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What if you were 'wealthy'?

November 9, 2010 - Lee Smith
When Barack Obama was running for president, he told “Joe the Plumber” that redistribution of wealth was a noble aim. This really should not have been surprising, given the overall platform Obama was proposing.

As president, Obama has subsequently been the driving force behind a $800 billion “stimulus” package with borrowed money; cap-and-trade legislation or, in the absense, new EPA regulations on greenhouse gases; an instrusion by the federal government into the health care industry; new regulations on Wall Street; and he has cozied up to unions. In addition to the stimulus package, Obama has piled up record federal deficits. In combination, these create a future inflation threat.

Whether you like or dislike “the rich” does not matter. For I ask you: If you are someone who has some wealth — including large and small businesses across the country — what would you do in the face of this onslaught? Dive into new enterprises, new spending and more hiring? That would be utterly foolish. Not only are there no incentives for you to do so, there are blatant disincentives.

This is, in the end, good and bad. It is highly instructive of the destructive nature of liberal economic policies, under which we have been suffering and will continue to suffer for some time longer. But the light at the end of the tunnel is reality. A new, more conservative Congress is in place. It will stop any fresh outrages. The potential defeat of Obama in 2012 is the promise of morning coming.

What follows on that new day may be disappointing, if Republicans let us down again. But they seem more serious about cutting the federal budget and reducing the role of the federal government in our lives. They also want to negate any tax hikes. It’s wait-and-see, but that’s better than wait-and-suffer.


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