Hence Obama’s new strategy: Don’t whine, blame. Attack. Indict. Accuse. Who? The rich — and their Republican protectors — for wrecking America.
In Obama’s telling, it’s the refusal of the rich to “pay their fair share” that jeopardizes Medicare. If millionaires don’t pony up, schools will crumble. Oil-drilling tax breaks are costing teachers their jobs. Corporate loopholes will gut medical research.
It’s crude. It’s Manichaean. And the left loves it. As a matter of math and logic, however, it’s ridiculous. Obama’s most coveted tax hike — an extra 3 to 4.6 percent for millionaires and billionaires (weirdly defined as individuals making more than $200,000) — would have reduced last year’s deficit (at the very most) from $1.29 trillion to $1.21 trillion. Nearly a rounding error. The oil-drilling breaks cover less than half a day’s federal spending. You could collect Obama’s favorite tax loophole — depreciation for corporate jets — for 100 years and it wouldn’t cover one month of Medicare, whose insolvency is a function of increased longevity, expensive new technology and wasteful defensive medicine caused by an insane malpractice system.