Democrats Can’t Defend “Trickle Down Government”

Democrats Can’t Defend “Trickle-Down Government”

Even President Obama Can’t Defend an Economic Record that Has Grown Government and Enriched Special Interests While Impoverishing the Middle Class

• President Obama struggled to defend his failed economic record in yesterday’s presidential debate, but it was especially noteworthy that he was unable to defend his policies of “trickle-down government.”

• The truth is that Democrats’ trickle-down government philosophy has repeatedly enriched special interests, from Solyndra to the drug companies that cut backrooms deals with Democrats to pass ObamaCare.

• But as special interests have profited from the Democrats’ trickle-down government philosophy, the middle class has been suffering. 

President Obama struggled to defend his failed economic record in yesterday’s presidential debate, but it was especially noteworthy that he was unable to defend his policies of “trickle-down government”:

ROMNEY: OBAMA HAS A PHILOSOPHY OF “TRICKLE-DOWN GOVERNMENT”: “The President has a view very similar to the view he had when he ran four years ago, that a bigger government spending more, taxing more, regulating more — if you will, trickle-down government — would work.  That’s not the right answer for America.  I’ll restore the vitality that gets America working again.  Thank you.” (“Remarks by the President and Governor Romney in the First Presidential Debate,” The White House, 10/4/2012)

NYT’S STANLEY FISH: OBAMA COULDN’T RESPOND TO CHARGE OF “TRICKLE DOWN GOVERNMENT”—AND IT STUCK: “Mitt Romney on points, in all areas. The first sign that this was a Romney night came early, when the governor accused President Obama of championing ‘trickle down government,’ Jim Lehrer asked the president to reply, and he didn’t — and the accusation stuck and was repeated later without response.” (Stanley Fish, “Debating Points,” The New York Times, 10/3/2012)

The truth is that Democrats’ trickle-down government philosophy has repeatedly enriched special interests, from Solyndra to the drug companies that cut backrooms deals with Democrats to pass ObamaCare:

“THE LOBBYING INDUSTRY OBAMA HAS VOWED TO CONSTRAIN IS A REGULAR PRESENCE”: “The visitor logs for Jan. 17 — one of the most recent days available — show that the lobbying industry Obama has vowed to constrain is a regular presence at 1600 Pennsylvania Ave.” (TW Farnam, “White House Visitor Logs Provide Window Into Lobbying Industry,” The Washington Post, 5/20/2012)

“LOBBYISTS WITH PERSONAL CONNECTIONS TO THE WHITE HOUSE ENJOY THE EASIEST ACCESS”: (TW Farnam, “White House Visitor Logs Provide Window Into Lobbying Industry,” The Washington Post, 5/20/2012)

IN OBAMA’S WHITE HOUSE, “YOU NEED A LOBBYIST TO GET A MEETING”:“‘The whole process was interesting for me. It’s a little scary,’ Menter said. ‘You need a lobbyist to get a meeting.’” (TW Farnam, “White House Visitor Logs Provide Window Into Lobbying Industry,” The Washington Post, 5/20/2012)

SOLYNDRA AND GREEN COMPANIES SOAK UP GOVERNMENT CASH

SOLYNDRA INVESTOR: “WHILE THAT’S GOOD FOR US, I CAN’T IMAGINE IT’S A GOOD WAY FOR THE GOVERNMENT TO USE TAXPAYER MONEY”: “But privately, at least one investor was concerned, writing in an email that while Solyndra won a loan of more than $500 million, it had revenues of less than $100 million and wasn’t yet profitable: ‘… while that’s good for us, I can’t imagine it’s a good way for the government to use taxpayer money…’” (Jim McElhatton, “Emails: Solyndra Took Sales Pitch Directly to Obama,” The Washington Times, 8/2/2012)

SOLYNDRA INVESTOR: OBAMA’S “DOE REALLY THINKS POLITICALLY BEFORE IT THINKS ECONOMICALLY”: (Amy Harder, “QUICK TAKE: “E-mails Suggest DOE Put Politics Above Economics with Solyndra,” National Journal, 11/16/2011)

OFFICIALS DISCUSSED “POLITICAL FALLOUT” WHILE “SOLYNDRA TOTTERED”; “RARELY, IF EVER” WERE WORKERS CONSIDERED:  (Joe Stephens and Carol D. Leonnig, “Solyndra: Politics Infused Obama Energy Programs,” The Washington Post, 12/25/2011)

OBAMA’S “GREEN” PROGRAM “INFUSED WITH POLITICS AT EVERY LEVEL”: “Meant to create jobs and cut reliance on foreign oil, Obama’s green-technology program was infused with politics at every level, The Washington Post found in an analysis of thousands of memos, company records and internal ­e-mails. Political considerations were raised repeatedly by company investors, Energy Department bureaucrats and White House officials.

