Despite his having once struck a Superman-like hands-on-hips pose, standing before a statue of the Man of Steel, no less, Barack Obama is no Superman. If anything, he is Superman’s opposite, Bizarro, minus the big muscles.
In Obama’s upside-down, inside-out universe, what he calls “spending cuts” actually translate to new revenue.
Investor’s Business Daily crunches the numbers in the “balanced approach” Obama tried selling as a means to averting the sequester. What they discovered is that the plan “counts hundreds of billions of new revenues from taxes, fees and rebates as ‘spending reductions.’” The increases total about $300 billion. Here is the breakdown:
- The $35 billion from the federal worker retirement programs involves boosting worker contributions.
- Most of the $35 billion in Medicare savings comes from charging wealthy seniors more.
- The $140 billion in ‘reduced payments to drug companies’ are in fact rebates Obama wants drugmakers to pay Uncle Sam for selling drugs to poor seniors.
- Then there’s the $45 billion in spectrum fees and asset sales that Obama lists as spending reductions.
The bottom line is more than $1 trillion in revenues — almost the diametric opposite of the $1.2 trillion in spending cuts called for by the sequester over the next decade,
Obama once expressed the view that “the American people aren’t stupid.” The statement was less an affirmation of faith than it was a drawing of battle lines, and he offered up in February of 2012 to assailing his GOP enemies for supporting oil exploration over energy speculation. Ironically, Solyndra, a green energy company that he had gambled taxpayer money on, had declared bankruptcy five months earlier. But in the Bizarro world, that’s a good thing.
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