OBAMA, THE NATION KILLER
By Alan Caruba
Nothing among Obama’s legislative agenda and executive orders has done anything other than push the nation more and more toward bankruptcy. Perhaps the oddest aspect has been the action of the Federal Reserve System, which is, in theory, an independent entity. Suffice to say, it is pursuing policies that reflect the same disastrous actions that prolonged the 1930s Great Depression. Not surprisingly, Federal Reserve Board Chairman Ben Bernanke has pronounced the outlook “unusually uncertain.”
The worst is yet to come because the end of the Bush tax cuts on December 31, 2010, will generate major increases in taxation that will affect all but the appalling 40 percent of Americans who pay no taxes at all. This isn’t redistribution of wealth. It is a penalty levied on investors, entrepreneurs, and those who still have jobs.
One of those policies, the President’s shut-down of drilling in the Gulf, twice rejected by the Courts, will add thousands more to the ranks of the unemployed, without any justification.
When the tax cut deadline comes at midnight on December 31, the “death tax” on estates will return, increasing 55% on estates of $1 million or more, but it won’t just be “the rich” who are affected. As reported in Investor’s Business Daily, “The lowest bracket for the personal income tax, for instance, moves up 50%, to 15% from 10%.” These brackets will increase 25% to 39.6% for others.
The marriage penalty returns and the capital gains tax “will jump 33%” and “the tax on dividends will go all the way from 15% to 39.6% -- a 164% increase.” Wall Street will hit a wall of resistance from investors.
A spending-crazed Congress will have $115 billion more to waste and, according to the Congressional Budget Office, it will reach $2.6 trillion by 2020, a mere decade from now. These funds are theoretically going to be allocated toward paying for the vastly expanded Obamacare “reform” of the already insolvent Medicare program.
A booklet by Michael D. Tanner, Bad Medicine, published by the libertarian Cato Institute, points out the fallacy — the lie — that an expanded Medicare will protect those now without such protection against rising healthcare costs. The truth is that, by 2019, an estimated 21 million Americans will still be uninsured.
Obamacare will cost far more than advertised; more than $2.7 trillion over ten years of full implementation and will add $352 billion to the national debt over that period. Insurance costs will skyrocket for younger, healthier workers.
Furthermore, Obamacare “will increase taxes by more than $669 billion between now and 2019, and the burdens it places on business will significantly reduce economic growth and employment.”
A July 23, 2010, Rasmussen poll revealed that 75% of likely voters say free markets are better than government management of the economy. “Americans overwhelmingly believe that more competition and less regulation are better for the economy than more regulation and less competition.”
Wayne Crews, the Vice President for Policy at the Competitive Enterprise Institute, describes what is necessary for economic recovery, citing “massive spending cuts, deregulation, privatization, tax-cutting, avoiding of monetary inflation, and elimination of government-granted monopolies and favors.”
The Obama administration and the Democratic Party-controlled Congress will not engage in any of these well known remedies. What is occurring is a deliberate policy to destroy the nation’s economy and, with it, the nation. The trade deficits the nation has run, importing more than we export, will ensure we do not dig ourselves out of the hole for years to come.
Writing recently in the Globe & Mail, a London newspaper, Neil Reynolds warned that “Democracies produced Nazi Germany and Fascist Italy, fulfilling the expectation of Socrates and Machiavelli that democracies end in tyranny. Now democracies are fulfilling the complementary expectation of Nobel laureate economist Milton Friedman that democracies end in bankruptcy.”
All hail, Obama! The Nation Killer!
Fiscal Policy: Taxation & Government Spending
American Politics, Political Competition, & the Control of
Public Policy: Elections, Political Parties, Political Factions,
Ideologies, & Special Interest Groups
American Government & the U.S. Presidency:
Presidential Politics & National Leadership
American Government & the U.S. Congress:
Congressional Legislative Politics & National Public Policy
The American Political System:
Politics & Government in the U.S.A.
The American Political & Cultural Left:
Liberals, Statists, Socialists, Marxists, & Other Leftists:
The Democratic Party, Academia, & the Mainstream Media
Alan Caruba writes a daily post at http://factsnotfantasy.blogspot.com. An author, commentator and business and science writer,
he is the Founder of the National Anxiety Center, a clearinghouse for information about "scare campaigns" designed to influence
public opinion and public policy.
Africa: Black Africa *
Africa: North Africa *
American Government 1
LINKS TO PARTICULAR ISSUES & SUBJECT MATTER CATEGORIES
TREATED IN THE PROGRESSIVE CONSERVATIVE, U.S.A.:
American Government 2 * American Government 3 * American Government 4
American Government 5 * American Politics * Anglosphere * Arabs
Arms Control & WMD * Aztlan Separatists * Big Government
Black Africa * Bureaucracy * Canada * China * Civil Liberties * Communism
Congress, U.S. * Conservative Groups * Conservative vs. Liberal
Constitutional Law * Counterterrorism * Criminal Justice * Disloyalty * Economy
Education * Elections, U.S. * Eminent Domain * Energy & Environment
English-Speaking World * Ethnicity & Race * Europe * Europe: Jews
Family Values * Far East * Fiscal Policy, U.S. * Foreign Aid, U.S. * Foreign Policy, U.S.
France * Hispanic Separatism * Hispanic Treason * Human Health * Immigration
Infrastructure, U.S. * Intelligence, U.S. * Iran * Iraq * Islamic North Africa
Islamic Threat * Islamism * Israeli vs. Arabs * Jews & Anti-Semitism
Jihad & Jihadism * Jihad Manifesto I * Jihad Manifesto II * Judges, U.S. Federal
Judicial Appointments * Judiciary, American * Latin America * Latino Separatism
Latino Treason * Lebanon * Leftists/Liberals * Legal Issues
Local Government, U.S. * Marriage & Family * Media Political Bias
Middle East: Arabs * Middle East: Iran * Middle East: Iraq * Middle East: Israel
Middle East: Lebanon * Middle East: Syria * Middle East: Tunisia
Middle East: Turkey * Militant Islam * Military Defense * Military Justice
Military Weaponry * Modern Welfare State * Morality & Decency
National Identity * National Security * Natural Resources * News Media Bias
North Africa * Patriot Act, USA * Patriotism * Political Culture * Political Ideologies
Political Parties * Political Philosophy * Politics, American * Presidency, U.S.
Private Property * Property Rights * Public Assistance * Radical Islam
Religion & America * Rogue States & WMD * Russia * Science & Ethics
Sedition & Treason * Senate, U.S. * Social Welfare Policy * South Africa
State Government, U.S. * Subsaharan Africa * Subversion * Syria * Terrorism 1
Terrorism 2 * Treason & Sedition * Tunisia * Turkey * Ukraine
UnAmerican Activity * UN & Its Agencies * USA Patriot Act * U.S. Foreign Aid
U.S. Infrastructure * U.S. Intelligence * U.S. Senate * War & Peace
Welfare Policy * WMD & Arms Control
Africa: Black Africa *
Africa: North Africa *
American Government 1
POLITICAL EDUCATION, CONSERVATIVE ANALYSIS
POLITICS, SOCIETY, & THE SOVEREIGN STATE
Website of Dr. Almon Leroy Way, Jr.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
An Online Journal of Political Commentary & Analysis
Dr. Almon Leroy Way, Jr., Editor