Welcome

Thank you for visiting paducahsun.com, the online home of The Paducah Sun.

Calendar
June 2012
S M T W T F S
27 28 29 30 31 01 02

Click here to submit an event.

ARROGANT Obama slap at CEOs illustrates own failings

President Barack Obama unabashedly reinforced his anti-business credentials in a recent interview with The Economist magazine. In so doing he illustrated that he has no grasp of the harm he has done to the economy and with that the middle class.

Obama told the magazine last week that American CEOs should just stop complaining about regulations and taxes.

"If you look at what's happened over the last four or five years, the folks who don't have a right to complain are the folks at the top," he said. "Oftentimes you'll hear some hedge fund manager say, 'Oh, he's just trying to stir class resentment.' No. Feel free to keep your house in the Hamptons and your corporate jet, etcetera. I'm not concerned about how you're living."

Except that he is. The president's remarks define him. No CEOs are complaining about not being able to keep their home or their corporate perks or their golf club membership. They are complaining about taxes and expansive new regulations under the Obama administration that have made it difficult to do business and create jobs.

There's the war on coal. There's the on-again, off-again business mandate under Obamacare. There's the 35 percent corporate tax rate - highest in the developed world. There's the president's opposition to tax relief that would allow U.S. companies to repatriate trillions in foreign earnings.

In fact the president's posture on corporate taxes is a great illustration of what CEOs have been talking about. Rather than reform the corporate tax code to bring U.S. rates in line with those of other industrialized nations, the president wants to build a sort of regulatory Berlin wall to prevent U.S. companies from reincorporating abroad to take advantage of lower tax rates.

Obama told The Economist, "I am concerned about making sure that we have a system in which the ordinary person who is working hard and is being responsible can get ahead."

If so, he is failing miserably. The New York Times reported last month that the typical middle class household is now worth more than one-third less than it was in 2003. Further, virtually all of that decline has occurred since 2007, shortly before Obama took office, and has continued throughout his tenure.

The president has also presided over the most anemic economic recovery on record. Participation in the workforce has fallen to 35-year lows as unemployed Americans gave up looking for work and left the workforce. This is the product of an economy in which corporations by and large have been afraid to hire and afraid to invest because of tax and regulatory uncertainty.

The president's demonizing of corporate CEOs is salt in the wound, and it only reinforces their reluctance to take entrepreneurial risks while this president is in office. We'll also note the hypocrisy of Obama's contempt for CEOs, since - whether he admits it or not - he is one, and he's quick to avail himself of the perks of that office.

Corporate jets? Obama has the best in the world. Ritzy vacations? Obama prefers Hawaii. And as the New York Post recently noted, since his re-election, while Russia has carved off slices of Ukraine and the Mideast has erupted in flames - CEO Obama has played 81 rounds of golf and attended 75 fundraisers (as of July 26).

Are those the actions of a true champion of the middle class? Far from it, and that's why the middle class continues to struggle while Obama tells job creators to quit complaining.

Comments made about this article - 0 Total

Comment on this article

Your comment has been submitted for approval
captcha ec2443267b6043efa7edab7c47d21088
Top Classifieds
  • AKC Shih-Tzu Vet checked, $600 731-3 ... Details
  • Cash for Farms (270)339-8680 Details
  • Museum Quality Ornate Antique Furnitu ... Details
  • PILLOW TOPmattress sets NEW in plasti ... Details
  • Bedroom Suites New in Boxes. 6pc. che ... Details
  • 375 Acre Farm in Ballard County D ... Details
  • SEEING is believing! Don't b ... Details
  • Owner Financing, new 3000sq ft,in Mar ... Details
  • FHA, USDA, VA & Conventional Loan ... Details
  • 00 TOYOTA AVALON XLS -(270) 994-8031 Details
  • Jaguar XJS-1989 $2,500/ Best Offer Go ... Details

Most Popular
  1. Zika spread via transfusion confirmed
  2. GOP needs a race without Trump
  3. Pope critical of Mexican corruption, violence
  1. Woman arrested after depositing forged checks
  2. Two killed in single-vehicle Graves wreck
  3. Couple facing gun, drug charges
  1. Zika spread via transfusion confirmed
  2. GOP needs a race without Trump
  3. Pope critical of Mexican corruption, violence
Discussion

Check out these recently discussed stories and voice your opinion...