Posted on 02/27/2009 1:44:17 PM PST by chpmass
Let me be very clear on the economics of President Obama’s address to Congress and 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.
Raising the marginal tax rate on successful earners, capital, dividends, and all the private funds is a function of Obama’s left-wing social vision, and a repudiation of his economic-recovery statements. Ditto for his sweeping government-planning-and-spending program, which will wind up raising federal outlays as a share of GDP to at least 30 percent, if not more, over the next ten years.
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.
And as far as middle-class tax cuts are concerned, Obama’s cap-and-trade program will be a huge tax increase on all blue-collar workers, including unionized workers. Industrial production is plunging, and new carbon taxes will prevent production from ever recovering. While the country wants more fuel and power, cap-and-trade will deliver less.
Obama’s tax hikes will generate fewer revenues and lower economic growth. Yes, the economy will recover. But Obama’s rosy scenario of 4 percent recovery growth in the out years of his budget is not likely to occur. The combination of easy money from the Fed and below-potential economic growth is a prescription for stagflation. That’s one of the messages of the falling stock market.
Essentially, the Obama economic policies represent a major Democratic party relapse into Great Society social spending and taxing. It is a return to the LBJ/Nixon era, and a move away from the Reagan/Clinton period. House Republicans, fortunately, are 90 days sober, as they are putting up a valiant fight to stop the big-government onslaught and move the GOP back to first principles.
Noteworthy up here on Wall Street, a great many Obama supporters — especially hedge-fund types who voted for “change” — are becoming disillusioned with the performances of Obama and Treasury man Geithner. There is a growing sense of buyer’s remorse. Well then, do conservatives dare say: We told you so?
BINGO!........I hope the UMW, UAW, Steel and Teamsters are listening................
The unions are more concerned about their power than the viability of their respective members’ companies. The UAW is a perfect example.
Noteworthy up here on Wall Street, a great many Obama supporters — especially hedge-fund types who voted for “change”
they thought: how could I possibly vote for the old guy and his female sidekick who hunts for her dinner? I’m going for the cool guy who likes his iphone.
I hope they learn to speak Hindi or Cantonese rather quickly, then...............
“That is the meaning of his anti-growth tax-hike proposals, which make absolutely no sense at all “
No sense to a capitalist. To a Marxist they are historically inevitable.
Well then, do conservatives dare say: We told you so?
Let me say it those O supporters:
I TOLD YOU SO !!
Someone please ping me when we no longer have a frikin’ community organizer as president. Thanks in advance!
Obama makes war with our economy and makes nice with terrorists - and the sheeple sleep.
And unfortunately, many, including my brother (who actively campaigned for Obama), wanted to be able to say they voted for the first black man in the White House. Politics were pushed aside, because people thought he’d be a moderate on financial/economic issues like Clinton.
Yes, we all told you so. BHO’s aim is to redistribute the wealth of our nation according to his socialist vision.
I never drank the Kool-Aid. Fortunately, I convinced my wife, who’s never voted for a Republican, to vote for McCain. She was frightened of Obama’s economic policies.
I dig at my co-workers who openly praised The Zero during the whole campaign and had orgasms of joy when he was elected and then were in seventh heaven when he was inaugurated. “Liking that “change” yet? You better........”...........they are not happy...............
My wife works at an ad agency and was probably one of the only people in her office who voted for McCain. She said people were elated when Obama won, as they all thought he was literally the second coming of Jesus Christ. I wonder how they’re feeling now.
Her tnoughts now
Essentially, the credit froze up and the spending stopped, so business slashed inventories and manufacturing dropped off the table (and China caught a cold.) Now a flood of easy money comes out the anu$ of Washington, but there are no goods to buy. Classic case of too much money chasing too few goods.
Result? Burn the money for heat and stand in line at the store in case something comes in.
Entrepreneurs, investors, and the real producers of this country will strike back at Obama and his idiotic policies by laying workers off and not investing. Tax revenues will dry up and the markets will stay in the toilet. When the pain is great enough the American people will figure out what a mistake they made.
My hope of hopes would be that they would feel it the worst and alone. Sadly, such will not be...
Most of the people at Jonesboro apparently believed in Jim Jones even while he was calling them up to the podium to get their kool-aid for them and their kids. It’s pretty much the same here. Zero is up at the podium passing out cyanide laced kool-aid and the masses who supported him are lining up to take it. Doesn’t make a whole lot of sense but it is what it is. People are friggin’ nuts - that’s about all I can figure. That and a healthy dose of BDS (which amounts I guess to the same thing).
Just noticed this post. I would think the advert biz is down. Do tell later if you hear of any buyer's remorse.
Instead of “I told you so”,
say “I HOPE you like your CHANGE”
They are getting exactly what they paid for, the destruction of the United States, and it is being done for them faster that probably most of them thought possible.
They will have their global government and it cost less than a trillion dollars to get America on board. A bargain.
Obama has 90 to 120 days to start to show some results on the economy....after that dissatisfaction with his Presidency will grow exponentially. It will build faster than a tsunami.
My pre-election prediction is still possible....that Obama will be the first President impeached by his own party in his first term.
