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  • Morning Bell: Obama's "New Economic Patriotism"

    President Obama has a new booklet—a glossy, 20-page spread called “The New Economic Patriotism: A Plan for Jobs and Middle-Class Security.” The title is completely Orwellian, since the plan—which is nothing new—would actually kill jobs, harming the middle class.

    As expected, the “new patriotism” means paying more in taxes for those small business owners who create many of the nation’s jobs.

    This isn’t the first time the President has invoked patriotism to describe economic plans.

    When he was running for President, Obama condemned George W. Bush for adding $4 trillion to the national debt over eight years, calling it “irresponsible” and “unpatriotic.” Now—in less than four years—Obama’s Administration has already added almost $6 trillion to the debt. And he’s on track to add another $4 trillion over the next decade.

    So the definition of what it actually means to be an economic patriot is still a bit confusing. But as for the President’s plan, it hasn’t been changed or updated. CNN’s Jessica Yellin reported that “there’s not anything significantly new in here. It’s just all compiled in a nice booklet now.”

    The nice booklet starts off with the claim that President Obama has overseen the creation of 5 million jobs—which Heritage has debunked.

    It touts the plan to raise taxes on small businesses that create jobs and reminds us that the President already has plans for the “money saved from responsibly ending wars in Iraq and Afghanistan.” But spending “war savings” is simply an old budget gimmick. It would be like saying we have new “savings” when the temporary, failed stimulus plan ended, and then spending the same amount of money on…more stimulus. These savings are phony.

    Not only does it have a phony definition of “savings,” but the nice booklet also includes the familiar refrain of “investing” in things like roads and bridges. Don’t be fooled, though—this is just more stimulus spending. As taxpayers and American workers painfully learned during the past few years, stimulus spending is good for racking up deficits and debt, but not so good at growing the economy or creating jobs.

    Other ideas? More teachers and green jobs!

    The “New Economic Patriotism” recycles the President’s plans for the future that we’ve heard hundreds of times. And its version of the past four years is pretty rosy, despite persistently high unemployment. Let’s examine a few of its claims:

    • Has the President created 5 million jobs? No.
    • Has the President “strengthened Medicare”? Definitely no.
    • Is the President “leading the fight to safely and responsibly develop all sources of domestic energy”? No and more no.

    President Obama’s plans do nothing to address the major problems with the U.S. economy. He does not tackle the fundamental budgeting problems, which would require reforming entitlement programs and halting out-of-control federal spending.

    The Heritage Foundation has a real plan that makes the hard choices and puts American workers first. The Saving the American Dream plan would do just that—keep the American dream alive for the next generation and generations to come.

    It would reform entitlement programs to strengthen and preserve them and make them affordable. It would return to limited government by focusing on the core functions of government, ensuring that national defense is fully funded while returning productive resources to the private sector. It would consolidate and reform duplicative programs. It has a real growth agenda with its New Flat Tax, a fundamental tax reform plan that would set us back on a path to economic growth.

    This is the type of plan America needs—one that is truthful about our circumstances and offers concrete solutions. How about a permanently balanced federal budget, without tax hikes? A tax system that is simple, stable, fair, and pro-growth? Actual reductions in the debt? These are all possible, and Heritage’s experts have laid it out here.

    We have a booklet, too. But it steers America on the right course to freedom and prosperity, not rehashed ideas that have failed the nation.

    Quick Hits:

    • Representative Jim Moran’s (D-VA) son has resigned as his campaign field director after an undercover reporter for Project Veritas exposed Patrick Moran conspiring to commit voter fraud.
    • New email evidence regarding the attack in Libya contradicts the President’s earlier claims.
    • The U.S. has sued Bank of America alleging mortgage fraud.
    • Hurricane Sandy slammed into Cuba with 105 mph winds and is continuing toward the Bahamas.
    • In Monday’s debate, President Obama said the defense cuts in sequestration “will not happen.” Really? Check out our new video.
    Posted in Obamacare [slideshow_deploy]

    5 Responses to Morning Bell: Obama's "New Economic Patriotism"

    1. Rick Thomas says:

      The plan is insanity. Why would four more years be any different?

    2. boberic says:

      More teachers ?. Here in New York we have teachers who are relocated to "rubber rooms" They have been removed fron classrooms for one reason or another. They can't be fired because of tenure or union rules. They get full pay and health care and pension benefits. Teaching is the only job where there is tenure.They ca,n"t be fired for any reason other than a criminal conviction. No other profession has tenure, not a ceo a president or any job. i spent my career purely at the pleasure of my management. If I didn't perform I was gone. Most of the money spent on education is sucked up by the bureaucracy. The DOE dosen't have one teacher.

    3. J E Houser says:

      Is he doing anything correctly? Is disregarding established laws a correct solution to our problems? Is ignoring Constitutional mandates helpful?

    4. A discussion about Social Security. Person said, Social Security is safe and there is plenty of money in the Social Security Trust Fund. I said, there is no money in the trust fund except government IOUs. He said, that's ok because the government backs those IOUs. I said, but the government is in debt for $16 trillion. He said, the government doesn't have a debt problem because all they have to do is print more money and if the government wanted to pay off the whole $16 trillion tomorrow they could just print the money. Anyone confused about why this country is in such deep trouble?

      • PaulE says:

        James,

        The shear ignorance of basic economic realities expressed by the Social Security person you spoke with is unfortunately very typical of many federal government workers. The notion that IOUs backed by the "full faith and credit" of a federal government already in debt to the tune of $16 trillion dollars and counting is either totally unimportant or merely trivial highlights why we have to do a thorough house cleaning of virtually the entire federal government, department by department. Not just replace a few elected representatives once is a while. The problem is an ingrained ideological view shared by many in government, that the public is "just too ignorant to understand how things work and they need to let those in charge, meaning life-long federal employees, just handle things". His flippant answer to you of "we'll just print more money" to solve the problem is also why any mention of REAL spending cuts is always greeted by howls by anyone associated with the government. They honestly do believe the nonsense that this person told you of "we'll just print more money" and the problem(s) will go away.

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