Bloomberg Ignores Obama Tax Hikes
A October 29th Bloomberg headline reads Poll: Americans Don’t Know Economy Expanded With Tax Cuts and authors Heidi Przybyla and John McCormick report:
The Obama administration cut taxes for middle-class Americans, expects to make a profit on the hundreds of billions of dollars spent to rescue Wall Street banks and has overseen an economy that has grown for the past five quarters.
Most voters don’t believe it.
A Bloomberg National Poll conducted Oct. 24-26 finds that by a two-to-one margin, likely voters in the Nov. 2 midterm elections think taxes have gone up, the economy has shrunk, and the billions lent to banks as part of the Troubled Asset Relief Program won’t be recovered.
“The public view of the economy is at odds with the facts, and the blame has to go to the Democrats,” said J. Ann Selzer, president of Selzer & Co., a Des Moines, Iowa-based firm that conducted the nationwide survey.
But is the public view at odds with the facts?
While President Obama’s stimulus did cut taxes, he has also raised taxes within weeks of being sworn in to pay for a Medicaid expansion. Then, Obamacare included more than $500 billion in higher taxes over ten years. Then there is President Barack Obama’s budget which would raise taxes an additional $1.8 trillion over ten years. Can the American people really be blamed for not remembering the stimulus tax cut which new research shows failed to stimulate economic spending?
And Troubled Asset Relief Program special inspector general Neil Barofsky told The New York Times Monday that the Treasury Department concealed $40 billion in likely taxpayer losses on the bailout. So much for TARP turning a profit.
Finally, it is true that GDP has been positive for the past five quarters but unemployment has actually gone up since the recovery began.
Bloomberg might want to consider these facts before reporting on how out of touch the American people are with economic realities.