Friday, September 9, 2011

Obama’s Story of America

By Bill Wilson
For Barack Obama, economic prosperity for 14 million Americans seeking a job is just a matter of borrowing a few more dollars, and printing yet more money. And of course, paying your fair share — by Obama’s rules.
It is Obama’s “story of America,” where the only solution for government’s unsustainable spending is to reach into your pocket, and the only way to grow the economy is to put it on the charge card.
Which is the same old story.

During the longest period of sustained high unemployment since the Great Depression, is now the time to raise taxes on job creators? And at a time when the nation is already steeped in a $14.7 trillion debt that cannot repaid, is another $447 billion of “stimulus” the answer?

This is more of the same, and is precisely the recipe to turn the United States — into Europe, where merely funding government through more borrowing is tearing society to pieces. There, painful tax increases are thought to replace governments’ tepid efforts to control spending, too.

Specifically, Obama’s speech to a joint session of Congress called for raising taxes on capital. He claims the hike is at the behest of billionaire Warren Buffett.

Even if it is, when you want less of something you tax it. So, there will be less investment, further squeezing the balance sheets of businesses large and small. That in turn will increase the cost of doing business in America, resulting in yet more jobs being shipped overseas.

As for his plan to fork over hundreds of billions of dollars to balance state and local government budgets — again — that will only put off the day of reckoning yet again for politicians. How?
Get full story here.

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