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.
3 comments:
Haven't we already seen that when the cost of gas goes up, the cost of everything goes up? Doesn't really give people the incentive to funnel their money back into consumer spending.
Oh, and I thought of you last night when I pulled up my hotmail account. There was a link on the front page to an MSN poll, stating that Obama's approval rate was at an "all time high." Yup, people have really stuck with him throughout this WHOLE ENTIRE SIX WEEKS, and it really shows that he's put in the time to earn the people's trust and show us what he can do. All in six weeks! Can you believe it?
Barf.
Here's the article:
http://www.msnbc.msn.com/id/29493021
...and some of my favorite little gems:
"But the poll also shows potential dangers for Obama and the Democrats. For instance, there's a sizable gap between the president's personal popularity and the popularity of his policies."
"Yet the percentage of Americans who are confident that Obama has the right goals and policies for the country — 54 percent — is slightly smaller, suggesting that the president is more popular than his policies are."
So we really don't feel that confident in what you're doing, but man, you are SO cool!
April,
That is really it, isn’t it? No one who loves Obama knows what he is going to do or what it will mean, but they are willing to die for him because he is so cool. He has a blackberry and his wife wears short sleeves in the winter because she has toned arms! It is like people think that the President of the United States should be selected the same way we select senior class presidents or the prom king and queen. The problem is that if you elect someone who is in over their head to be class president, all they can do is mismanage the reunion funds but mismanage the economy of the United States and we will forever fall into poverty. All the while as he is destroying this nation, people applaud him because he is cool.
I guess we really do get the leaders that we deserve.
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