Obamateurism of the Day

posted at 8:05 am on March 31, 2009 by Ed Morrissey

Hot Air reader Gregg G points out a strange notion from President Obama in his press conference a week ago.  He tried to take credit for the lower interest rates, telling America that refinancing is just another tax cut:

We’ve already seen a jump in refinancings of mortgages as homeowners take advantage of lower rates. And every American should know that up to 40 percent of all mortgages are now eligible for refinancing. This is the equivalent of another tax cut, and we’re also beginning to see signs of increased sales and stabilizing home prices for the first time in a very long time.

Refinancing a home mortgage would be like a tax cut … if you got your mortgage from the government.  Unless you’re making your house payments to the IRS, though, it’s not like a tax cut at all.  A tax cut means the government gets less of your money, not that you have more money because you make a better deal on your loan.  Using that logic, a pay raise would be like a tax cut, a birthday gift would be like a tax rebate, and finding a quarter on the sidewalk would be like getting an earmark from John Murtha.

In fact, as Gregg pointed out to me in his e-mail, a renegotiated mortgage rate means paying less interest.  After the first year and writing off the closing costs, that would mean a smaller tax deduction … which in fact means more tax, not less.

Got an Obamateurism of the Day? If you see a foul-up by Barack Obama, e-mail it to me at obamaisms@edmorrissey.com with the quote and the link to the Obamateurism. I’ll post the best Obamateurisms on a daily basis, depending on how many I receive. Include a link to your blog, and I’ll give some link love as well. And unlike Slate, I promise to end the feature when Barack Obama leaves office.

Illustrations by Chris Muir of Day by Day. Be sure to read the adventures of Sam, Zed, Damon, and Jan every day!


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the artificially low prime rate is a CAUSE of our problems not the “cure” or a “favor”…..

sven10077 on March 31, 2009 at 8:07 AM

oh and Ed you nailed the main thrust of Ogabe’s slip of the lip….

Ogabe feels ALL money is his er uh “the government’s” by “allowing” you to keep more of your money he is NOT able to use that money himself….

sven10077 on March 31, 2009 at 8:10 AM

It’s going to be long however many years until Ogabe is driven from office.

Bishop on March 31, 2009 at 8:11 AM

So, by Mr. Obama’s logic, when my taxes go up later this year to pay for his campaign promises and new social welfare programs, should I consider this an appreciation?

Rovin on March 31, 2009 at 8:13 AM

the artificially low prime rate is a CAUSE of our problems not the “cure” or a “favor”…..
sven10077 on March 31, 2009 at 8:07 AM

Comment of the day/week/year/(century?) +++

Now, if he would start drilling, that would have the effect of a tax cut, would help every single American!
/I know, as Rodney Carrington says: “Dream on, hooker…dream the f&*%k on…”

bikermailman on March 31, 2009 at 8:13 AM

It’s really hard to think of money in the same terms as that man and his ilk think about money because most of us realize the money is OURS, not THEIRS. It’s a 180 degree gap that can never be allowed to close.

SouthernGent on March 31, 2009 at 8:14 AM

Well,that was another memorable gaffe brought to you by Team TOTUS!!

canopfor on March 31, 2009 at 8:19 AM

Ogabe feels ALL money is his er uh “the government’s” by “allowing” you to keep more of your money he is NOT able to use that money himself….

sven10077 on March 31, 2009 at 8:10 AM

It goes back to his idiot father, a guy who thought 100% tax rates were just fine. The apple hasn’t fallen far from the tree. Someone needs to sit Obama down and tell him “Daddy didn’t love you and isn’t coming home and you’re just going to have to deal with that like a big boy now”.

http://corner.nationalreview.com/post/?q=NGZiMGZlNGRiOWJjYzE5OTEwMWEwZWZhOTQzZjVjMTY=

venividivici on March 31, 2009 at 8:19 AM

I wonder what the score is on Hopey’s gaffe’s,
it must be way up there around 70 SNAFU’s!!

canopfor on March 31, 2009 at 8:23 AM

This fits the pattern. During the Porkulus discussion, Democrats kept saying they were spending x-billions of dollars on tax cuts. How does the State spend money on tax cuts? A tax cut is a reduction in tax rates or a change in tax rules so that a tax applies to less gross income (the converse of this is where most of the inevitable stealth tax increases will come from).

forest on March 31, 2009 at 8:25 AM

where did i read/hear that the mortgage interest deduction was in peril? i remember thinking at the time how that couldn’t possibly spur the housing market.

