The two pronged attack by liberalism

First, we had a panic induced piece of legislation pushed through that dramatically increased the size of the government. Labeled a “stimulus” bill, the reality is that what the bill contained was mostly pork, social welfare spending and income redistribution policies. Very little in the bill will create jobs and even less of it will lead to long term economic growth. That is the first wave.

Now we are seeing the other hand, a panic about the size of the deficit that is being created in large part by the giant spending bill that Obama just signed! That is the insidious genius of Obama, that he gets people in a panic to fix the mess he just made worse! What is the solution of the Obama White House to reduce the deficit? Cutting spending? Of course not!

Mr. Geithner said that the proposed budget will reduce deficits in part by "restoring fairness to the tax code." That will be accomplished by taxing the gains of Wall Street fund managers at ordinary income rates, instead of lower capital gains rates.

In Washington speak, “restoring fairness to the tax code” means big tax increases, but as pointed out before even taxing every taxable penny of “the rich” who already pay the lion’s share of taxes will not do the trick. It goes without saying that between the giant deficit spending bills Obama has pushed through in the first two months of his administration and the looming unfunded mandates of Medicare and Social Security, the only way to pull it off is going to be deeper and wide tax increases, some directly on your income and others indirectly or more subtly in gas taxes and the carbon emission “cap and trade” scheme that will pass enormous costs on to business and eventually consumers. Nothing like crippling a seriously damaged economy by punishing success, investment, innovation and risk taking,

Rest assured that we will keep hearing the refrain of this mess being Bush’s fault, but it is instructive to note that since Obama has taken office and especially since he announced this ludicrous $4,000,000,000,000 budget, the stock markets have plummeted to lows we haven’t seen since 1997. At some point, even an apathetic public is going to have to see beyond the media spin and realize that Obama is bent on driving this country into economic ruin and a mirror image of the failed Western European social welfare state.