Obama’s Plans Spell Economic Doom

Unfortunately the average American voter doesn’t understand basic economics. Why do you think I read articles and books written by people who specialize in economics, anyway? So that I can understand better the basic principles of capitalism that set us apart from all nations-which leftists don’t seem to understand and are always putting down.

Obama is not simply raising taxes on the rich, he’s crippling their ability to generate jobs, make investments and produce wealth. (For example: “When Obama says he’ll only tax the rich, he’s saying he will only tax the engine room, not the rest of the ship.”)

The public must learn what the impact of doubling the tax on capital gains would be — how it would drive investment out of the country and cost us one to two points a year in economic growth for the rest of the decade.

Voters must hear how Obama can’t possibly finance his programs — particularly his health-insurance schemes — with the tax hikes he’s advocating. They need to ponder the impact of these tax hikes on an already slowing economy, it’s legitimate to fear a new depression, not just a recession.

Most people alive today didn’t have to go through the Great Depression; they don’t know what it’s like to have REALLY HARD economic times. They don’t know what it’s like to ‘do without’.

But under Obama, you can bet we’ll be doing without - we may never recover from an Obama presidency.

Obama’s Global Poverty Act

The Global Poverty Act (S.2433) would require the United States to spend $845 billion ($845,000,000,000.00) on welfare to third-world countries. This amounts to a tax of over $2,000 on each man, woman and child in the United States. The foreign aid budget now stands at $300 billion; the Act would add the additional expenditure to the already huge amount allocated to assist the world.

From there it would grow, like all government programs.

Those are staggering numbers. And if you think about the ramifications of doubling the capital gains tax in addition to stealing the modest profits from the oil companies in order to give ‘rebates’ to people, you have a good idea of his thoughts on redistribution of wealth.

Where is it all going to come from? I resent all of his pie-in-the-sky rhetoric when he’s out there talking about how he’s going to inflate taxes and then spend that money. He’s up there on stage talking about literally mugging the American public, and they’re loving it.

There’s something terribly wrong with that.