"Hope for the Future". "Change in Washington". This is the bag of goods sold to voters by President Obama on the campaign trail. Well, we clearly have change, but not in Washington.
Obamanomics began even before the oath of office was taken in January of 2009. At that time, then President Bush (43) was vacillating on whether or not to sign a massive bailout bill coming out of congress for the financial sector, which was suffering from the results of toxic mortgage debt. In an unprecedented move for a President elect, Barack Obama cajoled President Bush into signing this bloated bill. Soon, after the inauguration, the public was being sold a "Stimulus" boondoggle of over $700 billion in size. Tarp II followed shortly thereafter, another financial sector bailout.
When these measures failed to stimulate economic growth, before more than 10% of the first stimulus funds had even been distributed, we began to hear rumblings from presidential advisers and congress and liberal media types that another stimulus was needed.. Of course, as we all know now, that whole discussion was covered over by this debacle that is their attempt to take over the Health Care Industry, Lock, Stock, and Oaken Barrel. Can you begin to see what Obamanomics is now?
Obama and his "advisers" (Czars) have a RADICALLY different view of America and it's economy. Obamanomics has no place in it for Free Markets with minimal regulation. Their "euro-centric" view puts capitalism (such as it is in America) in a move to be the controlling force in the economy, IE: socialism. The economic plans of this administration seem to be based on a false premise that jobs and economic growth must be created by government.. That the money that companies make and employees earn is governments money first. That any balance left after regressive tax policies is a reward from government. To date, it does not seem to be working.
A government can not spend it's way out of a recession into prosperity. You can not encourage economic growth by placing ever larger burdens, be they regulatory of tax, on the engine of that growth, American companies. One of the problem with Obamanomics is the constant contradictions inherent in socialist economics (thank you Karl Marx). You can not insist companies hire more workers and then place a higher tax burden on them for doing so. You can not insist on more profitability and then increase their tax burden yet again. You can not insist that American companies continue doing business in this great country by increasing the ever burdensome regulator environment they already live in. Regressive tax policy and increased regulation are disincentives to growth.
To use an old saying, " You can't have your cake and eat it too". Obamanomics, due to its inherent contradictions and false premises is doomed to failure at the expense of the American people. No president of congress has ever spent their way out of a recession. The massive debt being heaped on the heads of American taxpayers and businesses will continue to weigh down and already overburdened economy, limiting growth and destroying wealth. In fact, tax revenues have been falling drastically this year as Obamanomics began to take hold. Look for a discussion about "additional sacrifices" needed by the American Public very soon. Higher Taxes? You bet...on everyone who pays taxes, not just the wealthy.
