Monday, November 3, 2008

Read My Lips: Obama Aims to Tax Middle Class

The specter of inflation coupled with Senator Barack Obama's intent to tax all who earn over $125,000 (which has been reduced recently from $250,000) is ultimately an open intent to tax the middle class. Within a decade the equivalent of a $50,000 or $60,000 income will be in excess of $125,000. The rhythm of the recent pissant media blitz becomes clearer.

To fund massive bailouts of Wall Street, higher taxes will be necessary to pay interest on the loans. The Federal Reserve Bank has monetized the bailout, doubling the size of the its bank credits within a month, an unheard of monetary expansion. This will be inflationary. Barack Obama's support comes from the media and from Wall Street, which also supported George W. Bush. Bush causes the inflation, Obama raises the taxes to cover the loans. The tempo is obvious. The media did not attack Bush in '04 the way it is attacking Palin in '08. There were nowhere near the stakes at play in '04. Bush was Wall Street's guy in '04. Obama is their guy in '08. Obama raises taxes on the middle class to subsidize Wall Street. Bush provides the subsidies and creates the inflation to prepare the way.

What is ironic in this is how the naive left believes the pissant media hype--"change", etc. This is the change Obama is talking about: bigger distributions to Wall Street; crippling inflation; and higher taxes on the Middle Class to pay for it. He will throw a few dollars to the poor, and enrage conservatives, satisfying the left that he is a man of the people.

As PT Barnum put it, a sucker is born every minute. In this election, there are about 100 million suckers.


TruthHurts said...

With all due respect. I disagree.
I think that the market will stabilize,..and Obama(if elected) will not raise taxes on those making over $250,000 like he said. There are too many people (from Rush Limbaugh, Bill O'Reilly, every Republican Senate and house member) who would love to come down on him if he attempted to raise taxes on people making $100,000 or 50K, 60K. They would all scream FOUL! Even his fellow democrats would not stand for it. That would be impossible.

I have heard a lot of doomsday talk regarding Obama being elected from cries of socialism to invitation to terrorism. I think there are a lot of people who would be very upset if 4 years from now, the economy is thriving, our international standing has improved, employment is up, and the deficit is cut in half. Think of the horror.

But if as you say, 4 years from now, the ground opens up and the U.S. is swallowed up by a Leftist, Liberal, Marxist, Communist president who further bankrupts our country and disenfranchises people... won't it be great to say "I told you so". Doesn't seem like a very "pro-American" outcome to wish for..

One thing we both can agree on,- I'm glad this will finally be over tomorrow. I predict that Wednesday morning, Bobby Jindal(37 year old governor from Lousiana) and Mitt Romney becomes the new face of the Republican party and Sarah Palin becomes a chapter in American Politics next to Ross Perot. Or McCain pulls off monumental upset and we get "Mavericky" for the next 4 years which may improve the future tax agenda. "International standing",..not so much.

Good news. The market is up today. At least so far. Enjoy your day.

Mitchell Langbert said...

i hope you're right, but I don't see how the Democrats will pursue their social agenda with the current deficit and inflation prospects. I didn't wish for America to fail. I think I've done all I can to stop it. It doesn't make me happy. The left may think that way. I certainly don't. Hopefully, the new face of the Republican Party will NOT be Mitt Romney or ANYONE who either went to an Ivy League university or believes in the northeastern ideas of Wall Street, Keynesian economics, government bloat and/or welfare for the rich. I would only want to see a non-northeasterner, not from an elite college who thinks that big government is crap, as I do.