Posted by
Kenneth G. Davenport on Thursday, June 12, 2008 12:35:08 AM
America, if you think things are bad now, just wait until 2009 if Barack Obama becomes president. You can take his recent comments on the price of gas to the bank: The Democrat nominee actually believes that the high price of gas is a good thing -- because it will force all you SUV-driving religious clingers in the heartland to buy a Prius and go green. Nothing like $8-a-gallon gas to change behavior. In Obama's view of the world, the less you drive the better, because it will lower greenhouse gas emissions and teach those big, bad oil barons that they better think of a new way to gouge us -- like cellulose ethanol or biofuel from kitchen grease. Nevermind that those hurt the most by this increase in gas prices will be that hardworking single mother who commutes 50 miles to work every day for her $35,000 a year job. Wait, isn't she a member of the Democrat's core voting base?
Obamanomics will strangle the economy and put us deep into a recession. Because in addition to his regressive tax policy, he'll burden the economy with more spending and more regulation. It has been proven over and over again that you can't tax and spend your way out of an economic slowdown -- it just doesn't work. In fact, over the long run, higher taxes never lead to greater economic growth. Higher taxes are a disincentive to work more, earn more and invest more. Why is that basic human nature so difficult for Democrats to understand? Is it because they always believe that the ends -- providing for the poor, the needy and the unemployed -- is more important that taking care of those who actually work and pay the taxes?
A recent editorial by the Investors Business Daily seems to reinforce this latter view:
"Make no mistake: This tax hike is gargantuan. Simply by not making Bush’s tax cuts permanent, taxes will rise by a minimum of $2.8 trillion between now and 2018.”
The IBD says that if the tax cuts are allowed to expire in 2010:
-- Spending will rise by half a trillion dollars over the next five years. And the Democrats will pay for it by raising taxes by $683 billion — “the biggest such increase ever.”
-- About 48 million married couples — “the heart of the middle class that Democrats say they want to help” — will see an average annual tax increase of $3,007.
-- The tax bill for the elderly will rise $2,181 a year on average.
-- A single parent with two children earning $30,000 a year will see a tax hike of $1,600.
-- A family of four earning $50,000 a year will be hit with a tax increase of 191 percent.
-- The 2009 budget for the first time ever spends $1 trillion on discretionary items — non-defense, non-entitlement.
“This is a foretaste of future fiscal recklessness under a Barack Obama presidency (he voted for the bill),” the IBD observes.
Noting that the budget would weaken the economy and kill job growth, the IBD concludes: “This is supply-side economics in reverse — creating massive disincentives to work, save and invest, and shrinking the pie.”
So, the Democrats and Obama say they are for the "little guy" and want to end the "tax cuts for the rich". Never mind that the "rich" include the millions of small businesses out there that make more than $250,000 per year and employ (literally) tens-of-millions of people. Ending the Bush tax cuts will increase taxes in all income brackets, will create a disincentive for investment and will reinstate a confiscatory "death tax" of 55% on assets in excess of $1 million. Do people with assets in excess of $1 million deserve to have 55 cents of every additional dollar returned back to the government -- which has already taxed that dollar when it was earned? Is that fair in any way?
It is if you are Barack Obama, who is happy to take your money so he can give it to someone he deems more needy. Classic redistributive economic policy that any socialist would be proud of.