bambi is hoping that just enough of us are stupid so he can maintain power.

kelley in virginia on March 31, 2009 at 8:26 AM

and how about lowering the charitable deduction? how is that a tax decrease? he is raising the deduction for the low income people who probably don’t keep a record of their charitable giving anyway.

kelley in virginia on March 31, 2009 at 8:27 AM

Not to mention that it costs about $5,000. to refinance. Whether that is paid up front or put into the payments, it is still $5,000. more. So, according to Obama, spend $5,000. to refinance a house that has already depreciated and that is a tax cut. Now THAT is funny math.

jcheney on March 31, 2009 at 8:30 AM

That would explain high unemployment and a tanking stock market. Earning less means lower taxes. You’re welcome!

Laura in Maryland on March 31, 2009 at 8:31 AM

I don’t think David Horowitz is going to like this post.

Dr.Cwac.Cwac on March 31, 2009 at 8:39 AM

And let’s not forget that due to the melt down in housing prices, many of the people that would like to refinance are under water on their home loans.

mwdiver on March 31, 2009 at 8:39 AM

Someone needs to send the Pres to a few business classes. He understands nothing about basic economics.

Heck,I think I understand more about economics than he does…and Im a lowly kitchen manager.

becki51758 on March 31, 2009 at 8:39 AM

Using that logic, a pay raise would be like a tax cut, a birthday gift would be like a tax rebate, and finding a quarter on the sidewalk would be like getting an earmark from John Murtha.

You’ve really gotten the hang of how this administration thinks, Ed. The only sad part is that you are joking and they are totally serious about this. Don’t forget that this group of jokers tried to call welfare payments “tax cuts”. Actually … they did, and pretty much everyone let them get away with it.

Gird your loins.

progressoverpeace on March 31, 2009 at 8:40 AM

Sneaky and corrupt,Taxis Spendis Liberals!

canopfor on March 31, 2009 at 8:43 AM

It’s going to be long however many years until Ogabe is driven from office.

Bishop

I have little faith in the electorate to “drive” Ogabe from office. They only pay attention to what the MSM tell them and they are still being fed BS and lies. Thanks to American laziness, complacency and moral paralysis, we have no will to fight because we don’t believe there’s anything substantial to fight for. There is plenty of fear, but no resolve.
Our salvation, if it comes, will come from the few, not the many.

SKYFOX on March 31, 2009 at 8:44 AM

Another down-side to low interest rates is for people on fixed incomes, who rely on interest to supplement their incomes.

Certificates of Deposit are paying less than 3%… Not even worth the risk, if banks and F.D.I.C are in jeopardy.

franksalterego on March 31, 2009 at 8:45 AM

If the government can own health care, your automobile, and your bank, they might as well find a way to get a piece of your home too. Right? Next up—nationalizing the oil industries, because shareholder’s have no business expecting to make a profit when your government needs the money to keep your mortgages artificially low. Any one see a pattern here?

Rovin on March 31, 2009 at 8:46 AM

the artificially low prime rate is a CAUSE of our problems not the “cure” or a “favor”…..

sven10077 on March 31, 2009 at 8:07 AM

Exactly

True_King on March 31, 2009 at 8:47 AM

Also, Ed, please keep hammering on the Obamateurisms. The old media is ignoring them for now, but they may pick up on them eventually. Of course, if they do, they will steal the concept from you and deny your existence, but so what? You will know the truth.

SKYFOX on March 31, 2009 at 8:47 AM

Someone needs to send the Pres to a few business classes. He understands nothing about basic economics.

Heck,I think I understand more about economics than he does…and Im a lowly kitchen manager.

becki51758 on March 31, 2009 at 8:39 AM

Mail in your check today to enroll in the COMMUNITY ORGANIZER COLLEGE correspondance course!

Its just like Rush said in that great parody yesterday –

Its not what you know; its what people THINK you know!

singlemalt_18 on March 31, 2009 at 8:48 AM

FOX reports he’s taking an entourage of 500 to the G20. Do you suppose there’s at least one person amongst them who can do the research necessary to prevent another epic gaffe?

