Although the year 2020 was a trying one in so many ways, one bright spot that we at CFIF repeatedly…
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Image of the Day: Medical / Pharmaceutical / Healthcare Sector Approval Skyrockets

Although the year 2020 was a trying one in so many ways, one bright spot that we at CFIF repeatedly highlighted is the wondrous way in which America's pharmaceutical sector came to the rescue, achieving in one year what typically takes a decade or more:  devising and perfecting not one, but multiple lifesaving vaccines.  It's therefore no surprise, but welcome nonetheless, that Americans' approval of our healthcare sector and its workers skyrocketed.  Their remarkable achievements have not gone unnoticed:

[caption id="" align="alignleft" width="625"] Medical Sector Approval Skyrocketed[/caption]

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January 04, 2021 • 11:09 AM

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Obama: We Can Afford Failed $814 Billion “Stimulus,” But Not $700 Billion Tax Relief? Print
By Timothy H. Lee
Thursday, September 16 2010
The Obama Administration’s modus operandi amounts to irresponsibly generating record levels of spending and debt, then turning around, pleading poverty and using those same new spending and debt levels to justify the higher taxes that it demands.

“Nobody spends somebody else’s money as wisely as he spends his own.” 
~Milton Friedman

What the Obama Administration lacks in logic, it surfeits in raw chutzpah. 

According to Obama, America just can’t afford $700 billion in additional tax relief.  After all, flipping Friedman’s wisdom on its head, the federal government allegedly spends that money more wisely than the people and small businesses that actually earned it. 

Meanwhile, the White House considers perfectly affordable a failed $800 billion “stimulus,” another new round of “mini-stimulus” on top of that, as well as trillions more for ObamaCare, auto bailouts, Fannie Mae and Freddie Mac bailouts and unprecedented levels of discretionary spending. 

Speaking in Cleveland, Ohio, Obama lectured suffering Americans that “we can’t afford the $700 billion price tag” of fully extending the 2001 and 2003 tax cuts.  No, that would simply allow small businesses and individuals in upper income brackets to keep more of their own earnings to hire, spend and invest as they see fit. 

Adding to Obama’s chorus of farce, his Treasury Secretary Timothy Geithner rationalized that America must raise income taxes because we don’t possess “unlimited resources”: 

“We don’t have unlimited resources.  We just don’t think it would be responsible for this country, given the size of our future deficits, and given the substantial burden the middle class has been bearing over the past decade in particular, to go out and borrow $700 billion from our children so we can sustain those Bush tax cuts that only go to the wealthiest 2% of Americans.” 

But during the same interview, Geithner advocated a new round of “stimulus” spending on top of the failed $814 billion package the Obama Administration signed in February 2009: 

“If the government does nothing going forward, then the impact of policy in Washington will shift from supporting economic growth to hurting economic growth.”

Earth to Geithner:  We don’t “go out and borrow” by allowing people to keep their own income, we “go out and borrow” to pay for your administration’s unprecedented spending binge. 

Regardless, the Obama Administration’s modus operandi amounts to irresponsibly generating record levels of spending and debt, then turning around, pleading poverty and using those same new spending and debt levels to justify the higher taxes that it demands.  It’s like a spoiled teenager going on a shopping binge at the mall, then using the ensuing credit card bill to demand a higher allowance. 

Economists, however, aren’t buying what the Obama Administration is trying to sell.  In a survey conducted by The Wall Street Journal, a 3-to-1 majority answered “no” when asked, “Should Congress and the President adopt another significant fiscal stimulus soon?”  Moreover, economists by a 32-14 margin favor extending the 2001 and 2003 tax cuts for all income brackets, not just those earning under $250,000 per year as Obama proposes. 

Despite that overwhelming consensus, Obama continues his bizarre habit of alleging that “most economists” support his economic agenda.  Americans can decide for themselves whether that reflects dishonesty or mere cluelessness. 

Either way, the Obama Administration’s cognitive dissonance doesn’t stop there.  While Obama claims that America “cannot afford the $700 price tag” of tax relief for individuals and small businesses in upper income brackets, he simultaneously advocates $3 trillion of tax relief for middle-income Americans by extending the 2001 and 2003 tax rates for them.  How is $3 trillion affordable to Obama if $700 billion isn’t? 

Furthermore, haven’t Obama and liberals told us for almost a decade now that Bush only cut taxes for “the rich?”  The White House claims that “continuing the middle-class tax cuts from 2001 and 2003 is so important,” but how is that possible if Bush only cut taxes for wealthier Americans? 

Such are the intellectual contortions that characterize the Age of Obama. 

National Review commentator Mark Steyn observed that “the election of Barack Obama was a fundamentally unserious act by the American electorate.”  With each passing day and each passing policy debate, Obama seems to reciprocate that unseriousness.  It’s now up to voters to deliver their rejoinder in November. 

Question of the Week   
Which one of the following was eulogized as “First in war, first in peace, and first in the hearts of his countrymen”?
More Questions
Quote of the Day   
 
"The irony of the Squad's fame contributing to Democrats' losses is that their party's weakness empowers them. As the moderate wing of the Democratic Party has thinned, the progressive contingent has grown in strength. Of the 15 incoming Democratic freshmen, eight are members of the Congressional Progressive Caucus and two -- Cori Bush from Missouri, a 'racial justice activist' who wants to 'defund…[more]
 
 
—David Harsanyi, National Review Senior Writer
— David Harsanyi, National Review Senior Writer
 
Liberty Poll   

Thinking only of your local circumstances, are coronavirus vaccinations proceeding about as well as can be expected given the task at hand, or subject to serious problems?