I would love to tell him why I “would put my money in the stock market to invest, with the potential of gains, for others to reap the benefits, but not any loses I would have to pay for.”, and they lose nothing. He must not own any stocks.
Feeling Bullish? [Kathryn Jean Lopez] Will Larry Kudlow run for senate against Chris Dodd? From Steve Moore: Republicans in Washington think they may have found their man to pick up a Senate seat in Connecticut in 2010: Larry Kudlow, the former Reagan budget advisor, Wall Street economist and now CNBC TV news anchor. The Internet is abuzz with the chatter of a Kudlow for Senate boomlet, which has even hit the Drudge Report. In an interview yesterday, Mr. Kudlow confirmed to me that he did sit down for dinner with Senate Republican Campaign Committee Chairman John Cornyn “to hear him out on the idea.”
That would be cool...
As conservatives were shrieking that Obama was a leftist wealth confiscator, I'd bet all the young, smart, hip Wall Street types were laughing their smug assets off. I wonder if they're laughing now.
Obama’s cap and trade scam is like the Smoot-Hawley act on steroids, it will be an economic nuclear bomb.
Short term, Obama/Geithner want to keep as much private investment money as possible in T-Bills so they can keep the interest rate low for unlimited borrowing. So short term, they are not concerned at all about growth in the stock market. They don’t want anyone to be lured out of T-bills and back into the market or else interest rates will go up.
Long term, they are putting policies in place which will strip the private sector of money and put more and more money in government coffers - less tax deductions, higher taxes.
If a trillion or more $$$ went out of T-bills and into the stock market on Monday, O’s plans would be severely curtailed. Are we that brave?
Here they work at an ad agency which relies on the free-market for survival more than any other industry and yet they support a president who has basically declared war on the free-market. My question is: how smart are these people, and shouldn't your wife be looking for another agency where the people are a tad saner?
We aren’t going to be needing so many admen. We aren’t going to be needing so much retail either. Nor gas stations, nail salons, or car dealerships.
My point, I guess. *sigh*
RE: “Well then, do conservatives dare say: We told you so?”
and...
“Let me say it those O supporters:
I TOLD YOU SO !!”
***********
Yes, we say I TOLD YOU SO!!! We say it loudly and clearly and we don’t let up. I’ve just ordered a few great bumper stickers guaranteed to annoy the heck out of all the lib idiots in my area of Los Angeles: “You Voted for it, Comrade,” “Delusion” (with Zero’s “symbol” in the “o” in delusion), and “Beware False Prophets Promising Change!”
My car is semi high-end, but old -— and I have good insurance. Wonder if any Obamabots will decide to vandalize it................. Maybe at first I’ll put the stickers INside the car so I can put them up when driving and take them out when parked. Just want to test the waters around here first in 99 to 1 Obambi territory. No doubt I’ll get a lot of “salutes” from the faithful as I drive around... I’ll let you all know....
Question ? Is any of this really a shock to anyone who paid attention during the election ? Then why in the hell are people just now getting worried and upset ?
RE: “My pre-election prediction is still possible....that Obama will be the first President impeached by his own party in his first term.”
******
I’ve long said if elected Zero would probably not complete even ONE term. Let’s hope my intuition is right.
“Question ? Is any of this really a shock to anyone who paid attention during the election ? Then why in the hell are people just now getting worried and upset ?”
#####
Precisely.
“Getting even” with wealthy whites was a prime driver in this past election.
The jealous savages are getting exactly what they wanted out of Zero.
Why the surprise?
We can only hope they leave enough of America for some good Conservatives to salvage.
I’ve always wondered the same thing, but as I’ve gotten older, many, many people who rely on the fruits of business and capitalism for their well being have very liberal voting habits. If this weren’t the case, New York City would be one of the most conservative places on earth. It doesn’t come close, even though it is fantastically capitalistic.
I think a lot of it is these types of people are socially liberal, but more economically conservative, and feel that a Democrat President will govern more from the center (a la Bill Clinton). Many are too young to have much experience with Carter and the misery index and really don’t even think super big government is possible. A lot of them also don’t pay much attention to politics, no matter how smart they are, and vote for the person who’s the coolest.
I’ve been trying to understand this for years. I’ve always been very conservative. A good number of my friends vote very liberally, so I don’t even bring up politics with them. And yes, a lot of my friends are pretty well educated and graduated from elite private colleges. Unfortunately, many take their well being for granted.
Maybe Obama will destroy the Democrat Socialist party for decades.
Obama has 90 to 120 days to start to show some results on the economy....after that dissatisfaction with his Presidency will grow exponentially. It will build faster than a tsunami.
My pre-election prediction is still possible....that Obama will be the first President impeached by his own party in his first term.
What's your brother saying these days?
I haven’t talked to him, but I’m afraid he still thinks he chose a great man to be President. He’s stubborn in that way. Always has been. He’s my brother and we have a great relationship, so I don’t want politics to screw it up. I get pretty fired up when I get on a rant about the Marxist’s economic policies, so I pretty much just keep to myself around everyone unless I know they dislike Obama.
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