Driving the Week Recap: The Buffett Rule Crumbles

We knew that the Buffett Rule was nothing more than a gimmick devised by President Obama and his political allies in order to win votes from those who listened to his rhetoric, but disregarded the facts. President Obama himself admitted it was gimmick that would do nothing to solve our deficit problem:

“There are others who are saying: ‘Well, this is just a gimmick. Just taxing millionaires and billionaires, just imposing the Buffett Rule, won’t do enough to close the deficit,’ Well, I agree.”

But the President is not alone in calling this new tax a “gimmick.” Even the Washington Post writer Dana Millbank wrote that the Buffett Rule would do nothing to solve any of our problems and was just a distraction from his failed policies:

“Three years into his presidency, Obama has not introduced a plan for comprehensive tax reform — arguably the most important vehicle for fixing the nation’s finances and boosting long-term economic growth. His opponents haven’t done much better, but that doesn’t excuse the president’s failures: appointing the Simpson-Bowles commission and then disregarding its findings, offering a plan for business tax reform only, and issuing a series of platitudes. The Buffett Rule, rather than overhauling the tax code, would simply add another layer.”

And Mr. Millbank is not alone among the more mainstream media in exposing President Obama’s failure. Politico’s executive editor Jim VandeHei said yesterday on MSNBC’s “Morning Joe” that President Obama has become “insanely political” by introducing the Buffett Rule, which is “total gimmickry:”

JIM VANDEHEI: It’s total gimmickry.

BRZEZINSKI: Oh, come on.

VANDEHEI: It’s 1% of what you need to get, to actually take care of the deficit.  And there’s a big danger for President Obama in that they’ve become so insanely political in an insanely political culture. Almost everything they do now is either, is targeted at a specific sub-set of voters that they want to win.  Everything’s going to be about Hispanics and women.  Watch every single day. You’re going to see some event, some message, aimed directly at them.  Not about having a serious policy debate; he’s not offered tax reform when he could have offered tax reform. Did not offer budgets when he could have offered budgets.  So you might love the guy, and there’s many things that I get that people like about him as president. But in this season, he’s made the calculation to be extremely political, because they think it’s going to be a close election, and they need to target these demographics.

President Obama has completely given up on proposing any real plan to fix our economy. He is only proposing gimmicks and has said nothing of what he will do if re-elected (except promise tax hikes).

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