President Obama says he wants more jobs, a “top priority,” plus a growing small business sector, the section of the economy that creates the majority of new jobs, and more income redistributed from the “top 2 percent” to the government.
Attempting to show that those incompatible positions aren’t incompatible, Mr. Obama injected the same misleading statement into his news conference at four different points.
A week after his re-election, President Obama held a news conference to push for a spending and tax agreement — and to talk about small business. He began by saying “our top priority has to be jobs and growth.”
With job creation as a top priority, that puts small business at center stage. The U.S. Small Business Administration reports that small business “generated 65 percent of net new jobs over the past 17 years.”
The small business sector of the American economy currently “employs half of all private sector employees,” states the federal government’s official count, with the Small Business Administration defining a small business as “an independent business having fewer than 500 employees.”
President Obama also said at the news conference that he wants a budget deal “but what I’m not going to do is extend Bush tax cuts for the wealthiest 2 percent” — defined as individuals earning $200,000 or more per year and couples filing jointly making $250,000 or more.
“When it comes to the top 2 percent,” he continued, “what I’m not going to do is extend further a tax cut for folks who don’t need it.”
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Professor Ralph R. Reiland (photo)