Economic newscaster Larry Kudlow refers to the last twenty-five years of economic prosperity as the “greatest story never told.” He’s dead-on right on this one.
America, and the entire world for that matter, have witnessed in the previous 25 years the greatest period of prosperity in human history. The result of this has been that more wealth and upgraded quality of life has been created during this period than at any time in recorded history. Where has this story been on the nightly news or on the editorial pages of our newspapers?
A major reason for this tremendous prosperity over the last 25 years is largely attributed to tax cuts, which Senator Obama wants to rescind and reverse. Instead of continuing with this historic growth by continuing President Bush’s tax cuts or even providing more economic stimulus by lowering taxes even further and reducing the size of the federal government (which I refer to as Fedzilla), Senator Obama wants to feed Fedzilla by raising taxes. This is simply weird and dangerous.
Class and economic warfare is the typical liberal platform: soak the rich, reward the slovenly. What socialist liberals like Obama do not tell you is that the rich already pay the vast amount of taxes. The top one percent of all wage earners already pay roughly 40% of all income taxes. The bottom 50% of wage earners contribute roughly five percent. If I hear the term "fair share" again I think I will slap somebody silly.
The “evil” rich are the business owners, the people who employ and fuel America. If you want to discourage and kill entrepreneurship and future risk taking by business owners and thereby slow the economy and job growth, and potentially put jobs at risk, support the former Community Organizer, whatever that is.
The reason liberals believe in raising taxes is because they believe the government is the engine of America. Socialists like Obama are wrong. The free market is the engine that creates economic freedom, provides jobs and creates wealth. Period.
Cutting taxes has proved time and time again to create more tax revenue for the government while creating wealth in the private sector. Why liberals continue to ignore this most blatant economic reality speaks volumes about their disdain for the private sector. A cult of anti "we the people" right here in America. Great.
Other than maybe a paper route as a kid, can anyone tell me if Senator Obama has ever held a job in the private sector?
Unless you are an ignorant socialist stooge, punishing successful people by raising their taxes is never the right approach, but it is the foundation of the Democratic Party. They have never seen a tax increase they didn’t support or a government program that didn’t need to be expanded. Instead of throwing coal on our economic fire, Democrats toss buckets of water on it and call it progress.
Unbeknownst to Senator Obama, we can not tax our way to prosperity. Senator Obama wants to raise a host of new taxes including Social Security taxes, increasing income tax rates, even redistributing your tax dollars to pay for retirement programs for Americans who refuse to save for their own retirement. Senator Obama will “invest” hundreds of billions, possibly trillions of dollars, tax dollars we do not have, on various projects which will expand our mounting debt.
We live in an ever expanding global economy. In order to be competitive, we desperately need further tax relief coupled with a reduction in the size of Fedzilla, which consumes everything in its path. More economic freedom will make us more competitive while reducing both the deficit and debt in the long term.
Feeding Fedzilla is always the wrong approach. As I point out in detail in my
forthcoming new book from Regnery, “Ted, White, and Blue-The Nugent Manifesto”, it is amazing to me that the very liberals who decried the slow, ineffective federal government response to Hurricane Katrina somehow believe nationalized healthcare will be a model of federal government efficiency.
Tax cuts and putting Fedzilla on a strict diet is the right approach. That prescription is anathema to liberals who believe higher taxes, more spending and more government programs are the right approach. I find that economically bizarre and, quite honestly, anti-American.
The liberal approach to shaping our government and future is modeled after the Europeans who also believe big government is the cure. No thanks. Big government is the problem and even some European countries are beginning to figure that out.
Warning: Do not feed Fedzilla. It is a pig.