During the 2008 Presidential race, candidate Obama proposed a $50 billion ‘Emergency Economic Plan‘. This plan included issuing rebate payments of $1000 to assist with rising energy costs, extending unemployment benefits, and distributing additional funds to the states. It was planned to be funded from the excess profits of big oil companies, which the Obama campaign also touted would provide an economic stimulus to the economy. In the aftermath of the 2010 Deepwater Horizon oil spill, it was revealed $77,051 had been donated to Obama campaigns by BP. In hindsight, the $50 billion ‘Stimulus Jr’ plan funded by big oil, was either the typical antics of a ‘Community Organizer’, or the perfect shakedown from Obama for campaign donations.
Obama was renown during the 2008 campaign for conducted immense finger pointing over the economy, and most especially towards it’s perceived architects. So it came as no surprise very early on for the Obama Administration to use TARP recipient AIG, and their bank bonuses as the target to stir public indignation towards the bank bail-outs.
“I’m going to start out just by talking about these AIG bonuses you’ve been hearing about.
Now, I know a lot of you are outraged about this — rightfully so. I’m outraged, too. It’s hard to understand that a company that’s relying on extraordinary assistance from taxpayers to keep its doors open would be paying anybody lavish bonuses. It goes against our most basic sense of what’s fair and what’s right. It offends our values.
But these bonuses, outrageous as they are, are a symptom of a much larger problem. And that’s the system and culture that made them possible, a culture where people made enormous sums of money, taking irresponsible risks that have now put the entire economy at risk. So we’re going to do everything we can to deal with these specific bonuses”.
– President Obama – Costa Mesa Town Hall meeting – March 18, 2009 -
The Class War Rhetoric stunt would later backfire on Obama. It was later revealed the language used in the TARP bill was drafted by Democrat Sen. Christopher Dodd, to include and honor existing contracts for bonuses for TARP recipients fully prompted by the Treasury Department. After which, Obama backed down on the Class War maneuver towards AIG, and in his own words would “take responsibility” for AIG bonuses. The AIG attack was sanction enough for ‘Rhetoric Swallowers’ ACORN, to protest outside the Connecticut residential homes of AIG executives. One of the more ‘Inconvenient Factors’ of the 2008 TARP bill, were the ‘Yes votes’ coming from then Senators Clinton, Biden, and Obama, something a complaisant media allowed to pass by unnoticed at the height of the AIG incident.
“To kick these problems (the economy) down the road for another four years or eight years, that would be to continue the same irresponsibility that led us to this point in the first place. And I did not run for President to pass on our problems to the next generation. I ran for President to solve these problems for the next generation and for the next President”.
- President Obama – Los Angeles town hall meeting - March 19, 2009 -
To some degree, the previous quote of Obama’s self-analysis from 2009 over his handling of the economy, is becoming extremely prophetic. At each step of the way towards 2012, Obama has merely given passing acknowledgment towards economic issues, rather than addressing them. When the going gets too tough for Obama, frequent Class War Rhetoric is never too far away, and the it’s same tactic Obama continues to use during the Debt Ceiling discussions with Congressional Republicans.
Class War Rhetoric is a non-solution answer in dealing with problems, and also to imply it’s merit outweighs the practicality of adhering to economics. That would relegate Obama as ineligible in with dealing, or comprehending any economic negotiations. The current economic outlook for Obama, will be his kicking of the problem to the next President to fix. At that point, it will become another practical example that using Class War Rhetoric, is an ineffective manner to combat issues with.