Saturday, March 14, 2009

Obama's Enemies and Taxes (Again)

As expected, Obama supporters have been attacking anyone with the temerity to oppose their anointed savior. Rush Limbaugh is an obvious target and it's been pointed out that going after him was a strategic ploy to deflect attention from Obama's gaffes. Other less likely targets include Jim Cramer, the CNBC manic commentator and Rick Santelli, CNBC's bond guy. Cramer's sin was to opine that Obama's budget "is the greatest wealth destruction I've seen by a President." Santelli went on a populist rant one day at the Chicago Mercantile Exchange. With the bond traders on the floor cheering him on, he challenged Obama's morally hazardous mortgage bailout plan. Both Cramer, who is (was?) an Obama supporter, and Santelli became fodder for Jon Stewart's lame humor. Stewart skewered Cramer's lousy stock picks, using the F word a couple of times along the way. Anyone who seriously takes Cramer's financial advice deserves to lose money though he does pick stocks better than he picks Presidents. Cramer appeared on Joe Scarborough's show and tried to excuse Stewart's attacks by saying that he's only a comedian. Scarborough would have none of it. He said that Stewart is an ideologue whose claim to speak truth to power is a sham. When Bush was President, Stewart went after him relentlessly, spoofing every one of his miscues. When Obama screws up, his critics get the business. The way Stewart works, claimed Scarborough, is to have a staff of about 100 scour the web and other news sources and find snippets of information that could be used against those he disagrees with. Then he goes on the air, presents the material, makes a face, and his audience howls.
Santelli was targeted by Stewart, Obama Press Secretary Robert Gibbs and Chris Matthews. Matthews, of course, has to defend the honor of Boyfriend Barack. He interviewed Santelli who forcefully and effectively advocated the importance of personal responsibility and the inviolability of contracts. Matthews asked who Santelli voted for, which I've noticed is a standard argumentative technique used by liberals. Aha, you're one of them - case closed. Santelli said he voted for McCain, which for Matthews, invalidated any point Santelli might make. (On the other hand, Matthews is just a neutral observer). Matthews then railed against predatory lenders (the Frank - Dodd endorsed GSEs perhaps?) and accused Santelli of taking the "Ebenezer Scrooge position".
(Expletive deleted), Chris. The government coerces Americans (particularly hard working, high achieving, high income Americans) to pay (and pay and pay) for mortgages taken out by people who couldn't afford them and who would walk away from them. In turn these deadbeats get to stay in their unearned abodes. If you don't like that - well you're just a cheap lowlife. Hey Chris, my 401K is way down. I didn't know investments could decrease in value. I'm a victim. Why don't you (and all your generous liberal buddies) contribute to my Retirement Recovery Fund? Don't want to? Tough. It's jail if you don't.

Here's an entry from The Free Republic website, 1/7/2003.

Starting in 1991, Washington levied a 10 percent tax on cars valued above $30,000, boats above $100,000, jewelry and furs above $10,000 and private planes above $250,000. Democrats like Ted Kennedy and then-Senate Majority Leader George Mitchell crowed publicly about how the rich would finally be paying their fair share and privately about convincing President George H.W. Bush to renounce his 'no new taxes' pledge," the newspaper said in an editorial.
"But it wasn't long before even those die-hard class warriors noticed they'd badly missed their mark. The taxes took in $97 million less in their first year than had been projected — for the simple reason that people were buying a lot fewer of these goods. Boat building, a key industry in Messrs. Mitchell and Kennedy's home states of Maine and Massachusetts, was particularly hard hit. Yacht retailers reported a 77 percent drop in sales that year, while boat builders estimated layoffs at 25,000. With bipartisan support, all but the car tax was repealed in 1993, and in 1996 Congress voted to phase that out too. January 1 (2003) was disappearance day.

An easy lesson to learn. Raise taxes, slow growth, lose jobs, reduce revenue. Lower taxes, stimulate growth, create jobs, increase revenue. The luxury tax was the embodiment of leftist economic philosophy. Get the rich to pay their "fair share" and transfer the wealth to the masses. And it failed miserably.

A followup note on my daughter's government project that I mentioned a couple of days ago. She had a substitute teacher for her class the next day. When he looked at what she (and I) had written, he immediately went to his computer trying to find evidence of plagarism. (There was none to find). At least he didn't accuse her of being a Nazi, Fascist, Zionist, Imperialist, Racist, Sexist, Homophobic Neo-Con stooge.

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