“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. Great nations rise and fall. The people go from bondage to spiritual truth, to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependence, from dependence back again to bondage.” - Alexander Tyler, “The Fall of the Athenian Republic ”, 1787
These were the words that came to mind as Obama spoke to Congress recently. This radical administration is now poised to transform our country in unimaginable ways. His address was riddled with bold-faced lies, beginning with his boast that the “stimulus” bill was passed without a single earmark. This claim was greeted by a standing ovation and a chorus of hurrumphs, perhaps in the hope that the scene would help sell the lie. He then said that he doesn’t believe in bigger government, yet never mentioned that he has spent $36 billion a day since taking office a little over a month ago – and the spending has only started.
His budget is massive and his rhetoric is the most anti-market, anti-capitalist speak this blogger has ever heard. For those who are attracted to such language just remember that we didn’t become the wealthiest, most prosperous nation in human history through collectivism. The most appalling component is his attempt at health care reform. In a time of recession he feels that it’s appropriate to tackle this expensive issue and he begins with a $600 billion “down payment”. In other words, this is just the beginning. The actual cost comes later, probably about the same time when we have to start paying back the $2 trillion additional dollars that he has already spent OUTSIDE of the federal budget. And speaking of spending outside the budget, does anyone know what happened to the $700 billion that Congress gave to avert the credit crisis? Neither do I. And Timmy Turbo-Tax now wants more money to spend on this ghostly program. Standing behind him is General Motors, whose portion of the bailout has vanished in the wind. No doubt they will be getting more of our dollars as well.
Obama wants to address the “energy crisis” with a cap-and-trade system on carbon emissions. Unemployment is pushing 9% and he supports an idea that will hurt our industry a great deal. Meanwhile, minimum wage continues to rise, further driving the unemployment rate up. And the markets? Every time this guy speaks the DOW plunges. It dropped another 200 points the day after his Congressional address. If you think that only hurts Wall Street executives, think again. That is our 401k, our IRA, our retirement, our net wealth that is plunging…and, yes, it’s also federal tax revenue as well. The stock market has no confidence in Obama. Today, it is trading at the same level as it was over a decade ago. To make matters worse, Obama plans to RAISE the capital gains tax rate. Yes, we are in a time when we NEED investment in the market, we NEED people to buy stock and invest in companies, and yet Obama plans to do the one thing that will DISCOURAGE such investment. Does he not know? Or does he simply not care?
But let’s not stop there. The Pelosi Congress will now be passing an additional $400 billion spending bill that will add to this year’s current budget. The interesting part of all this is that the bill ONLY covers 9 months of the year. 9 months, $400 billion. Oh yeah, it’s laden with earmarks. So far, over 9,000 earmarks have been identified in this bill. Remember, this is an omnibus spending bill. Congress has already passed a budget for 2009, and the “stimulus” has already been addressed. This bill adds to the year’s budget. $400 billion, 9 months, 9,000 .
And even though we’ve wasted $750 billion trying to bail out banks, spent $1.2 trillion on “stimulus” liberal pet projects, added $400 billion to the year’s current budget, will soon be passing a $3.6 trillion 2010 budget, and will no doubt be giving Timmy Turbo Tax more money to throw at the banks...despite all of this, Obama STILL says he will cut the deficit in half by 2013. Please keep the laughter to a minimum, I think he really means it. How will he do this? Well, he will raise taxes, but only on the top 2% of taxpayers. Okay, I guess you can laugh now.
Does anyone take him at his word on this? Am I to believe that the top 2% of taxpayers have trillions of dollars they can pay in taxes? Folks, I’ll make a promise. If Obama does all of this while only raising taxes on the top 2%, then I’ll vote for him in 2012. Fat chance.
His tax plan will further drive up unemployment because the folks making >250K are usually small business owners. Their tax bill will go up, and they will cut costs as a result, probably starting with employment costs. More jobs lost.
My favorite quote was Obama’s description of tax cuts for the wealthy, he called it “an excuse to transfer wealth to the wealthy”. This says a lot, doesn’t it? See, I thought rich people actually earned their money, it belongs to them and they surrender a portion of it to the government. That’s not how Obama sees it. To him, that money belongs to all of us and it’s the government’s job to dole it out accordingly. So if we cut taxes for rich folks, we’re giving them more wealth. Wow. If that’s not Marxist, I don’t know what is.
We made a massive mistake in November. And we will be paying dearly for it, probably for decades. Here comes our bondage!