President Barack Obama claimed in his third State of the Union address that he supported a policy of "no bailouts, no handouts, and no copouts." But he said this after he had outlined more than half a dozen new spending handout proposals in a speech that also praised bailouts. On taxes, Obama concluded of retaining outrageously high middle-class tax rates and increasing the tax rates on the rich: "That’s how we’ll reduce our deficit."

"It’s time to apply the same rules from top to bottom:  No bailouts, no handouts, and no copouts.  An America built to last insists on responsibility from everybody," Obama told Congress in his January 24 prime time speech to a joint session of Congress. "We can either settle for a country where a shrinking number of people do really well, while a growing number of Americans barely get by. Or we can restore an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules."

Though Obama claimed he didn't want any more bailouts, he touted the supposed success of past federal government bailouts in the State of the Union address. "Today, General Motors is back on top as the world's number one auto maker," Obama boasted of the auto bailout he worked to get adopted back in early 2009. "

Click here to read the entire article.

Photo: AP Images