Posted by
Ed Martin on Tuesday, November 04, 2008 12:46:36 PM
www.edmartinonline.com
It’s absolutely amazing how Barack Obama has snookered the American people, especially one fifth of conservatives if you believe the polls, into believing he will cut taxes for 95% of the American people. It’s a wonderful promise especially in light of the huge spending increases he needs to implement to pay for his plethora of new handouts.
Few in the media or politics have been able to figure out where the money is going to come from. Face it; it’s going to come from us and a variety of ways that will not be offset by the puny tax cut he has promised.
Brace yourself for significantly higher energy prices as Obama’s carbon assessments on domestic power production will that will result in huge utility bill increases and new gas taxes that will push the price of a gallon back above $4.00. These huge energy increases coupled with new business taxes will increase the cost of everything you buy to live on.
Inflation is cruelest tax, especially on the working middle class who do not qualify for the handout programs. This is how America’s middle class will be squeezed by President Obama. But, enough of us were snookered into thinking he’s a tax cutter.
As inflation escalates during an Obama Presidency, so will interest rates and as all this plays out more and more Americans will lose jobs as businesses move elsewhere or just close their doors and give up. Now Obama will blame Bush even though Bush will be gone and has had nothing to do with his wild scheme.
Just as the trickle down economics of the Reagan era resulted in great job creation and economic expansion that lifted America out of the morass of the Carter presidency, the same principle will mean the tax hikes focused on business and investors will trickle down into the cost of everything you need to live. We have seen this before and while it may sound good to those who do not understand economics, the ultimate victims will be all those who thought Obama’s change was going to be good as opposed to a change to policies tried and failed.
But they say America gets the government we deserve and if a majority has not taken the time to learn the lessons of history or understand how the economy really works, then strap yourself in for we are all going to go on ride.