CNBC Host: Joe the Plumber 'Would be Huge' Any Other Year
One Joe doesnât think another Joe is popular enough.
CNBCâs Joe Kernan told chief
âObviously not everyone out there knows how to connect the dots between the [financial crisis] and tax policy. For some reason the Bush tax policies are being cited by Obama as the reason that weâre in this position right now, again and again and again,â said âSquawk Boxâ co-host Kernan Oct. 16.
âNow, normally in a campaign if you, if someone admits Robin Hood economics âtake from the rich, give to the poor â âYeah, I admit it, thatâs what I want to do.â Most people are smart enough to see that that doesnât work, that dividing up a smaller pie doesnât help the economic situation,â Kernan said. âThis Joe the plumber story would be huge in any other year. People donât care this year because itâs, âWell, look where we are right now because of those tax policies.ââ
He explained later, âIt doesnât have to do with tax [policy],â but with âfear and greed and bubbles and everything else and mortgages that were rammed down peopleâs throats.â
Regarding Obamaâs tax plan, Kernan is skeptical.
On Oct. 13âs âSquawk Boxâ Kernan told Harwood that he âhopedâ Obama would come out with a different tax plan, âbecause this one, this one is not going to help the investor class and the investor class, obviously, that wealth disparity is not quite what it was a year ago.â
âSome of the Wall Street guys that are supporting Obama, they all tell me the same thing: Heâs got to stay here right now to win the election. Heâs smart, heâs going to move to the center like
Kernan was pointing to the editorial Obamaâs 95% Illusion that appeared in The Wall Street Journal Oct. 13. That editorial declared that there were âseveral sleights of handâ in Obamaâs tax proposal, âbut the most creative is to redefine the meaning of âtax cut.ââ
âFor the Obama Democrats, a tax cut is no longer letting you keep more of what you earn. In their lexicon, a tax cut includes tens of billions of dollars in government handouts that are disguised by the phrase âtax credit,ââ the Journal said.
Kernan wasnât the only financial journalist to note the editorial.
âConsider it: nearly half of
Sullivan said, âAll of this while an estimated 30% of Americans already pay no taxes. And if this op/ed holds true, that number will continue to rise. And Americans will have to work even harder to give more money to those who pay no taxes at all.â