Michael J. Boskin succinctly explains the extent of the damage Barack Obama is doing to the country.
It's hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president's policies are designed to radically re-engineer the market-based U.S. economy, not just mitigate the recession and financial crisis.
Martin KozlowskiThe 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.
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.
...From the poorly designed stimulus bill and vague new financial rescue plan, to the enormous expansion of government spending, taxes and debt somehow permanently strengthening economic growth, the assumptions underlying the president's economic program seem bereft of rigorous analysis and a careful reading of history.
Unfortunately, our history suggests new government programs, however noble the intent, more often wind up delivering less, more slowly, at far higher cost than projected, with potentially damaging unintended consequences. The most recent case, of course, was the government's meddling in the housing market to bring home ownership to low-income families, which became a prime cause of the current economic and financial disaster.
On the growth effects of a large expansion of government, the European social welfare states present a window on our potential future: standards of living permanently 30% lower than ours. Rounding off perceived rough edges of our economic system may well be called for, but a major, perhaps irreversible, step toward a European-style social welfare state with its concomitant long-run economic stagnation is not.
I want Obama's socialism plans to fail.
When it comes to his destruction of the foundations of American capitalism, I want him to fall flat on his face.
5 comments:
CHANGE that you just cannot believe, unless you knew exactly what Obama was, and is, before the election.
Obama still has great approval ratings because the media covers what he says not what he actually does. He lies through his teeth about what he's doing, and going to do, and the media reports the lies without batting an eye.
Obama is an academic socialist, or worse. None of this surprises me. The world will collapse if Obama brings down the USA just a little bit more. The world relies on our buying power. But Obama knows that he's the guy with all of the answers for the entire world.
If somebody was actually that smart they wouldn't need a teleprompter everywhere they go for everything that they have to say.
Obama = Socialism
There's nothing moderate or centrist about him.
He's at war with capitalism.
Rahm says never waste a good crisis. Anybody that thinks the Democrats are going to restore this economy has got another thing coming. Their agenda is to manufacture a welfare state where everybody shares misery equally.
Enjoy the Lexus while you can. It is about to come to an end. The government is already crafting plans on how to take over everybody's retirement accounts.
Maybe this is what we deserve. Very few pay attention to the real world. They are more interested in their manufactured consumer lifestyle. Meanwhile their way of life is going down the tubes and they don't even have a clue. Unfortunately, for them, those in power know all of this too well. Like Schumer said, the public doesn't care. When they do finally care and figure it out it's going to be too late. They will continue to buy into the politcal propaganda and lies until one day the scales fall from their eyes and they realize all is lost.
Something like 85% of USA citizens have less than $5,000 in their savings account. If Obama sends this economy south he's not even going to begin to believe the problems we will have. It will make Katrina look a pin point.
Obama says not to "fear the future." Translated that means it's coming, just lay back and let it happen. There's nothing you can do about it.
Where is Obama going to get the weatlh to redistribute when there is no wealth? The Messiah might want to ponder that for a while.
I bet Hollywood, Bruce and the rest of the entertainment industry is worried at this point. The government will have no use for these folks so they will wither on the vine. But, this is what they've been asking for, right?
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