Wednesday, March 4, 2009

The Fast Track to Redistribution of Wealth--the Destruction of Your 401K

The Wall Street Journal knows what is going on in today's economy and it is not pretty. Notable lines:

Most of (Obama's) "stimulus" spending was devoted to social programs, rather than public works, and nearly all of the tax cuts were devoted to income maintenance rather than to improving incentives to work or invest....The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy.

Health-care stocks have dived on fears of new government mandates and price controls. Private lenders to students have been told they're no longer wanted. Anyone who uses carbon energy has been warned to expect a huge tax increase from cap and trade. And every risk-taker and investor now knows that another tax increase will slam the economy in 2011, unless Mr. Obama lets Speaker Nancy Pelosi impose one even earlier......................The powers in Congress -- unrebuked by Mr. Obama -- are ridiculing and punishing the very capitalists who are essential to a sustainable recovery. The result has been a capital strike, and the return of the fear from last year that we could face a far deeper downturn. This is no way to nurture a wounded economy back to health.........
Listening to Mr. Obama and his chief of staff, Rahm Emanuel, on the weekend, we couldn't help but wonder if they appreciate any of this.


And, perhaps more importantly, to those who were excited to cast a vote for Obama: Are you understanding now what kind of change you have voted in?

I have trouble believing that this is really what America is hoping for, and it certainly ought to be becoming clear now, that when the capitalists take their ball and go home, it becomes increasingly impossible to buy the unaffordable lollipops any society would, in a perfect world, like to have.

One way to equalize the income differences in a population might be to simply remove a massive amount of wealth from a large number of people. Let's hope that this kind of redistribution of wealth is not in any way a part of Obama's plan.

1 comment:

Anonymous said...

Not quite sure the President is listening, but some democratic Senators are, and they helped stop that omnibus bill for a little while...hopefully, they can go in clean that thing up.

I think some of the people on the Hill, hear the outrage in the least, I hope they do.

Good thing, hope springs eternal.