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Obama's pro-business record

Since Obama was inaugurated, the Dow Jones has increased more than 50% — from 8,000 to more than 12,000; the wealthiest recieved a massive tax cut; the top marginal tax rate was three times less than during the Eisenhower years and substantially lower than during the Reagan years; income and wealth inequality are so vast and rising that it is easily at Third World levelsmeanwhile, “the share of U.S. taxes paid by corporations has fallen from 30 percent of federal revenue in the 1950s to 6.6 percent in 2009.”  During this same time period, the unemployment rate has increased from 7.7% to 8.9%;millions of Americans have had their homes foreclosed; and the number of Americans living below the poverty line increased by many millions, the largest number since the statistic has been recorded.  Can you smell Obama’s radical egalitarianism and Marxist anti-business hatred yet?

Then there are those whom Obama has empowered.  His first chief of staff, Rahm Emanuel, is a business-revering corporatist who made close to $20 million in 3 short years as an investment banker, while his second, Bill Daley, served for years as JP Morgan’s Midwest Chairman.  His Treasury Secretary is undoubtedly the most loyal and dedicated servant Wall Street has ever had in that position, while Goldman Sachs officials occupy so many key positions in his administration that a former IMF and Salomon Brothers executive condemned what he called"Goldman Sachs’s seeming lock on high-level U.S. Treasury jobs."  Obama’s former OMB Director recently left to take a multi-million-dollar position with Citigroup.  From the start, Obama’s economic policies were shaped by the Wall Street-revering neo-liberal Rubinites who did so much to serve corporate America during the Clinton years.  Meanwhile, the President’s choice to head his Council on Jobs and Competitiveness — General Electric CEO Jeffrey Immelt — heads a corporation that ”despite $14.2 billion in worldwide profits - including more than $5 billion from U.S. operations - [] did not owe taxes in 2010”:  an appointment the White House still defends.

The full article is about the Koch brother’s whining and the laughable self-pitying attitude that the wealthiest people in our country have, but I thought this section was very informative.  Obama is cast in an “ultra-liberal anti-business” light, but the facts tell a different story.  So why does the idea that he’s some anti-business Marxist persist?  The billionaires who can afford to create their own narrative (the Kochs) and the billionaires who own their own media empires (Murdoch) say so, that’s why!  When you can buy your own facts, you know you’ve made it.

  1. other-stuff reblogged this from jonathan-cunningham
  2. thingsobamadidright reblogged this from politiblog and added:
    This is less a Thing Obama Did Right than a “why the hell is the business community still complaining.”
  3. silas216 reblogged this from jonathan-cunningham
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  5. everynne reblogged this from pantslessprogressive and added:
    Food for thought. I remember when Obama was putting together his cabinet and it was a lot of people who served under...
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