The president should stop the class warfare

With Election Day less than two months away, President Obama has taken to blaming Republicans for slowing economic growth by not supporting his economic agenda. This new agenda includes an additional $180 billion in stimulus spending and an end to the Bush-era tax breaks for “wealthy” Americans.

These stump speeches are nothing more than politics and class warfare.
Obama is wrong to place the blame on Republicans. Several Democrats in tight races, including Majority Leader Harry Reid, are also running for cover.

Even Rep. Steve Israel of New York expressed displeasure and noted that he differs with the president on how to define someone as “rich,” especially on Long Island, where a family making over $200,000 doesn’t exactly live in the lap of luxury.

In fact, Israel pointed to a recent Newsday story that illustrated how a couple with a toddler needs $96,000 to live on Long Island, but only $56,000 to live in Lancaster, Pa. This despite the fact that both families are taxed as if the value of the dollar was the same.

Obama’s economic plan is only half right. The Bush-era tax cuts for the working class should be continued, and middle-class Americans with household incomes below $250,000 per couple and $200,000 for individuals will get relief.

However, in these difficult economic times, we shouldn’t be raising taxes on any person or on corporate America. This is counterproductive and class warfare.

If we examine the way our tax system breaks down, the top 1 percent of earners pay 40 percent of the nation’s taxes, while the top 5 percent pay 60 percent. By singling out individuals who make $200,000 or more a year, Obama is assaulting the very people whose spending keeps our economy afloat.

Ending these tax cuts is also harmful to the small-business community, and will have a direct impact on the number of unemployed people who will be hired.

Personally, I don’t mind being in the top 2 percent and paying my fair share. My problem is with the way our tax dollars are being thrown away. This money should be used to move the economy forward and reduce the deficit. What we don’t need are more of the same egregious spending programs designed to get the president through the midterm election.

For example, did you know that the administration plans to send an additional $6 billion to the Karzai-run government in Afghanistan? We’re fools if we think our taxpayer dollars are going to support our troops or be used for rebuilding. The only thing those crooks are building is their own personal bank accounts in their overseas safe havens.

Obama recently referred to Republicans as the No We Can’t Party. Mr. President, it’s not that we can’t, it’s that we don’t want to. And guess what? Democrats also aren’t willing to go near anything that can be perceived as another “stimulus” package, particularly the newly proposed $180 billion spending package. This plan includes a $50 billion investment in infrastructure, a $100 billion permanent extension of development business tax credits and a $30 billion tax break for capital investments over the next decade.

In response, House Republican Leader John Boehner said, “If we’ve learned anything from the last 18 months, it’s that we can’t spend our way to prosperity.”

This administration has already spent nearly $800 billion in taxpayer dollars in efforts to produce jobs and rouse the economy. Guess what? It failed, and there’s absolutely no justification for spending another $180 billion.

Even so, Obama is looking to build confidence and gain support for his plan among fellow Democrats, but instead he’s playing party politics. At a rally, he said, “Let me be clear to Mr. Boehner and everyone else. We should not hold middle class tax cuts hostage any longer.”

What about every other taxpayer, Mr. President? Individuals earn their own money and deserve to keep as much of it as possible. It isn’t your money.

This isn’t only an attack on the top 2 percent — it’s class warfare, and it won’t work. Free us from tax oppression!

Meanwhile, I’m happy to report that House Democratic leaders have reversed course and scheduled another vote on the 9/11 Health and Compensation Act — the bill designed to give much-needed relief to ground zero’s first responders — this time without forcing the two-thirds majority requirement.

Out-of-control spending may be alive and well, but hallelujah, democracy lives!

Al D’Amato, a former U.S. senator from New York, is the founder of Park Strategies LLC, a public policy and business development firm. Comments about this column? ADAmato@liherald.com.