You may be sick of hearing about him again, but Warren Buffett did huge damage serving as Obama’s useful fool last year.
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And how has Barack Obama reacted to this? With demands for more spending and more tax increases. In 2009, Obama and the Democratic Congress responded to the slow economy with a gigantic spending infusion: an $800-billion “stimulus” package that further exploded the record deficit/debt. A terrible idea from the outset, it only made the problem worse. And now, Obama’s answer is more revenue via tax increases. The new budget deal, according to CBO, features $41 in tax increases for every $1 in spending cuts. It would be hilarious if not so tragically sad.
Of course, as readers here know, the problem is not the rich not paying enough taxes. To the contrary, the top 1% of income earners pay nearly 40% of tax revenues; the top 10% pay nearly 70%.
Okay, yes, yes. Understood. We know this. Spending is clearly the problem, not taxes.
Thus, then, how can Barack Obama get away with pushing the propaganda line that the nation’s problem is not reckless spending but a lack of taxes? Well, that’s where Warren Buffett comes in.
Obama has needed a respected billionaire from the business world to willfully serve as his poster boy for making the obscene case for higher taxes rather than lower spending. And that’s where Warren Buffett has dutifully served up himself. Buffett has helped Obama enormously by stoically (and stupidly) saying that he isn’t paying enough, and Obama has employed Buffett’s example in spades. In fact, I bet Warren Buffett may well be Barack Obama’s most frequently cited American, right alongside his nebulous group of nefarious “millionaires and billionaires.” Warren Buffett is the compliant face of that designated Obama reptile class. And Buffett doesn’t seem to mind one bit; in fact, I’ve never heard him object.
For a further sense of the surreal, imagine if Warren Buffett ran his business like Obama runs his government. If one of Buffett’s employees habitually spent money that wasn’t there — year after year and decade after decade — all along blaming the problem on his predecessor, Buffett would insist the employee be immediately fired or perhaps sent to prison. But when Obama and his cohorts in Washington do it, Buffett apparently asks for more of the behavior; worse, he asks that he and all the rest of us suckers subsidize it. He thus greatly pleases Obama and his Democrats and his media, earning their hearty accolades. He is the propaganda chip for Obama’s class-warfare campaign to increase taxes on “the rich” while not cutting the government spending that feeds Obama and the Democrats’ growing government class of political dependents. He is also thereby helping them fund their long-term political/electoral strategy.
In short, what this means is that Warren Buffett is Barack Obama’s dupe. And for that, Warren Buffett is Dupe of the Year for 2012.