President Obama's 'Good Answer' to Jay Leno

I don't watch Jay Leno. Not for any reason other than I'm usually asleep by the time his show airs. So when President Obama appeared on The Tonight Show, I didn't watch. I did read the transcript though, and it's interesting to see this discussion in print. I say interesting because everyone knows what an eloquent, dynamic, articulate (insert your own adjective here) speaker he is, but when you read his words on paper they just don't seem as profound.

Let's take a look at one example. Here's the exchange between Jay and President Obama about the potential 90% tax on the bonuses given out to AIG execs.

MR. LENO: Well, here's something that kind of scared me. Today they passed this thing that says we're going to tax 90 percent of these bonuses. And the part that scares me is, I mean, you're a good guy -- if the government decides they don't like a guy, all of a sudden, hey, we're going to tax you and then, boom, and it passes. I mean, that seems a little scary as a taxpayer, they can just decide -- you want to take a break and answer that when we come back? Okay, hold that answer.

MR. OBAMA: I will. I've got a good answer, too. (Applause.)

MR. LENO: Welcome back. We are talking with President Barack Obama.

Before the break I mentioned that they had just passed this new bill which will tax them 90 percent -- and I said it was frightening to me as an American that Congress, whoever, could decide, I don't like that group, let's pass a law and tax them at 90 percent.

MR. OBAMA: Well, look, I understand Congress' frustrations, and they're responding to, I think, everybody's anger. But I think that the best way to handle this is to make sure that you've closed the door before the horse gets out of the barn. And what happened here was the money has already gone out and people are scrambling to try to find ways to get back at them.

The change I'd like to see in terms of tax policy is that we have a system, going back to where we were back in the 1990s, where you and I who are doing pretty well pay a little bit more to pay for health care, to pay for energy, to make sure that kids can go to college who aren't as fortunate as our -- as my kids might be. Those are the kinds of measured steps that we can take. But the important thing over the next several months is making sure that we don't lurch from thing to thing, but we try to make steady progress, build a foundation for long-term economic growth. That's what I think the American people expect. (Applause.)

Now that you've read that statement, go back and read it again, only this time look for the answer. Go ahead, I'll wait.

Don't worry I couldn't find it either. The statement is just spin by our President, and Leno let him get away with it. The question was 'just because they don't like a group of people, how can Congress decide they can tax them at 90%?' Obama talked about Congress reacting to the anger of the people and moving back to the tax code of the 90's. He even managed to slip in a little 'sharing the wealth' socialism with his 'you and I should pay a little more' speech. What happens when Congress decides that actors make too much money, and they can afford a 70% tax rate?

Jay Leno should have held President Obama's feet to the fire on this one; the fact that he didn't may end up costing him dearly.