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Jan 21 2013

Obama: Worst Socialist Ever

As the right wing continues to rage and sputter about Obama being a socialist and a Marxist who hates capitalism and wants to bring the entire American economy to its knees, Bloomberg News reports that corporate profits have been higher than at any time since WW2 under Obama:

U.S. corporations’ after-tax profits have grown by 171 percent under Obama, more than under any president since World War II, and are now at their highest level relative to the size of the economy since the government began keeping records in 1947, according to data compiled by Bloomberg.

Profits are more than twice as high as their peak during President Ronald Reagan’s administration and more than 50 percent greater than during the late-1990s Internet boom, measured by the size of the economy.

Socialism: You’re doing it wrong. Some of this has little to do with Obama, of course. Borrowing costs are virtually nil the last few years and labor cost is incredibly low (which doesn’t stop many from screaming that they must be made lower, of course). And so are corporate taxes at an all time low (effective rate, not marginal rate). But this idea that Obama is trying to destroy business is beyond ridiculous.

6 comments

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  1. 1
    laurentweppe

    No, Ed: it’s you who are getting capitalism wrong: you’re still thinking that capitalism has something to do with Smith & co’s theories about sound economy and prosperous businesses, but, like fundie christianism is not about what Jesus and Paul of Tarsus and Augustine of Hippo said and did but about what today’s fundies want for themselves, modern capitalism is about what capitalists want for themselves: that is: converting corporate profits into institutionalized hereditary privileges enshrined in the law and defended by armies of uniformed thugs with guns.

    Obama has publicly opposed several policies advocated by the GOP which were clearly meant to lead the US toward this rich kids’ utopia of institutionalized hereditary privileges enshrined in the law and defended by armies of uniformed thugs with guns.
    Therefore Obama pisses off capitalists
    Therefore Obama is a Socialist: QED.

  2. 2
    theschwa

    The greatest trick the Devil ever pulled was convincing the world he didn’t exist.

    Obama cannot destroy the economy by making it LOOK like he is destroying the economy, Ed!

    Also, Obama’s real father was Keyser Soze (who was not a US citizen!!!).

  3. 3
    Tabby Lavalamp

    Corporate profits are skyrocketing, and I saw this morning that the Dow has almost doubled in the last four years. Yet at the same time, American job growth is stagnant while the median income is falling.

    So these “job creators” that the Republicans have been going on about…

  4. 4
    caseloweraz

    Tabby Lavalamp: “So these “job creators” that the Republicans have been going on about…”

    Your implied question misses the point. It’s not “job creators.” Per Xtian Old Testament doctrine, it’s “Job creators.” The idea is to teach the 99 percent to be content with their lot (content like Shylock), no matter how poor and unhealthy the concentration of wealth in a few hands makes them.

    Republicans just aren’t pronouncing it correctly…

  5. 5
    Akira MacKenzie

    Profits are more than twice as high as their peak during President Ronald Reagan’s administration and more than 50 percent greater than during the late-1990s Internet boom, measured by the size of the economy.

    Of course, those who actually work for those companies below the executive level won’t see a fricken dime of those profits.

  6. 6
    joachim

    People died. Obama lied.

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