Obama Teams Up With Big Business To Destroy Middle Class
January 10, 2013 by Wayne Allyn Root
Hello, I’m Wayne Allyn Root for Personal Liberty. Let’s get to the story of Obama, the ultimate crony socialist teaming up with big business to wipe out small business and the middle class.
I’ve said it before; I’ll prove it again. President Barack Obama is a unique breed of socialist. He is a hybrid socialist/fascist. He understands that he needs “cover” to destroy America. He needs the support of famous billionaires like Warren Buffett and credible fat cat corporate CEOs like Jeffrey Immelt of GE to convince the masses that he is not out to destroy capitalism. He needs to show that rich people are on his side, that these rich guys agree with him that tax increases on the rich are “fair.”
And the rich fat cats of big business will be glad to help him, as long as they share in the spoils. They’ll be glad to pay an extra $100,000 a year in taxes as long as long as Obama spreads the wealth around – to them. As long as he hands them billion-dollar tax credits, stimulus, bailouts, government contracts, corporate welfare and loopholes big enough to drive an 18-wheeler through.
That’s exactly what’s happening in America today. The super rich and the big corporations have teamed up with Obama and his socialist cabal to wipe out the middle class, upper middle class and small business. They’re doing it with taxes, rules, regulations and mandates. Obama claims they’re aimed at the rich, but in reality they are aimed squarely at the middle class, upper middle class and small business.
Big business loves taxes, rules and regulations because they have the lobbyists and armies of lawyers and accountants to either avoid it, shelter it or deal with it all. But small business doesn’t. So the competition of big business gets put out of business.
Obama, on the other hand, has many reasons for targeting small business. First, he knows that’s where the money is. That’s where he will get the bulk of his massive tax increases. There aren’t enough billionaires or $100 million men to pay for all of Obama’s plans. He needs trillions of dollars to create his cradle-to-grave welfare state.
That’s where small business comes in. There are several million taxpayers in America who make $250,000 to $500,000 per year. Almost every one of them owns a business. I’m one of them. We are the target. These are the independent thinkers. These are the self-made capitalist evangelists. These are the stubborn, principled fiscal conservatives who despise Obama and his plans for equality, social justice and income redistribution. Small business makes up the heart of the resistance.
Secondly, small-business owners fund Obama’s political opposition. We make most of the contributions that fund conservative candidates and causes. Small business will never sell out conservative fiscal principles. Never. So Obama is at war with small business. He can’t win without confiscating our money and getting us under his thumb.
Besides, what does Obama care about a $250,000-per-year small-restaurant owner? That person is insignificant to him. But the CEO of a billion-dollar conglomerate is very significant to Obama. That company can write $100,000 or $1 million checks to Obama’s campaign or his inauguration or the Democratic National Committee or an Obama-supporting PAC. And that Fortune 500 company has teams of lawyers and lobbyists, all willing to write big fat checks.
The ground has shifted in America. There used to be a team fighting for conservative fiscal principles. Wal-Mart, Wall Street, big banks and most of corporate America partnered with small business to support capitalism, conservative candidates and causes. Today, there’s been a sea change. A divorce. A “War of the Roses.” Big business and corporate America have sold out to Obama. They couldn’t care less about small business, or capitalism or conservative fiscal values. They aren’t capitalists anymore; they are crony capitalists.
And they are in bed with Obama, the world’s biggest crony socialist.
It started with the bailouts and stimulus. Big business begged, lobbied and received billions of dollars. Small business got the shaft. All we got only the bill. It’s our kids and grandkids who will still be paying the interest on bailouts and wasted stimulus generations from now. Wall Street cheered as the stock market soared. But for small business down on Main Street, it’s been a Great Depression for four years under Obama. Small business is dying.
The irony is that small business creates most of the jobs. Since the first day of the Ronald Reagan Presidency, about 40 million jobs have been created in America. The entire net of 40 million jobs was created by small business.
But small business owners don’t have lobbyists or connected Washington, D.C. law firms. We can’t afford to each give millions of dollars to politicians, so we get shafted. Look around the room. If you can’t tell who the sucker is, it’s you. Small business is the odd man out. We are the sucker. We are the target of Obama and his socialist cabal and now his newest partners in crime: big business.