Disturb the Universe on March 31, 2009 at 8:51 AM

The apple hit a rock when it fell and it bounced all the way back to the tree. His understanding of even the most basic of issues confronting “real America” comes from never having to work very hard, if at all. He is trying to inject the socialist view of state control of money into America’s thinking. Our understanding, according to Obambi, has been wrong all this time and his job is to change that. America has lost it’s mind electing him.

sheriff246 on March 31, 2009 at 8:52 AM

singlemalt_18 on March 31, 2009 at 8:48 AM

Oh..I loved that parody.

becki51758 on March 31, 2009 at 9:01 AM

So by this administration’s logic, it seems that we receive a whole bevy of “tax cuts” in the form of coupons in the newspaper every Sunday. Perhaps when the government takes over newspapers, they can force them to print more coupons each week so they can promote how they have given us an even bigger tax cut by nationalizing the news.

rightwingcollegeprof on March 31, 2009 at 9:07 AM

i fail to see the problem. as has been clearly laid out time and time again on this site, cap and trade amounts to a tax increase on all energy consumers…even though the higher prices paid by end users doesn’t go directly to the government.

Ed, you’ve argued that policies that are not tax increases amount to tax increases…the inverse of what Obama is saying here. I say you’re both wrong :-)

ernesto on March 31, 2009 at 9:07 AM

I love the idea of Obamateurisms but the best ones are the ones that are easily digested by a large group of people. Any Obamateurism that must be explained through delving even slightly into the tax code will be lost on everyone you may seek to reach. We really need the guy to try to walk into his house through a window again.

LibTired on March 31, 2009 at 9:11 AM

Lower interest on a home loan is a tax increase because the deduction is smaller.

tommuck on March 31, 2009 at 9:20 AM

Ed, you’ve argued that policies that are not tax increases amount to tax increases…the inverse of what Obama is saying here. I say you’re both wrong :-)

ernesto on March 31, 2009 at 9:07 AM

intellectually dishonest Ernie…

a government mandate that we pay more than what the market demands for a product is in effect a tax or at a minimum a “fee” in the sense that paying more for your license is a “fee”…

The money involved in a bank note to me is a transaction(in theory) between private individuals, counting for the sake of argument the bank as corporation being a “private entity” for tax and legal purposes…

sven10077 on March 31, 2009 at 9:23 AM

I love this new feature.

Keep them coming.

And please-please-PLEASE look into the possibility of including a permanent feature placed up at the top in the HOME-THE VAULT-GEAR-ABOUT line titled “OBAMATEURISMS” that we may click on and get a chronological listing of all these gems to copy and paste for our liberal friends.

THANKS!

jay12 on March 31, 2009 at 9:30 AM

My comments are not posting?

maverick muse on March 31, 2009 at 9:30 AM

sven10077 on March 31, 2009 at 9:23 AM

But that mandate isnt on us. Its on those who generate energy, not consume it. The price effect makes itself felt on the user end, sure, but Ed’s distinction was about whether or not the government is a direct party…

ernesto on March 31, 2009 at 9:31 AM

My comments are not posting?

maverick muse on March 31, 2009 at 9:30 AM

Yes, you’re on.

jay12 on March 31, 2009 at 9:31 AM

Obamateurism of the Day???

Did Barack Obama, realizing he had little economic experience, take five hundered “experts” with him to the G-20 summit to save the global economy or are 450 of them bodyguards disguised as advisors?

Rovin on March 31, 2009 at 9:35 AM

It’s going to be long however many years until Ogabe is driven from office.

Bishop

I have little faith in the electorate to “drive” Ogabe from office. They only pay attention to what the MSM tell them and they are still being fed BS and lies. Thanks to American laziness, complacency and moral paralysis, we have no will to fight because we don’t believe there’s anything substantial to fight for. There is plenty of fear, but no resolve.
Our salvation, if it comes, will come from the few, not the many.

SKYFOX on March 31, 2009 at 8:44 AM

You’re right. The only thing that would change that paradigm is if a terrorist nuke vaporizes a major US city because of Duh1′s willingness to let our guard down.

In that scenario, I only pray we don’t react like Spain did.

Sweet_Thang on March 31, 2009 at 9:35 AM

But that mandate isnt on us. Its on those who generate energy, not consume it. The price effect makes itself felt on the user end, sure, but Ed’s distinction was about whether or not the government is a direct party…

ernesto on March 31, 2009 at 9:31 AM

Ernie you either have no grasp of how the economy and price structures work or you are again reaching….

sven10077 on March 31, 2009 at 9:38 AM

Awesome job once again, Ed.

mikeyboss on March 31, 2009 at 9:39 AM

My comments are not posting?

maverick muse on March 31, 2009 at 9:30 AM

You forgot to pay the new government “posting tax” silly! It’s supposed to raise the value of your comments.

Rovin on March 31, 2009 at 9:39 AM

Keep trying cons.

