President Obama Going Bipolar Over Corporate Jets

In Wednesday's raging rant presser against Republicans over the debt limit extension, he specifically named corporate jet owners as a group the Republicans should deny any tax breaks to in order to help lower the deficit without cutting taxes and spending. This struck me as peculiar for at least two reasons. President Obama's stimulus bill encouraged purchase of large manufactured goods, corporate jets included, by offering accelerated depreciation. Accelerated depreciation allows corporations to write off more of the jet's purchase price on their tax returns. The goal was to get companies spending to help the economy, especially the ailing aviation industry. In September 2010, Mr. Obama signed the H.R. 5927, the Small Business Lending Fund Act. This bill also offered tax breaks for companies that purchased corporate jets. Mr. Obama said in Wednesday's speech, “I’ve said to some of the Republican leaders, you go talk to your constituents, the Republican constituents, and ask them are they willing to compromise their kids’ safety so that some corporate jet owner continues to get a tax break.” Quite a change of attitude, wouldn't you say?

I cannot imagine any private corporation, no matter what size it is, using a Boeing 747 to haul their CEO and senior executives around. Mr. Obama frequently uses Air Force 747s for his travels. According to Boeing, the 747 gets 5 gallons per mile. That is no typo folks, 5 gallons of jet fuel per mile. Mark Knoller, CBS news reporter, found this out from Boeing so he could report this on Mr. Obama's trip to DEs Moines, Iowa, to plant a single tree for earth day. Let's face facts, folks, Obama is just another limousine liberal. Do what I say and not what I do because I am smarter, wiser and better than you.

(Yet Another) Warning on The U.S. Government Debt

Today Fitch's Ratings issued a statement that if the U.S. Government does nothing to correct its growing debt problems it will review the U.S. Government's credit rating in August 2011. August 2011 is when the current emergency measures to extend the U.S. Government's ability to borrow money under the current debt ceiling expire. Moody's as well as Standard and Poor rating services have already issued warnings of a credit rating review. Is anyone in Congress or the Administration paying attention here?? We'll find out by Sept. 30. 2011, when the 2011 fiscal year ends.