And socialism took over America under the guise of “Change you can Believe In” as people naively looked on and waited for their redistribution of wealth only to realize that they were by definition, the wealthy. Obama is what we said he was … a tax and spend liberal (socialist). How many of you that voted for change thought you were voting for socialism, even though you had been warned?
As Larry Kudlow stated … Obama is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds. As The Astute Blogger very well states, OBAMA IS ATTACKING THE VERY HEART AND SOUL OF THE ECONOMY.
Let me be very clear on the economics of President Obama’s State of the Union speech and his budget.
He is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds.
That is the meaning of his anti-growth tax-hike proposals, which make absolutely no sense at all — either for this recession or from the standpoint of expanding our economy’s long-run potential to grow.
This is nearly double the government-spending low-point reached during the late 1990s by the Gingrich Congress and the Clinton administration. While not quite as high as spending levels in Western Europe, we regrettably will be gaining on this statist-planning approach.
Study after study over the past several decades has shown how countries that spend more produce less, while nations that tax less produce more. Obama is doing it wrong on both counts.
The Gateway Pundits adds yet another tax gem from Obama with the carbon gamble that will cost consumers $65 billion. A carbon tax on energy producers passed on to the consumers. Think people earning less than $250K a year will not also be paying these expenses?
Mr. Obama’s budget estimates $645 billion in cap-and-trade revenue over the next 10 years that will largely be paid by oil, electric power and heavy industries that produce the majority of carbon dioxide and other gases blamed for the warming of the planet. Many of these costs are expected to be passed on to consumers.