Then came Fed policies. Obama orders the Fed to print trillions of fake dollars to keep the economy afloat. Where does it all go? To big business. To banks. To Wall Street. To publicly traded multinational companies. None of it has ever reached Main Street.
Then came Obamacare. I never in a million years imagined big business would support Obama’s big government, nanny state healthcare scheme. Back in the 1980s, big business teamed with small business to stop Bill and Hillary Clinton’s attempt to socialize medicine and put government in charge of the entire healthcare system. Not this time.
This time, big business took Obama’s side. Health insurance and Big Pharma were bribed with billions of dollars in new revenues sent their way. The rest of big business went along with Obama because he promised them lower corporate taxes.
Then came the coup de grace: the so-called “fiscal cliff” crisis. Small-business owners pay their taxes as individuals. They own Subchapter S and LLC corporations that pass all income down to the individual small-business owner. The lawyers and lobbyists of big business saw an opening. The goal was simple: Ask small-business owners who file individual taxes (mom-and-pop stores that create all the new jobs) to pay dramatically higher taxes and lose valuable deductions (like charitable and mortgage deductions), so that big corporations (many of which move jobs offshore and keep billions of dollars of profits parked offshore too) could dramatically reduce their taxes.
The Wall Street Journal reported on groups like the Business Roundtable (made up of 150 corporate titans) and the RATE Coalition (AT&T, Ford, Lockheed Martin, Home Depot) publicly endorsing and blessing big tax hikes on mom-and-pop America.
The $625 billion tax increase passed. Big business didn’t get their corporate tax cut… yet. But boy did they get goodies: $40 billion in crony capitalism payoffs. The new tax bill gives away $78 million in tax breaks to benefit NASCAR, $62 million in tax credits for companies operating in American Samoa, $222 million of tax rebates to rum companies, $430 million in tax rebates for Hollywood film producers, $12 billion (with a “B”) in tax credits for wind power phonies like GE, $2.2 billion to renewable diesel companies, $650 million to manufacturers of energy-efficient appliances and $222 million in accelerated tax depreciation for businesses located on Indian reservations. Many of these companies will pay no taxes at all because of these rebates and credits.
Mom-and-pop small businesses just had their income redistributed to Big Business. Billion-dollar companies ripped off small businesses on Main Street under the guise of a “fiscal cliff.” If we were on a cliff, how could we afford to give $430 million to Hollywood film producers? This was the greatest swindle since Bernie Madoff.
I predict this was only the start of Obama’s payoff to corporate America. I guarantee you that Obama told the corporate lobbyists that he’ll give them $40 billion in tax credit gifts now. So be patient and wait for 2013, when we will implement serious “tax reform.” That’s code words for fleecing small business and middle America again. This means even higher taxes and more loss of deductions for individuals, in return for “tax reform” that dramatically cuts corporate tax rates. Anyone want to bet?
It’s all part of the Andrew Cloward and Frances Fox Piven plan. Build an alliance with big business to fund your plan to overwhelm the system and socialize America.
Obama’s big government, socialist agenda isn’t aimed at the super rich. That’s just a head fake to cover the truth. That’s just the propaganda he uses to sell his con game to the masses. Obama’s destructive agenda is aimed squarely at you: entrepreneurs, small-business owners and the middle class.
Obama’s goal is to create two classes of Americans: the super rich (who support and contribute to Obama, who then rewards them with bribes, stimulus, bailouts and government contracts) and the poor (who loyally vote for Obama to receive the handouts they need to survive). In Obama’s view of America, the middle class and small business must be destroyed, and the poor must be kept in their place (that place is hopeless, helpless and dependent on him).
The cat is out of the bag. The crony capitalists are in bed with the greatest fraud of all time: Obama, the crony socialist.
It’s now every man for himself.
That’s my commentary for today. Bad things are happening in America under Obama. If you are middle class, upper middle class or a business owner, your livelihood and quality of life are in danger. Your children’s future is in danger. The American Dream is on life support.
I’ll see you next week. Same time, same place. Right here at PersonalLiberty.com. God Bless.