In justifying the take over of the student loan business from the private sector, Obama says that billions of dollars that could have helped send more students to college went to padding the company's profits. So profits are bad and government is good.
Let me ask this, which do you think is higher; a company's profit margin or their corporate tax rate? Which do you think costs the consumer more? Considering that the federal corp tax rate is 35% I know my answer to that question. Adding some of the state taxes of 10% in, we now have a 45% tax rate built into the cost of our products. But is Obama speaking out about taxes cutting into the ability to give loans? Nope. It's the profits, and we all know what stellar years for profits the banks have been having.
What Obama is hoping to do is rile up anger against companies for being so inconsiderate to their consumers as to actually make a profit. Oh the horror, oh the travesty of social justice, oh the shame. Profits I am sure have murdered innocent children, taken food from the mouths of the starving and oppressed the masses into unrelenting poverty.
This idea that the government should take industries over so that companies aren't "padding their profits" is socialism 101. He's unapologetic in his belief that the government should run everything and yet he wonders why we're upset and angry.
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