Presidential Debate 2012 – Reporters Applaud Obama’s Ridicule of Romney Wealth

October 17, 2012 6:02 pmViews: 116

One little news item that's not being reported all that much that points to economic collapse and troubles because of the president's attitude towards money is a stupid joke cracked by President Obama. In last night's second Presidential debate between Obama and Romney, President Obama made a very juvenile remark about Mitt Romney's wealth which shows his utter lack of understanding of how money is earned and saved and what creates capital.

Mitt Romney at one point in the debate was being accused of investing in Chinese companies, offshore trusts and creating jobs overseas and then asked President Obama if he had looked as his pension lately to make the point that Obama himself has those same kinds of investments in China through a Cayman Islands trust.

So how did our wealth hating president respond to the question, "Mr President, have you looked at your pension?" Obama said, "You know, I - I don't look at my pension. It's not as big as yours so it doesn't take as long." And that folks, sounds like an answer a 4 year old would give to his 6 year old big brother and not only is it infantile, it shows the President's lack of understanding and respect of wealth and those that create jobs, real jobs.

But that's not all, not only did the audience let out a low level laugh at Obama's seriously lame one liner, in the press room set aside for reporters during the debate, it erupted in applause at Obama's jab towards Romney.

That is a sad testimony as to where we are today in thinking about and valuing wealth. For those that believe the government is the giver of all good things and the creator of jobs, here's a news flash, the only real jobs created in this country are not created by government they are created by the private sector. Government does not create real jobs, it just takes money from private citizens and moves those jobs around that would normally be created by entrepreneurs. Why is this basic job creating formula so hard fro liberals to understand?

Private citizens and companies create jobs by earning capital through providing a product or service or from investors hoping for a future gain, they then spend that capital on increasing their businesses which in turn hire more people. The first act of a business when they want to expand is to sell more products and then they earn money for that. The first act of government when they want to expand is to take money without providing anything, they take a cut, then give it to someone else and then maybe somewhere down the road those who had their money taken by government may receive a benefit like being able to drive on a road, but then again, they may not get any benefit from their tax payments.

That's how government works. It takes. But wealthy people, if they want to increase their wealth or profit, have to somewhere provide a product or service so they can earn money. Unfortunately, our president shows a complete lack of economic and investing principles by making a wise crack about Mitt Romney who is a producer and creator of jobs and a whole room of reporters applauds that immature and sophomoric behavior. That is the true Barack Obama coming out.

If that isn't an indication of pending economic collapse when such fools display a complete lack of fiscal understanding, I don't know what is.

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