Obamanomics and the liberal destiny with bankruptcy
And all of this from the same government who brought you the biggest Ponzi scheme on the planet.
Posted on :
06-27-09 |
“If you make less than a quarter of a million dollars a year, you will not see a single dime of your taxes go up.”
That, of course, is one of President Obama’s famous campaign pledges slid in between “Yes we can”, and “Change you can believe in”. He used this to take any wind out of the sails the Republican’s could possibly muster after eight years of Bush making a mockery of conservatives with his big spending plans while ratcheting the nation back into debts and deficits again with prescription drug plans and vast amounts of foreign aid to the tune of health care in Africa and large wars in the middle east.
He basically borrowed a page from Bush Senior’s book… “Read my lips, no new taxes”. But now only five months into his presidency we realize what he really meant was you will not see “ONLY a single dime” of your taxes go up… in fact you will see several dimes, quarters, and dollars go up, and the best part is that it won’t matter how much money you make. All you have to do is smoke, drink alcohol, drink sugary sodas, put gasoline in your car, use electricity at home, use natural gas to heat your home or cook with, invest in the stock market, have a checking account, use a credit card, own a small business, or go to the doctor every now and then when you feel sick and you will feel the new American economy knocking on your door wanting more from your wallet.
Cigarette taxes are up 40 cents a pack. Brewers on the west coast are bracing for increased taxes per barrel. New York State is going after Coke & Pepsi. The new Cap and Trade tax, which passed the house today, will add untold sums to the prices of gasoline, electricity, natural gas, and anyone who uses coal. Capitol gains taxes are set to go up from 15% to 25% or maybe even 80% as the old CEO if IBM mentioned today. Banks are lowering rewards and available credit while raising annual fees and interest rates on credit cards. Small business owners are being asked to pay more overall tax, increase their health care coverage, and offer more vacation time to part time employees. And don’t even get me started on where the TRILLION dollars is going to come from to help everyone get affordable health care insurance. This is before the first budget overrun, and there’s always a budget overrun.
And all of this from the same government who brought you the biggest Ponzi scheme on the planet. No, I’m not talking about how the SEC missed the Madoff fraud. I’m talking about Social Security, Medicare, and Medicaid. All three programs are slated for bankruptcy in the next 20 years, because the amount of people paying in will no longer be able to keep up with the people needing the money. Every day, out of every one of our checks, they take money out for these programs, and then hand it over to someone else a little older than us. This plan worked great while the baby boomers were all working, but now with the largest single generation of our lifetimes getting close to retirement, the whole Ponzi scheme is crashing right in front of our eyes.
“Only when the tide goes out do you discover who's been swimming naked”. Warren Buffett
So to distract us from this impending disaster, instead of trying to do some serious thinking on how to lower these tremendous unfunded liabilities, our President and Congress are making new multi trillion dollar programs for the next generations, so we won’t feel like we are going to be screwed quite as bad. Sure, we won’t get a dime of Social Security when we get old, but at least we will have a nice government run health insurance plan, paid for by the 5% of high earners, with a lot of help from our children and grandchildren. We will worry about what to promise our kids to keep them happy sometime in 2040, but for now, that’s not our problem.
So as we continue to print new money, and borrow everything we can from China, inflation will start to take hold over the next few years. Those new taxes on cokes and smokes will become 5%, 10%, 20% more expensive, and we will need to earn more money just to buy the same things we can today. Interest rates will have to go up again, maybe we will even revisit the 1970’s where if you could get a mortgage at 17% you felt like you got a deal. Of course, the houses will still have 5 bedrooms and bathrooms, hot tubs, and home theatre systems, so that 17% of a hell of a lot more house at a much higher price will be even harder to pay.
Every good and service bought and sold will become more expensive, as more and more of these taxes work their way through the system and ultimately end up grabbing our dimes and dollars from our tired, overworked hands. Hell, maybe in only 40 years, America will have gone from single breadwinner households, to two parent working households, to having to put the kids to work to help pay the mortgage. People complain all the time about how businesses don’t pay their fair share of taxes, but businesses still have to keep the lights on, and pay their employees, and the more money the government charges them for the right to be in business means increased costs to you and me.
But hey, you guys all voted for change you could believe in, and you’re going to get it.
“If you make less than a quarter of a million dollars a year, you will not see a single dime of your taxes go up.”
The next part of that statement should be… “for now… although everything you buy will be much more expensive. But don’t worry, because soon the government will be mailing out free oxycodone to everyone to take the edge off so you all just won’t care as much. Please be sure to follow the Czar of Medicine’s recommendations in this pamphlet on the proper dosage, because you won’t be able to see an actual doctor for another 7 months.” |
