Obama held a lavish fundraiser in San Francisco Tuesday, where he harshly criticized Republicans for voting down another millionaires’ tax which would be used as stimulus bill #3 using the following false information to build support for his bill.
Last week we had a separate vote on a part of the jobs bill that would put 400,000 teachers and firefighters and police officers back on the job. And it was paid for by asking people who make over a million dollars a year to pay one-half of 1 percent more in taxes. So for someone making $1.1 million a year, that’s an extra $500 that would save 400,000 jobs all across the country. And not just any jobs, but jobs that are vital to the well-being of our kids and our communities.
Most people I know who make more than a million dollars a year would make that contribution willingly. (Applause.) They’re patriots. They want to see America strong. But all the Republicans in the Senate, 100 percent, voted no.
Obama glibly peeled off the first digit of the correct figure, remaining with a total which is less than ten percent of the true total. A half a percent of 1.1 million is nowhere close to five hundred dollars; it’s actually $5,500. For those who are tempted in blaming the teleprompter for the glaring error, that excuse is no longer valid. With the TOTUS stolen, the buck stops at Obama. It therefore seems like the spender-in-chief needs to do some serious brush-up on all math including simple math equations, though perhaps he only needs lessons in how to speak the truth.
Let’s take a look at the facts. There are currently 3.5 million Americans who are millionaires. When calculating the cost to create a job using Obama’s figure of $500, his claims amount to somewhere between five and ten thousand dollars a job. Having thrown hundreds of billions to waste without creating any real jobs, he is now attempting to fool the public once again that he can create jobs with significantly less money.
Since the bill Obama proposed to congress dealt with the percent and not some misleading mathematical miscalculation, let’s take a look at the true figures. If we assume they each earn only 1 million dollar (although many obviously earn much more) the figures amount to the following; 19,250,000,000 or nineteen billion two hundred fifty million. In truth though, the figure would be much higher, probably at least double. I guess though, that when dealing with Obama standards of 800 billion dollars, 19 or even 40 billion isn’t that large of a sum to spend. It’s like increasing your ten-year old child’s allowance with one a single quarter.
When calculating using the lowest figure, each job would cost $48,125 to create, though it would more likely amount to approximately one hundred thousand dollars per job. I guess we should congratulate Obama in having mastered the ability to pretend being capable of creating jobs at half (and possibly a sixth) of its previous cost. At his first stimulus, Obama spent over 800 billion dollars to create or save according to the CBO somewhere between 1.3 and 3.5 million jobs. I guess the CBO doesn’t see too big of a difference between the two figures, much like Obama’s inability to correctly calculate what a ½ percent of 1.1 million dollars equals to.
According to the CBO’s figures, the stimulus cost us somewhere between $228,055 and $631,538 per job. Yeah, there’s a big difference between the two figures, but since it doesn’t involve their money (which Democrat politician pays his taxes?) they couldn’t care the slightest bit. Despite their claims of having created/saved so many jobs, unemployment continued to rise throughout all that time, thus making the creation of even a single job questionable even with these ridiculously high figures.
Although Obama has learned to adjust his mathematical figures so that his phony job creations should appear cheaper, his current bill would create as many jobs as the previous stimulus: Zero.
It has come to my attention that the error lies in my research, not in Obama's math skills (at this current example.) When I heard talk about this speech I searched and read the speech which is linked above, and then wrote the article based upon the speech. It seems that the actual bill will only tax a 1/2 percent of every dollar earned after one million dollars, something Obama hadn’t mentioned in his speech. Thus, if someone earns 1.1 million dollars, only the .1 million will be taxed. This amounts to $500.00. If anyone has a link to the actual wording of the bill presented to the senate, please leave it in the comments, since all I found were liberal/MSM sites citing a Biden math lesson.