Is Obama a socialist? Obama falls within the mainstream of contemporary socialism as represented by Germany's Social Democrats, the French Socialists, or Spain's socialist-workers party. By this criterion, yes! Obama is a socialist. He is clearly a socialist in the European sense of the term.
France has just elected François Hollande president. Hollande is a proud socialist. How are Obama's and Hollande's policies similar?
•Reject austerity and embrace "growth." Hollande said that he will end the current austerity efforts. Obama has accused House Budget Committee Chairman Paul Ryan (R-WI) and his House-passed budget of "social Darwinism," apparently meaning to say that the plan is so austere that it would leave millions of helpless Americans to fend for themselves, or what we used to call taking "personal responsibility."
•Raise taxes on the "rich." Hollande proposes a two-tiered tax structure. He wants to impose a 45-percent tax on incomes over €150,000, up from 41 percent, as well as a 75-percent tax on incomes above €1 million. Obama has proposed lots of new taxes for families making more than $250,000 a year.
•Raise the dividends tax. Hollande has also proposed increasing the dividends tax. Obama proposed raising the dividend tax rate from 15 percent to the highest personal income tax rate, 39.6 percent, next year.
•Crack down on the financial industry. Hollande wants to separate retail and investment banking, and he wants a financial transactions tax. Obama has already pushed through the Dodd-Frank financial reform bill and made a lot of headlines attacking the "fat cats" on Wall Street.
•Promote renewable energy projects. Hollande prefers clean energy ideas that don't work. He wants to reduce nuclear from 75 percent to 50 percent of France's energy and replace it with other green energy sources. Citizens Against Government Waste says that in America, there are about 20 green companies with federal grants or loan guarantees that could be in financial trouble. But Obama is campaigning on funding even more green jobs.
•Increase public subsidies to small businesses. Hollande wants to create a public investment bank to help small companies and home grown industries, funneling money to those companies that are least able to survive on their own. Obama has already tried to buy small business votes by providing a tax credit to offset the cost of health insurance.
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Articles: Socialism, Obama, and America's Future