washington Examiner rushed to say Obama's stimulus package contained a provision providing a tax break for corporations to buy their own planes. The provision was first provided after 9/11 to aid the corporate jet industry. So Obama's intelligence obvious does not include a good memory - nor does that of his advisors. If I were the president I would fire all of them. Bad advice, short memory and teleprompters are what this president is most noted for. Why the president wants to conduct class warfare escapes me. Surely he knows that many of the hedge fund managers and Wall Street bankers are democrats who contribute lavishly to the dems. How can they reconcile giving while been lambasted is beyond me. It is also beyond me why Obama keeps waging class warfare by attacking hedge fund managers, Wall Street bankers and corporations. The attack on his richest supporters is beyond me. Maybe he has wink wink agreements on the side but it seems to me that the rational millionaires and billionaires that he constantly attacks will send their money to the republicans instead. Obama's speeches offer us a false choice: we have to take away the tax breaks for the rich or else we will not be able to fund school lunches, food inspections, air safety and all sorts of other things. Who ever believes this nonsense is a fool. What Obama should do is to make the proposal one in which corporate welfare is ended - including labor union welfare. In reality all the mishmash in the income tax code extending corporate welfare dramatically lowers the real income taxes that corporations pay (General Electric anyone?). He should trade off all corporate specific tax breaks for dramatically lower corporate income taxes and lower capital gains taxes. He should lower taxes on repatriating earnings from abroad. He should offer reining in the EPA and the NLRB's discouraging of job creation. He should postpone the implementation of Obamacare until 2020. He should lift all tariffs and quotas. End government support for biofuels. Enact all free trade agreements. Instead of falling back into the old mantra of class envy he should do something for once that actually helps to create jobs. As I have said before, if he did this (whether he wants to or not) he will be re-elected by a landslide. Again the government cannot create jobs it can only hamper job creation. And this guy is smart? Heaven help us all.
Harold A. Black is professor emeritus in the Department of Finance, University of Tennessee, Knoxville having retired after 24 years of service. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank, on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust and as director and later chairman of the Nashville Branch of the Federal Reserve Bank of Atlanta. He writes an occasional article for the Knoxville News-Sentinel at http://www.knoxnews.com/staff/dr-harold-black/. His web page is haroldablackphd.com