Thursday, December 1, 2011

Obama Says He Need One More Term to Destroy the Economy

Obama is using the strategy "blame Congress" as is campaign slogan. He actually believes the faltering economy isn't his fault. Actually, Obama's presidency is one big joke. In the past 3 years, Obama has traveled throughout America campaigning. He has not stopped. Instead of offering solutions, he puts blame on other people. Obama is more of a follower than a leader, which is pathetic. It is really scary when the president says he needs one more term to finish the job. In Obama's first term, he has not done anything to improve the economy. Thus, Obama needs more more term to destroy this economy.

(AP) -- Blending governing with re-election politics, President Barack Obama roused a cheering northeast Pennsylvania crowd Wednesday as he warned of a "massive blow to the economy" if Republicans block a payroll tax extension.

But hours later, addressing donors in New York, he toned his rhetoric down and declared progress was possible.

Obama took to the road with a dual pitch for money, campaigning for more cash in the pockets of U.S. workers - and for his campaign treasury as well.

Obama told one group of donors that he still needs to make sure that key aspects of the health care law get implemented in 2014, that banking regulations are enacted and that energy policies are updated.

"I'm going to need another term to finish the job," he said.

Meanwhile on Capitol Hill, Republicans said they were prepared to extend the temporary payroll tax cut, but they opposed Democrats' plan to pay for it by taxing incomes over $1 million, setting up a showdown over how to find mutually acceptable savings of over $100 billion before any extension could become law. The GOP released a plan of their own that would raise money by freezing federal workforce salaries and providing government benefits according to income.

The full payroll tax of 6.2 percent would be restored if Congress does not act by year's end, increasing taxes on 160 million Americans. Obama and the Democrats want to expand this year's 2 percentage point reduction in the payroll tax as well as extend, it while Republicans favor a straight extension.

"If Congress doesn't act to extend this tax cut then most of you ... the typical middle-class family is going to see your taxes go up by $1,000 at the worst possible time," Obama said.

In making a case for the consequences of letting the tax cut lapse, Obama offered a bleak assessment, telling his audience: "It would be tough for you. It would also be a massive blow for the economy because we're not fully out of the recession yet."