PCP: President Obama’s new economic strategy fails to impress

Anne Buie

Anne Buie

The following is part of a Point Counter-point opinion series, which highlights important issues and platform points for both candidates in the upcoming election.

Read the counter-point here.

Anne BuieI applied for my first credit card over the summer. I want to establish credit, and I want to feel prepared for emergencies.

When my card came in the mail, it came with more than just instructions and helpful tidbits for saving money.

It came with an underlying message: don’t spend more than you make.

 As a 19-year-old, it’s a good time for me to learn this message.

And as a 51-year-old, it’s time President Obama learn this message too.

According to barackobama.com, Obama supports “[tax] reform that cuts corporate tax rates, closes loopholes and rewards investment in America to make our businesses and workers more competitive in a global economy.”

Well, that’s great and all, but I feel as if Obama is contradicting himself.

Obama’s proposed Buffett Rule is “asking millionaires and billionaires to do their fair share,” according to his website.

These millionaires and billionaires have put investments in America – they continue to do so as they simply live in America, and keep their business here.

So, why would Obama think it’s okay to continue taxing them – simply because they have more money than others?

Why would people aspire to become millionaires and billionaires if they know Obama won’t reward them for their work? Instead, he’ll just punish them through taxes.

And furthermore, how could Obama expect us to be “more competitive” in a global economy if we can’t even compete amongst our fellow Americans?

On mittromney.com, there is an actual list of ways Romney, if elected, plans to reduce spending.

Cutting Title X family planning funding or repealing Obamacare are just a few mentioned.

But on Obama’s official website, I don’t see a list. Instead, I see Obama mentioning plans to continue spending money America simply does not have, while taxing those who do have money to sustain his spending problem.

Before long, these millionaires and billionaires are going to run out of money, and will fall into the middle class section.

And then who will Obama tax?

The middle class.

See, my credit card is in my name. I pay my bills, it’s my responsibility – not my parents.

I don’t have anyone to bail me out – not my friends, parents and siblings. It’s all on me.

Obama’s increased dependence on the upper class will be not only his undoing, but the country’s.

For someone who says he wants to help the middle class, you’d expect him to worry a little more about the ramifications of his current actions.

Buie, is a sophomore political science major from Charlotte, is the managing editor.