Sunday, June 22, 2008
Amid all the teleprompter driven rhetoric, Mr. Hope N'Change has revealed a simple truth...that if he becomes president, you better damn well hope you have any change left when he gets through with you.
Obama has made `tax the rich' the economic mantra of his whole campaign.He loves to talk to his audiences of Kool-Ade drinkers about putting heavy windfall profits taxes on the oil companies, "big corporations and wealthy CEOS" and ending what he cheerfully refers to as "the Bush tax cuts for the rich."
Aside from the basic stupidity of not realizing that corporations don't pay taxes (their customers ultimately do)The Chosen One seems to have a leetle bitty problem deciding who the Evil Rich are exactly. And the bar keeps being lowered.
Depending on exactly which Obama tax proposal you're talking about, the definition of who's 'rich' has varied between $100,000, $200,000 and $250,000 per year in income.
Not only is Obama threatening to eliminate the so-called 'Bush tax cuts for the rich' on the above named household income levels, but he wants to eliminate the cap on Social Security taxes, which amounts to a major tax hike on anybody who makes more than $100,000 in income.
I bet you never realized how 'rich' you were, did you?
Obama also promnises to bring back the 1970's with a 25% windfall profits tax on American oil companies, which should insure that no domestic oil drilling or energy creation to increase supply takes place in America and that gas prices continue to rise....along with the cut the Feds and local government take from their percentage of each and every gallon that comes out of the tank.
At that, raising taxes even on the 'rich' with incomes above $100,000 isn't going to come anywhere near paying for the spending spree Obama is promising for education, bio-energy and universal health care. Repealing the Bush tax cuts for those with earnings of more than $250,000 would raise only about $40 billion a year, according to economist Alan Reynolds at the Cato Institute, which would leave President Obama with something like a $360 billion shortfall in finding the money for all the lovely things he's promising in this election season.
Even if Obama's other economic proposals are enacted - lifting the cap on Social Security taxes, his proposed windfall profits taxes on oil companies and his proposed spike in the capital gains tax, Obama is still likely to have as much as a $275 to $300 billion deficit even by the most wildly optimistic estimates.
That's going to leave him with two choices, especially since the increased taxes on business are going to to cut into revenues by crippling investment and business expansion. Either he's going to have to anger the people whose votes he's trying to buy by not coming through on the promised bribes, or he's going to have to lower the bar on who qualifies as 'rich' even further, and make up as much of the rest of the shortfall as possible by turning on the printing presses and further weakening the dollar.
Guess which he's going to choose?
An Obama presidency won't be about 'the future'..it'll be about reliving the past,with another dose of the superb economic management of the Jimmy Carter years.
Can we spell s-t-a-g-f-l-a-t-i-o-n ? Yes, we can!
Posted by Freedom Fighter at 7:07 PM