“The records, some previously unreported, show that when warned that financial disaster might lie ahead, the administration remained steadfast in its support for Solyndra.” (Joe Stephens and Carol D. Leonnig, “Solyndra: Politics Infused Obama Energy Programs,” The Washington Post, 12/25/2011)

CONGRESSIONAL REPORT: “POLITICAL PRESSURE” TO BLAME FOR FAST-TRACKED LOAN TO NOW-BANKRUPT SOLYNDRA: (“E-mails Show Ex-Solyndra CEO Thanked ‘Bank of Washington,’ as New Report Rips Loan Process,” Fox News, 8/2/2012)

SOLYNDRA CEO THANKED “THE BANK OF WASHINGTON”: (“E-mails Show Ex-Solyndra CEO Thanked ‘Bank of Washington,’ as New Report Rips Loan Process,” Fox News, 8/2/2012)

STIMULUS CRONY CAPITALISM? WASHINGTON POST AUDIT FOUND $3.9 BILLION IN TAXPAYER MONEY WENT TO “21 COMPANIES WITH CONNECTIONS TO FIVE OBAMA ADMINISTRATION STAFFERS AND ADVISERS”: “During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found. Overall, the Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.” (Carol Leonnig and Joe Stephens, “Venture Capitalists Play Key Role in Obama’s Energy Department,” The Washington Post, 2/14/2012)

A CONFLICT OF INTEREST? “INDUSTRY HAD A HUGE STAKE” IN WHICH FIRMS RECEIVED GOV’T SUPPORT: “At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.” (Carol Leonnig and Joe Stephens, “Venture Capitalists Play Key Role in Obama’s Energy Department,” The Washington Post, 2/14/2012)

DEMOCRATS CUT BACKROOM DEALS WITH SPECIAL INTERESTS TO RAM THROUGH OBAMACARE:

PhRMA LOBBYIST: OBAMA “KNOWS PERSONALLY ABOUT” BACKROOM DEAL TO TRADE POLICY FOR PAID ADS: “[T]he Pres’s words are harmless. He knows personally about our deal and is pushing no agenda.” (Footnote 21, House Energy and Commerce Committee, 6/8/2012)

FROM PhRMA LOBBYIST TO PhRMA LOBBYIST: “GOOD TO KNOW THE BACKROOM POLITICS.” (Footnote 21, House Energy and Commerce Committee, 6/8/2012)

“DEMOCRATS PROTECT[ED] BACKROOM DEALS” TO PASS OBAMACARE: (Carrie Budoff Brown and Patrick O’Connor, “Democrats Protect Backroom Deals,” Politico, 2/3/2010)

OBAMA PROMISED SPECIAL INTERESTS PROTECTION IN EXCHANGE FOR SPENDING MILLIONS TO PROMOTE OBAMACARE: “In a June 2009 email, President Obama’s point person on health care promised the pharmaceutical industry it would be protected against efforts to allow cheap drugs to be re-imported from Canada, because drug lobbyists had been ‘constructive’ in their secret negotiations with White House officials. … As part of the final deal, PhRMA agreed to support health care legislation, spend millions on ads promoting it, and agree to $80 billion in savings and taxes to help finance the bill.” (Phillip Klein, “Emails Reveal Secret Obamacare Deal with Drug Cos,” The Washington Examiner, 5/31/2012)

“PhRMA’s REPRESENTATIVE INDICATED THAT PhRMA WAS NOT PREPARED TO RUN ADVERTISEMENTS BEFORE SEEING HOW THE HEALTHCARE LEGISLATION DEVELOPED”: (Energy and Commerce Staff, “Investigation Update: Closed-Door ObamaCare Negotiations,” House Energy and Commerce Committee, 6/8/2012)

