In his recent press conference, President Obama chided Congress, even going so far as to compare legislators to his two daughters.
The president stood at the lectern as if he is the only serious adult in the room as we attempt to face our nation's debt crisis. But after listening to Obama, who is really serious here? Republicans have taken a responsible stand in demanding a dollar saved for every dollar by which we raise the debt limit. In other words, if we're going to raise the debt limit by $2 trillion, then we must offset it by $2 trillion in savings.
Employing typical liberal class warfare, Obama derided Republicans for protecting tax breaks for corporate jet owners and oil companies. There's just one detail: Eliminating the corporate jet tax credit would raise only $3 billion in revenue over 10 years. The figure is similar for oil subsidies.
I am not defending these tax breaks. They may be very worthy targets. But it is totally disingenuous and not serious at all to cite these tax breaks as if they get us even close to $2 trillion in savings.
Obama mentioned them only because they are good talking points. Yet, he made no mention of entitlements such as Medicare, a program that threatens to devour the budget in the next decade. So who is serious here?
The solution is simple. Republicans should call Obama's bluff and concede to eliminating both tax breaks, robbing him of that talking point. Doing so would force him to focus where the real money is.
Democrats insist we have a revenue problem more than a spending problem, similar to when your kid comes to you after spending all of his allowance and tells you the problem isn't his spending but that his allowance isn't big enough. Laughable right? So is the Democratic position.
Herbert A. Edney IV