The Trainwreck that is Obamanomics

The Economy is off the rails

American capitalism is the engine room of the global economy. Sadly, the guy in the engine room doesn’t know how the machine works. All he knows is how to toot his own horn. This is the real difficulty of the next four years if President Obama wins another term.

What should worry you is that Romney and Ryan are making little headway in the polls. Obama has the advantage of being the incumbent. George W. Bush had the same advantage, and in spite of negative perceptions abroad and demonization in the media at home, he still won in 2004. Obama has a lot less against him.

Romney needs to focus on the economic issues, not get himself embroiled and lost in skirmishes on foreign policy issues. He needs to do two things. First, he needs to clearly spell out the trajectory four more years of Obamanomics will take us through.

Spell it out:

Step by step.

Failure by failure.

Cent by cent.

The Fraser Institute in Vancouver points out that Canada is more economically free than America. Where is America? Between Qatar and Kuwait. If that is not a warning bell then I don’t know what it is.

Obama sold himself on the economic issues in 2008, which made the economy even worse. Investors and businesses took even more drastic decisions in response to the Obama gloom rhetoric. Having set up the premise that the global economy was in a more severe state than it actually was, he set himself up as savior. He promised he would come in on wings of angels, as Hilary herself told us, to save the world.

And it worked! As an election promise, as a selling point, it worked. As a presidency, it has failed miserably. He got four years and he’s blown it. The engine is going off the rails.

Does this look like a competent driver to you?

The debt piles up. The jobless are piling up. The government is bloated even more. People, as Romney rightly said, are increasingly dependent, and voting for Romney would feel to them like turkeys voting for Christmas.

If Obama stays in situ, then the engine will break down beyond repair. America cannot afford the load he is trying to pull, and nor can the global economy.

Romney and Ryan need to focus. If they can’t get this message home, and if they can’t inspire America to get this engine moving again, then they don’t deserve the job in the driving seat.

Fraser report can be found here: http://www.freetheworld.com/release.html

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Romney needs to call Obama’s Bluffet….

 

We know that the Bluffet, sorry Buffet, rule is a motif for President’s class warfare, and more warning shots will be fired when Congress returns today from a two-week recess to a test vote on the rule, which would impose a minimum 30 percent tax rate on income over $1 million. The Bluffett tax targets wealthier Americans’ investments rather than salaries.

Today is the day when this issue of class warfare kicks off for November in earnest, now that we know it will be Romney for the GOP and Congress gets to have a say on the matter.

President Obama, who pays less tax than HIS secretary (he filed tax returns showing he paid an effective tax rate of 20.5 percent on income of about $800,000 in 2011) says the government needs the revenue from the Bluffett rule, estimated at $47 billion over 10 years, to cover “a broad range of goals.” He also says “This is not just about fairness.” Well, he got that right, it is very unfair, but not in the simplistic moralistic way he is peddling.

He says “This is also about growth. It’s about being able to make the investments we need to strengthen our economy and create jobs. And it’s about whether we as a country are willing to pay for those investments.” In other words, robbing Peter to pay Paul.

Fact is, do we really need government to do the investing, and where does the investment go? Into government black holes and deep pockets, rather than into businesses which create wealth. The Bluffet tax would not create wealth, it would merely enhance dependency. We would see a better rate of return on the $47 billion in business investment by the wealthy than we would from government. That is an awful lot of liquidity to take out of the markets, and I don’t see too many secretaries taking up the slack.

Of course, keeper of the Treasury keys Tim Geithner was out pushing the rule on Sunday, “Just because Republicans oppose this does not mean it’s not the right thing to do and not the right thing to push for,” he told NBC’s “Meet the Press” program. Double negatives aside, we can say that just because Democrats think it is the right thing to do doesn’t mean it even begins to make sense.

If we look at the paying side of this, we see the rich targeted for this end up paying more. Simple. But for what are they paying? Increased revenue means increased expenditure, and so the things for government to spend on expands to meet the expanded revenue. More programs, more dependency and less reward for effort. What does the payer get in return? They get little benefit, and the wealthier they are the less they need what they are paying for.

Which means the sole purpose of the Bluffet rule is twofold, increased state powers and redistribution of wealth. Conservatives who attack Romney or the rich for their wealth are playing with the same deck as Obama.

Obama says, “If you make more than $1 million every year, you should pay at least the same percentage of your income in taxes as middle-class families do… Most Americans support this idea. We just need some Republican politicians to get on board with where the country is.” Of course, Obama doesn’t have to worry too much about his investments, because after leaving office, which cannot come soon enough, he will make a ton of cash for the remainder of his days. He doesn’t have too much to worry about…The rest of us do.

Trunkline 2012: Wednesday’s Wit and Words from the Campaign Trail, 10/12/11

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