As you vote this weekend or on Tuesday (my recommendations are here), I want you to take a look at the chief economic claims of Barack Obama: The rich need to pay more. Translation: If the rich make more that means the poor get less. Not giving what he wants is ‘selfish.’ See the You Tube video below (sorry about the name of it). The top 1% pay 40% of the taxes and earn 22% of the wealth! How much of their incomes must they give before he is satisfied the wealth has been ‘spread around enough?’
Then Obama claims that he can reduce the taxes of 95% of the people. As you can see from this chart from the Wall Street Journal, the bottom 50% of earners pay barely ANY income tax. Approximately 40% of earners pay no income taxes whatsoever.
What Obama proposes is that we Spread the Wealth Around, give money known as “refundable tax credits”–to people who don’t pay taxes. While he stammers around deciding which group of “rich” people he’ll hammer with increased taxes (is it above $350K? $250K? $200K? $150K? Dunno, he’s said all 4), you can see by the chart there ain’t no way 95% are going to get a tax cut. No. Way. Especially since he favors allowing the Bush tax cuts to expire–an immediate TAX INCREASE! See next chart from the Wall Street Journal.
But that’s not even the most disingenuous part of his schtick. Obama blames the current economic emergency on the republicans. This is laughable. Of course democrats want to blame Bush for everything. This exploded on his watch. The only thing Bush did wrong was not fight harder for the fix for Fannie and Freddie in 2003 and when McCain wanted to put the brakes on Fannie and Freddie mortgages in 2005. Bush’s response has been to get government even more involved which I think is a mistake. But this disaster has its roots in democrat plans to make sure everyone can buy a house and made worse over the years by groups such as A.C.O.R.N. Making it easier for poorer people to attain more wealth through home ownership is a laudable idea, but the way this was done was foolish. We know that all too well now. See this piece here about how TOO MUCH regulation (through redistributionist programs such as CRA) and so called “SMART GROWTH POLICIES” here helped create and worsen respectively this disaster. Portland and Seattle are you listening? Add money supply issues and you’ve got a problem which has left the WORLD teetering on recession.
I repeat, when the democrats were forewarned they fought the fix to avert this disaster. This is their Katrina. The world teeters on recession because of their recalcitrance and political correctness. Even Henry Waxman grudgingly agrees that democrats might have had something to do with it. For Waxman that’s as good as a signed confession.
Below is the You Tube of Obama yesterday saying that government is ‘charity’ and wondering when we made a ‘virtue out of selfishness.’ Are Americans selfish? That’s Obama’s world view. We’re selfish rich people. He has plans for our money. If we want to keep more of it it’s because we’re selfish. Think about it. You would have less money for you and your charities of choice because he wants to fund the ACORNS and the Global Poverty Taxes of the world. Are we selfish? Months ago Mark Levin put on his blog the link to all of the US Government programs to help poor people. This 26 page list (here) is only the FEDERAL programs to help those less fortunate. We’re ‘selfish?’

He won’t be happy I suppose until we’re in a socialist’s paradise. You first, Mr. Obama.