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Mr. Obama's $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.
The illusion that Barack Obama will lead from the economic center has quickly come to an end. Instead of combining the best policies of past Democratic presidents -- John Kennedy on taxes, Bill Clinton on welfare reform and a balanced budget, for instance -- President Obama is returning to Jimmy Carter's higher taxes and Mr. Clinton's draconian defense drawdown.
Couldn't have expressed it better or more succinctly myself. I agree with the above statement 100%.
Of course it's going down. The largest portion of the private sector that invests in the DOW is the exact ones Obama is targeting. With capital gains taxes sure to rise as well at the return of th 46% death tax, the upper class is dumping, running, and hiding everything.
Death Tax--yes you pay you income tax all your life, and then when you die the government gets half of what's left. You know who that EFFECTS MOST? The middle class, farmers, steel workers, miners....not just the hated upper class. But yeah, after the death tax, the upper class can no longer endow to universities and contribute to charities because their isn't anything left to be chairitable with.
Great article! He explained everything in a very rational way without taking a partisan approach. Now, what I do not understand is how can Obama supporters not see it for what it is?. Do you think the CEO of Twitter is a better source of knowledge than an economist from Stanford? Wake up, people!
Great article! He explained everything in a very rational way without taking a partisan approach. Now, what I do not understand is how can Obama supporters not see it for what it is?. Do you think the CEO of Twitter is a better source of knowledge than an economist from Stanford? Wake up, people!
Here is an interesting comment I found from a non-Obama supporter that is very common (and so right):
"Of course there is NO doubt that the Man-Child, Obama, is a dow downer. His followers, who I liken to the rabid followers of the cultist Jim Jones, will follow him down all the way to the kool-aid trail. They see nothing wrong and the truth is that most of them are now trying to DEFEND their vote for the Man-Child. A person that had NO experience in actually running anything. They fell for the Hollywood made production. And then they attack people and stories that run that the Man-Child brings his teleprompter with him EVERYWHERE! He even used it to announce one of his cabinet members. I've seen it before, this old dog. It took time before people that fell for and voted for Carter to admit their wrongs. People don't want to admit that they were fooled, bamboozled, lied too. And get this, 9 times out of 10, Wall Streets views eventually become the views of the general public. With the Man-child denuding our military, wait until Israel attacks Iran. This struggling economy faced with rising energy prices that the Man-Child has NO idea on how to handle, will result in Carter-esqe price controls. And then we will be back to rationing of gas, just like Carter. I have seen this before. It will happen again. And I will be there to smirk or console the Obamanuts..."
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