Monday, February 2, 2009

Obama's "Shameful" Ruse

I'm sure everybody knows at this point about President Obama's claim that the fact that "Wall Street" reportedly doled out about $20 billion in bonuses was "shameful." I hadn't paid too much attention to it myself, because I inherently understand that our President is a socialist, and so I fully expect him to make such ludicrously backward statements about the economy. What surprised me greatly, however, was what he said in conjunction with the accusation of shamefulness.

“There will be time for them to make profits, and there will be time for them to get bonuses,” Mr. Obama said during an appearance in the Oval Office with Treasury Secretary Timothy F. Geithner. “Now’s not that time. And that’s a message that I intend to send directly to them, I expect Secretary Geithner to send to them.”
--Barack Obama

Now, I'm not entirely sure, considering that he's never actually held a real job that required business acumen of any kind, if the President even understands how fantastically stupid this statement was. Just the premise of it is ridiculous. If now is not the time for businesses to be making profits, Mr. President, exactly when is? The economy, the revenue stream of the federal government, is dependent on business' ability to generate profits, which you can tax.

Ahh, but there's the issue. Those bonuses are going to employees who negotiated them as a basis for their compensation, and so that money isn't in the corporate profits pool for you to tax. No doubt, that approximately 10% difference between taxes on corporate profits and personal bonuses is what you're really upset about.

You could care less about the bonuses actually being doled out. You just wanted that $2 billion more your soon-to-be gargantuan government is so desperately going to need as you spend us into oblivion.


  1. Good point.

    I still think that the likes of Obama, Pelosi and Reid are truly against businesses making profits. It's not just that they might skirt the corporate taxes by giving out part of their profits as bonuses. But the concept of anyone profiting in this horrific economic situation is dirty in their view. Socialists don't understand how jobs are created and how rewarding work stimulates an economy. Profits to them is a dirty word which means the Rich are taking away from the Poor. Taxing profit is an expression of that disdain.

  2. I definitely agree with you there. In fact I was heading in that direction with this post and it wound up getting too long, and I felt I could just cut this one off here and it would serve itself, while I went long form and less venomous with the other, which will come soon enough!