The stock market dropped 100 points during this useless, class warfare speech. He has no clue.
OBAMA: Since you can't close the deficit with just spending cuts, we'll need a balanced approach where everything's on the table.
Yes, that means making some adjustments to protect health care programs like Medicare so they're there for future generations. It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share. And it means getting rid of taxpayer subsidies to oil and gas companies and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses. I've said it before, I will say it again, we can't balance the budget on the backs of the very people who have borne the biggest brunt of this recession. We can't make it tougher for young people to go to college or ask seniors to pay more for health care or ask scientists to give up on promising medical research because we couldn't close a tax shelter for the most fortunate among us. Everyone's gonna have to chip in. That's only fair. That's the principle I'll be fighting for during the next phase of this process. And in the coming months I'll continue also to fight for what the American people care about most: new jobs, higher wages and faster economic growth
THEN CUT TAXES, REMOVE REGULATIONS, REPEAL OBAMACARE AND QUIT ATTACKING THE SUCCESSFUL...THE JOB CREATORS!