It’s wise to be on your guard when the Obama Administration trots out a new catch phrase. Today that catch phrase is “economic patriotism,” which has been re-defined to mean “preventing corporations from doing the smart thing and fleeing from the grasping hands of greedy politicians.” Obama’s not big on securing the southern border against waves of illegal immigrants, but he’s very keen on building fences to keep people in.
This isn’t the first time Obama has tried to drape the phrase “economic patriotism” over whatever scheme he had in mind, but it’s never been quite this specific before. You don’t have to work very hard to unpack the meaning of the phrase this time. The Administration is asserting that corporations which use “tax inversion” strategies to relocate their headquarters away from the insane U.S. corporate tax system are unpatriotic. “Instead of protecting tax loopholes that let corporations keep their profits overseas, let’s put some of that money to work right here in the United States, rebuilding America,” Obama declared.
“Rebuilding America?” What left it in ruins? Whose policies have been in effect while it was falling apart? It’s almost like Obama thinks we’re struggling to recover after some kind of six-year disaster… oh, wait.