PhRMA MEMO: “INDUSTRY PROVIDES THE MAJORITY OF FINANCIAL SUPPORT” FOR PRO-OBAMACARE ADS: (Drew Armstrong, “Drugmakers Vowed to Campaign for Health Law, Memos Show,” Bloomberg, 5/31/2012)

WSJ: OBAMACARE DEALS SHOW “CRONY CAPITALISM”: “On Friday House Republicans released more documents that expose the collusion between the health-care industry and the White House that produced ObamaCare, and what a story of crony capitalism it is. If the trove of emails proves anything, it’s that the Tea Party isn’t angry enough.” (Editorial, “ObamaCare’s Secret History,”The Wall Street Journal, 6/11/2012)

But as special interests have profited from the Democrats’ trickle-down government philosophy, the middle class has been suffering:

JOE BIDEN AGREES: FOUR YEARS OF FAILED DEMOCRAT POLICIES HAS “BURIED” THE MIDDLE CLASS: (Patricia Zengerle, “Biden: U.S. Middle Class ‘Buried the Last Four Years,’” Reuters, 10/2/2012)

AP: “ECONOMIC RECOVERY IS THE WEAKEST SINCE WORLD WAR II”: (Paul Wiseman, “Economic Recovery is the Weakest Since World War II,” Associated Press, 8/15/2012)

MEDIAN INCOME WAS $55,198 WHEN OBAMA TOOK OFFICE; IT IS $50,678 TODAY: (“Household Income Down 8.2 Percent Since Obama Took Office,” Fox News, 9/26/2012)

U.S. INCOMES FELL MORE AFTER STIMULUS THAN DURING RECESSION: (Jeff Kearn, “U.S. Incomes Fell More in Recovery, Sentier Says,” Bloomberg, 8/23/2012)

REPORT: MIDDLE CLASS FAMILIES “STRUGGLING TO ADVANCE” IN OBAMA ECONOMY: (Ronald Brownstein, “Struggling to Advance,” National Journal, 9/28/2012)

75% SAY GETTING AHEAD IS HARDER THAN IT HAS BEEN FOR PREVIOUS GENERATIONS: (Ronald Brownstein, “Struggling to Advance,” National Journal, 9/28/2012)

MEDIAN NET WORTH PLUMMETTED DURING THE RECESSION: “Perhaps the most dramatic figure is that median net worth took a major hit during the recession. It plummeted from $152,950 to $93,150.” (Eyder Peralta, “Pew: Middle Class Poorer, Earning Less and Shrinking,” NPR, 8/22/2012).

“HALF OF HOMEOWNERS UNDER 40 ARE UNDERWATER”: (Ann Carrns, “Half of Homeowners Under 40 are Underwater,” The New York Times, 8/23/2012)

AND THE JOBS OUTLOOK REMAINS MISERABLE:

368,000 AMERICANS GAVE UP LOOKING FOR WORK IN THE OBAMA ECONOMY LAST MONTH:  (Jeff Cox, “New Jobs at 96,000, Missing Expectations; Rate Hits 8.1%,” CNBC, 9/7/2012)

23 MILLION UNEMPLOYED, UNDEREMPLOYED AND DISCOURAGED WORKERS: (“The Employment Situation—August 2012,” Bureau of Labor Statistics, 9/7/2012)

UNEMPLOYMENT ABOVE 8% FOR 43 STRAIGHT MONTHS UNDER OBAMA, MORE THAN 11 PREVIOUS PRESIDENTS COMBINED:  (Bureau of Labor Statistics, 9/7/2012)

UNEMPLOYMENT TO “REMAIN ELEVATED FOR ANOTHER FIVE TO SIX YEARS”: “Federal Reserve officials agreed at a meeting in June that unemployment would remain elevated for another five to six years, but most did not regard that as a reason for the Fed to expand its efforts to stimulate growth, according to an official account published Wednesday.” (Binyamin Appelbaum, “Fed is Torn on Tipping Point for Action,” The New York Times, 7/11/2012)

 Democrats Can’t Defend “Trickle-Down Government” http://ow.ly/edQqs