Barack Obama is claiming (of course) that his comment about bankrupting the coal industry was "taken out of context". This is what he said:
Obama said that under his proposal to cap greenhouse gases, energy suppliers would get incentives to develop technologies to reduce pollution and to use cleaner sources of power. “So if somebody wants to build a coal-powered plant, they can,” Obama said. “It’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.”
This is the spin:
You know, when I was asked earlier about the issue of coal, uh, you know — Under my plan of a cap and trade system, electricity rates would necessarily skyrocket
The coal industry is not the only one on Obama's hit list:
This is what he's talking about:
He's not just talking about bankrupting energy companies that don't meet his standards, he's talking about energy prices that will drive other businesses out of business and destroy jobs. He's talking about making it hard for even middle class families to heat and cool their homes. He's talking about possibly creating a second economic crisis that will drive even more people into foreclosure and bankruptcy. And, let's not forget the elderly and others on fixed incomes.
Senator Obama claims that his plan was taken out of context. The only thing that has been "out of context" in this entire election is the idea that Obama is some sort of moderate or that he actually gives a damn about the poor or the elderly or the middle class or the future of this nation.
BARTIROMO: "How do you plan to change the tax code when it comes to capital gains? How high will that 15 percent rate go?"
Sen. OBAMA: "Well, you know, I haven't given a firm number. Here's my belief, that we can't go back to some of the, you know, confiscatory rates that existed in the past that distorted sound economics. And I certainly would not go above what existed under Bill Clinton, which was the 28 percent. I would--and my guess would be it would be significantly lower than that. I think that we can have a capital gains rate that is higher than 15 percent. If it--and if it, you know--when I talk to people like Warren Buffet or others and I ask them, you know, what's--how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range then it's not going to distort, I think, economic decision making. On the other hand, what it will also do is first of all help out the federal treasury, which is running a credit card up with the bank of China and other countries. What it will also do, I think, is allow us to make investments in basic scientific research, in infrastructure, in broadband lines, in green energy and will allow us to give us--give some relief to middle class and working class families who have been driving this economy as consumers but have been doing it through credit cards and home equity loans. They're not going to be able to do that. And if we want the economy to continue to go strong, then we've got to make sure that they're getting a little relief as well."
Note that he asked Warren Buffet what difference 20 or 25 percent would make. WARREN BUFFET. Warren Buffet who is the RICHEST MAN ON THE PLANET. It might not distort in Warren Buffet's world but it will damn sure distort in the real world. Where real American citizens have retired and their ONLY INCOME is from their investments. It will damn sure distort their economic decision making. And under Obama's plan those citizens will have to dip into those investments just to pay Obama's tax bill. Those citizens who worked hard and planned for their retirement. Those citizens who worry about having enough money to pay for medical bills and nursing homes. Something Warren Buffet does not have to worry about. And never will. Obama claims his tax increase will target "those of us in the upper brackets have benefited disproportionately from a globalized economy". Only problem is his definition of "upper bracket" gets lower every day.
Senior citizens will be the hardest hit when Obama's skyrocketing electric bills arrive in the mail box. And thanks to his plan to take more of their hard-earned money (money they can't replace by the way since they are no longer working) they will have a much harder time paying those bills.
This - and more - is what's in store for us if Obama wins.