President Obama's Vision for the Economy (Video)


President Obama gave a defining speech on the economy where he drew a line in the sand between his policies and those of Rep. John Boehner (R-OH), calling out the congressional minority leader eight times for obstruction, while he defined his own economic vision.

It was a statement of policy and the moment when the president stood up against those who opposed him and said, in essence,  this is what I have been doing and what I'm going to do to revive our economy.  What are my opponents doing other than obstructing?  What are they going to do that's different than what brought us to the brink of a second Great Depression?

This was the choice he presented along with several proposals for tax cuts for the middle class to compensate for declining wages, putting Americans to work here, rather than subsidizing business to send work offshore, and infrastructure investments.  He pointed out that John Boehner and his associates have blocked all of these initiatives and more and that they were also obstructing the tax cuts for the middle class in an effort to preserve the 700 billion dollars in tax cuts for the top two percent.

See: Politifact's analysis of statements by Rep. John Boehner.

Excerpts from the President's remarks:

"With all the other budgetary pressures we have -– with all the Republicans’ talk about wanting to shrink the deficit -- they would have us borrow $700 billion over the next 10 years to give a tax cut of about $100,000 each to folks who are already millionaires. And keep in mind wealthy Americans are just about the only folks who saw their incomes rise when Republicans were in charge. And these are the folks who are less likely to spend the money -- which is why economists don’t think tax breaks for the wealthy would do much to boost the economy.

So let me be clear to Mr. Boehner and everybody else: We should not hold middle-class tax cuts hostage any longer. (Applause.) We are ready, this week, if they want, to give tax cuts to every American making $250,000 or less. (Applause.) That's 98-97 percent of Americans. Now, for any income over this amount, the tax rates would just go back to what they were under President Clinton.

This isn’t to punish folks who are better off –- God bless them. It’s because we can’t afford the $700 billion price tag." Continued...