Friday, July 29, 2011

Obama No Longer A Resident Of A Reality Based Community

President Barack Obama's speech to the nation Monday night was highly disturbing.  Because read carefully, it reveals a president wildly divorced from the fundamental realities of the nation he is supposed to be leading.

President Obama actually told America on national television that it is a nation "with a system in which the deck seems stacked against middle class Americans in favor of the wealthiest few."  It is incomprehensible how a man serving as president of these United States could make such a fundamentally false assertion about his own country.

As I explain in my new book, America's Ticking Bankruptcy Bomb, before Obama was even elected, official IRS data showed that for 2007 the top 1% of income earners paid more in federal income taxes than the bottom 95% combined.  The top 1% paid 40.4% of all federal income taxes that year, almost twice their share of income.  The middle fifth of income earners, the actual middle class, paid 4.7% of federal income taxes.  Deck stacked against the middle class in favor of the wealthiest few?

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