The number of Americans who believe that the nation is headed in the right direction has roughly tripled since Barack Obama’s election, and the public overwhelmingly blames the excesses of the financial industry, rather than the new president, for turmoil in the economy, according to a new Washington Post-ABC News poll.

D’oh!

getalife on March 31, 2009 at 9:40 AM

D’oh!

getalife on March 31, 2009 at 9:40 AM

Democrat: 36%
Republican: 25%
Independent: 33%

I think you meant “duh”….

sven10077 on March 31, 2009 at 9:49 AM

sven10077 on March 31, 2009 at 9:49 AM

Rush failed.

getalife on March 31, 2009 at 9:51 AM

getadoofus brings us to the attention that now 36% of the nation believes we’re on the right track while 56% say his master’s on the WRONG TRACK

Rovin on March 31, 2009 at 9:52 AM

Rush failed.

getalife on March 31, 2009 at 9:51 AM

1) WaPo/ABC
2) “The telephone poll of 1,000 randomly selected adults was conducted from Thursday through Sunday.”

oh and btw….

-254 for the thief…

Ogabe stole GM from the shareholder…

sven10077 on March 31, 2009 at 9:53 AM

Scott Murphy is Obama’s kind of guy, a liar about having created 1000 jobs wanting to represent NY in Washington with no legislative experience.

1. He is for Obama’s bail-outs.
2. He is against prosecuting the 9-11 terrorists in custody, rather setting them free in order to avoid unnecessary costs.

maverick muse on March 31, 2009 at 9:54 AM

whether or not the government is a direct party…

ernesto on March 31, 2009 at 9:31 AM

1) Is the government mandating the cap and trade parameters? If so, then they ARE a direct party.

2) Does the consumer’s costs increase because of a direct mandate from the government?

3) If the answers to 1 and 2 above are yes then it is a tax. You can argue whether it should be called a direct or an indirect tax, but it is a tax.

Yoop on March 31, 2009 at 9:57 AM

I think I see where Obama’s coming from. The GDP is the government’s money. So any money you get to keep is essentially a tax cut.

Price of bananas goes down? Tax cut!

That’s what happens when a guy who basically doesn’t understand why capitalism is a good thing gets in office. Why shouldn’t he consider the money you earn to be his money? He knows he can get all of it, if he puts forth the effort.

hawksruleva on March 31, 2009 at 9:57 AM

getalife on March 31, 2009 at 9:40 AM

LOL. Last week getaclue posted a “poll” showing O’bama with a 64% job approval. Turns out said “poll” sampled 35% more Democrats than Republicans.

I heard ABC’s “polling director” pn the radio this morning discussing this new poll. He had no pretenses of objectivity-the entire interview was pro-O’bama propaganda.

According to its “methodology”, this new ABC/WaPo “poll” had its questions written not by the pollsters who did the poll, but by WaPo reporters and editors. That’s not the norm.

And gee, guess what? This new poll over-sampled Democrats, too. Also Independents.

Keep trying, Eliza.

Del Dolemonte on March 31, 2009 at 10:02 AM

Tax cut, my a**. Every time I’ve refinanced my house, the savings end up going to the bloodsuckers in the county government in the form of increased property taxes.

And now that property values have declined and they won’t get 20% increases in property tax revenues any more, they are bound to increase my taxes again…

rbb on March 31, 2009 at 10:03 AM

What will you do if the President succeeds because he is?

getalife on March 31, 2009 at 10:04 AM

What will you do if the President succeeds because he is?

getalife on March 31, 2009 at 10:04 AM

can you run that through the moonbat to english syntax degarbler at babblefish.com plz?

sven10077 on March 31, 2009 at 10:06 AM

The Obamanation is just a victim of the dreaded I-D-10-T error.

john1schn on March 31, 2009 at 10:13 AM

Washington Post-ABC News Poll:

Do you think things in this country (are generally going in the right direction) or do you feel things (have gotten pretty seriously off on the wrong track)?:

Before the election (10/11/08):
– Right track: 8%
– Wrong track: 90%

NOW:
– Right track: 42%
– Wrong track: 57%

getalife on March 31, 2009 at 10:14 AM

According to its “methodology”, this new ABC/WaPo “poll” had its questions written not by the pollsters who did the poll, but by WaPo reporters and editors. That’s not the norm.

In simpler terms for simpler people like our Dem friends here, what this means is that the “poll questions” were written by people who had endorsed O’bama for President.

That alone negates any objectivity from this poll, making it totally worthless.

