Is the direct quote taken out of context from Obama that is the top story passed around Fox News today implying that Obama claims small business owners do not deserve any credit for their own success. But Obama's actual remarks show that he attributed the success of small businesses to both the individual drive of small business owners, and to the benefit provided by influences such as great teachers, and government-created infrastructure. He was arguing that while small business owners' individual talents and drive allow them to attain their own portion of the American dream, credit for such attainment is not theirs alone.
Here's the full transcript of Obama's earlier remarks today. Fox News fails to ever mention anything else of which Obama said:
OBAMA: Look, if you've been successful, you didn't get there on your own. You didn't get there on your own. I'm always struck by people who think, well, it must be because I was just so smart. There are a lot of smart people out there. It must be because I worked harder than everybody else. Let me tell you something -- there are a whole bunch of hardworking people out there.
If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you've got a business -- you didn't build that. Somebody else made that happen. The Internet didn't get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.
The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together. There are some things, just like fighting fires, we don't do on our own. I mean, imagine if everybody had their own fire service. That would be a hard way to organize fighting fires.
So we say to ourselves, ever since the founding of this country, you know what, there are some things we do better together. That's how we funded the GI Bill. That's how we created the middle class. That's how we built the Golden Gate Bridge or the Hoover Dam. That's how we invented the Internet. That's how we sent a man to the moon. We rise or fall together as one nation and as one people, and that's the reason I'm running for President -- because I still believe in that idea. You're not on your own, we're in this together.
As far as Obama not doing anything for the small businesses. Obama introduced a bill earlier this year that would have cost about $28 billion, aimed to give businesses a 10 percent tax break worth up to $500,000 for any new payroll added this year. It also would have extended a 100 percent bonus depreciation, allowing companies to write off investments in expansions and new machinery. A nonpartisan analysis estimated that even though it was cheaper than Cantor's version, this bill would have created five times as many jobs, or nearly 1 million.
Even though Republicans claim they've never seen a tax cut they didn't like, they called the Obama's Small Business Tax Cut Bill a political stunt and obstructed it from passing. They also complained that they were not allowed to bring up any amendments. Although the majority Democrats all voted for the bill it failed to pass the 60 vote requirement to break a filibuster. This may leave small businesses high and dry for now, but it has come on the backdrop of an even larger battle over extending the Bush-era tax cuts, which Obama has called on Congress to extend the cuts -- which expire at the end of the year -- for income up to $250,000.
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