Obama: ‘Life Has Been Very, Very Good To Me – Too Bad For You!’
Obama income soared to record in 2007 on windfall
The Democratic candidate and his wife earned $4.2 million last year – four times as much as they had in 2006 – mainly from his book sales.
Campaigning for president has been very good for Sen. ’s pocketbook, with his household income jumping from $991,296 in 2006 to $4.2 million in 2007, tax records show, a huge jump due to increased sales his candidacy spurred.
The Illinois Democrat had a net profit from book sales of $3.9 million, according to a copy of a 2007 tax return. That total includes $169,706 in foreign income from overseas sales of his two best-selling books.
The Obamas’ salaries totaled $260,735, which included his $157,102 salary as a U.S. senator and her part-time salary of $103,633 as a vice president at the University of Chicago Medical Center. Great part-time job, huh? Until I read that, I had never heard of a part-time Vice President’s job at any company or institution. Check it out.
The couple paid nearly $1.4 million in federal taxes last year, and made $240,370 in charitable contributions. Their largest gifts were to the United Negro College Fund ($50,000), the international relief organization CARE ($35,000) and Trinity United Church of Christ in Chicago ($26,270).
The Obamas contributed $6 in 2007 to the federal fund that provides public financing for presidential campaigns in exchange for limits on spending, which was a bad investment, seeing as Obama opted out of that system, to avoid the spending limits it imposes on candidates. He signed a pledge last year that he would do so if the Republican nominee did as well, however that went under the bus, as you all know.
All of the above is pretty old news, but that brings me to…..
Obama: Income Redistribution For All
Obama unveiled his new, newest, energy plan. What word is most troubling in the following paragraph?
“Forcing big oil companies to take a reasonable share of their record breaking windfall
profits and use it to help struggling families with direct relief worth $500 for an individual and $1,000 for a married couple. “
In case you missed it, the word is force. Obama wants to force an American business to give up their profits in order for Obama to write a check to voters. This is amazing. Would the Senator feel the same if we took that $991, 296, which is the amount of his income in 2006, (a good income, wouldn’t you say?) and took by force the “windfall profit” of $3,208,704 he and Michelle enjoyed in 2007? 😉
This is classic redistribution of wealth. Take the money away from the oil companies (always a good target, because who doesn’t hate to pay more for gas?) that are making gigantic profits, and give it to people who are having to buy the high-priced gas. This has many of the hazards of price controls, only it actually won’t work. The oil companies will find a way to get the money back, and a couple of years from now we’ll realize that the rebates did nothing more than attempt to buy our votes.
The whole notion of “windfall profits” is fairly ridiculous in any case. Just what is the windfall? The price of energy has gone up. Looking at the current situation, I suspect “excess profits” would be the better economic description for the situation. I fail to see the windfall, but perhaps I’m just not looking at it right. And then, of course, there is the matter of who decides what “excess is”. Congress? 😯
I have no doubt that the major players in fuel distribution are in collusion. In a completely free market we would see more disparity in pump prices. What we see now is just a couple of pennies difference. But putting that aside, it has been proven over and over that the oil companies profit margins are not excessive, they are not as high as Coca Cola’s or Pepsi’s, yet I haven’t read anything, anywhere, saying we should slap them with some silly “windfall” or “excess” profits tax.
But my point here is how silly it is that otherwise intelligent people are suspending common sense and intelligence, and buying into this nutty scheme. I have even been reading posts where people are saying they support Obama, but disagree with this scheme, know it is a scheme, yet still support him. Why?
If they “know” it is a silly demagogic scheme, that would actually make prices worse, and one that is bad for the country, why would they continue to support Obama, especially after the FISA/Wiretap betrayal?
Because they hate McCain.