Del Dolemonte on March 31, 2009 at 10:15 AM

getalife’s posts

FAIL

Richard Romano on March 31, 2009 at 10:15 AM

sven10077 on March 31, 2009 at 10:06 AM

getadoofus supplys the strong argument that even Planned Parenthood isn’t perfect.

Rovin on March 31, 2009 at 10:16 AM

NOW:
– Right track: 42%
– Wrong track: 57%

getalife on March 31, 2009 at 10:14 AM

Democrat: 36%
Republican: 25%
Independent: 33%

I think you meant “duh”….

sven10077 on March 31, 2009 at 10:18 AM

Cons bet against their country and will lose.

getalife on March 31, 2009 at 10:22 AM

Cons bet against their country and will lose.

getalife on March 31, 2009 at 10:22 AM

Donks-True Patriots since November 2008

sven10077 on March 31, 2009 at 10:25 AM

Ed you transcribed that all wrong, he clearly stated:

We’ve already seen a jump in refinancinous of mortgages

Rbastid on March 31, 2009 at 10:26 AM

This goes a long way toward explaining why the Dems get into such tax trouble. They’re not that bright. They’re the ones that get advanced degrees in Critical Theory and Neocolonial Literature, not Science or Math.

I wonder how he would define a balance sheet.

EMD on March 31, 2009 at 10:47 AM

What will you do if the President succeeds because he is?

getalife on March 31, 2009 at 10:04 AM

Because he is what? God? Maybe to you.

Facism is the linking of governement and industry.

Sound familiar??? (GM)

sonofdy on March 31, 2009 at 11:15 AM

Every time Obama opens his mouth, he makes it clear that he has never lived in the real world.

LASue on March 31, 2009 at 11:24 AM

Hot Air reader Gregg G points out a strange notion from President Obama in his press conference a week ago. He tried to take credit for the lower interest rates, telling America that refinancing is just another tax cut:

The Great EgObama takes credit for everything he didn’t do. The interest rate was lowered by the Federal Reserve, whose chairman Ben Bernanke was appointed by that lowest of low-lifes, the vilified paragon of incompetence, George W. Bush.

But don’t bother EgObama with the facts.

Steve Z on March 31, 2009 at 11:28 AM

Good Morning Boys and Girls……….

……. today’s lesson, again, is how not to feed trolls.

I know it’s hard, but in the end, when you see them screaming for attention……….

…….. your hard work in ignoring them will be rewarded.

Have a great day!

Seven Percent Solution on March 31, 2009 at 11:28 AM

In fact, as Gregg pointed out to me in his e-mail, a renegotiated mortgage rate means paying less interest. After the first year and writing off the closing costs, that would mean a smaller tax deduction … which in fact means more tax, not less.

Since The Messiah is proposing a reduction in the tax deduction for mortgage interest, it would be possible to refinance at a lower interest rate and still have an out of pocket income loss.

obladioblada on March 31, 2009 at 11:37 AM

So remember, every time you go to the store and buy anything on sale, be sure to thank Carter Junior for the tax cut.

Loxodonta on March 31, 2009 at 12:09 PM

So far the only evidence I have seen that Dear Leader is “succeeding” is from poll results that were achieved by over-sampling Democrats.

In the real world, not the parallel universe the Left resides in, people are still being laid off, banks are still not lending on real estate, and O’bama is celebrating by taking 500 of his closest pals to Europe on the public’s dime.

The adults are in charge now. I have to remember that.

Del Dolemonte on March 31, 2009 at 12:37 PM

“Ogabe feels ALL money is his er uh “the government’s” by “allowing” you to keep more of your money he is NOT able to use that money himself….”

Geithner, in response to Senator Kyle, called the tax increases on off shore oil and gas companies removal of subsidies.

davod on March 31, 2009 at 12:37 PM

Cons bet against their country and will lose.

getalife on March 31, 2009 at 10:22 AM

Typical myopic liberal argument.

President != Country

I support our country. I do not support our President.

dominigan on March 31, 2009 at 12:38 PM

To expand…

I do not support our President, because he is purposely trying to undermine and destroy everything that makes our country exceptional.

Why would I want him to succeed?

dominigan on March 31, 2009 at 12:41 PM

….and according to leading….(roll script)
…experts, even though I inherited 12 hours per day of darkness from the previous administration….(roll script)
….this morning, the sun rose – evidence that my green initiatives and climate change policies are starting to show results….(roll script)

Huckabye-Romney on March 31, 2009 at 1:30 PM