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Today, I ran across an editorial by 2008 Libertarian VP candidate, Wayne Allen Root, called Obama: Bumbling Incompetent...Or Bumbling Marxist ?. In this editorial, Mr. Root lays out a clear step-by-step explanation of how President Obama is going to destroy this country economically. If he is successful, Obama will wreak havoc on the American business sector, cause severe job losses, cause businesses to flee the country, and usher in a second Great Depression as a result. Following are 14 steps Obama wants to take to bring about his reign of terror:
#1) The biggest income tax increase in the history of America will take effect on Jan 1st, 2011. The new tax increase falls almost 100% on small business owners and high-income taxpayers (whose contributions happen to fund Obama’s political opposition). As a result, many more jobs will be lost and more businesses closed.
#2) A dramatic 60% capital gains tax increase (from 15% to 23.8% effective rate, including new universal healthcare taxes) will accompany the big income tax increase above. More jobs will be lost, more businesses closed.
#3) Taxes on dividends will increase from 15% to 39.6%, and then another 3.8% by 2013 for Obama’s new healthcare taxes. Stocks will be crushed and older Americans will be devastated (because they live off dividends, investments, and bank interest). More lives ruined, more jobs lost.
#4) New taxes on income, investments, and even tanning bed users soon take effect to pay for Obamacare. Worse,18,000 new I.R.S. agents will be hired to enforce these taxes (at a cost of billions annually in new government employee salaries, pensions and benefits). More jobs lost.
#5) The pending Cap and Trade legislation threatens dramatic new taxes on anyone who owns a business, owns a home, owns an auto, or buys products manufactured or delivered through the use of energy. Once again, the more you own, the more you'll be taxed. More jobs will be lost, more manufacturing jobs sent overseas, more homes foreclosed.
#6) The pending financial reform bill threatens onerous new rules, regulations and taxes on banks and Wall Street. More jobs will be lost (and more banking and financial jobs sent overseas).
#7) The pending new jobs bill threatens gigantic new taxes on every Sub Chapter S corporation in America. More jobs will be lost and more small businesses ruined.
#8) The threat of a gigantic new national sales tax (VAT) on everything manufactured, bought and sold in America looms large. Fewer jobs, reduced consumer spending, more businesses closed forever.
#9) Obama is pushing for the reduction or elimination of tax deductions (such as mortgage or charitable contributions) for high income earners (mostly small business owners). More jobs lost, reduced charitable contributions, and the real estate industry damaged beyond repair.
#10) The threat of bans or restrictions on offshore oil drilling being put permanently into place. More jobs lost (and more jobs sent overseas where drilling is welcomed). As a bonus for Obama, he gets to ruin the Texas economy.
#11) All signs indicate that Obama will soon propose to take the income cap off FICA (Social Security) taxes. If this were to happen, a successful small business owner (if there are any left) could see his or her FICA taxes alone go from an already bloated and burdensome $15,000 per year to an unimaginable $150,000 (or more). In U.S. history, no taxpayer has ever seen a TEN TIMES tax increase in one year. This devastating nightmare will wipe out small business and cause people that Obama calls “rich” to lose their homes and businesses.
#12) A new I.R.S. law (with the passage of Obamacare) requires business owners to file thousands of new I.R.S. forms each year documenting virtually every expenditure made by their business. As a result of this blizzard of new paperwork, small business faces ruin.
#13) Let’s not forget the gigantic tax hikes on the state and local level for income taxes, sales taxes, property taxes and new taxes disguised as “user fees.” Local taxes are already at levels that taxpayers and small businesses can no longer afford to pay.
#14) Finally, Obama refuses to consider lowering the 2nd highest corporate tax rate (40%) in the industrialized world. As a result, more businesses will choose to leave the U.S. (and more jobs will be sent overseas).
If one set out to deliberately ruin the economy of the United States Of America, one couldn't do much better than the plan Obama has devised. This is doubly true during a recessionary period. He is, as Mr. Root suggests, either a bumbling incompetent or a bumbling Marxist. I'd suggest the two explanations are actually one and the same. Obama is a bumbling incompetent Marxist. Mr. Root even offers a pretty good summation of why this is so:
Each of these taxes and proposed taxes is a job killer. Taken together, the Obama regime’s policies are the equivalent of General Sherman’s march to the sea- leaving a tragic path of destruction in its wake. Obama has launched an unprecedented, overwhelming, death-by-tax assault on the groups that fund fiscally conservative causes and candidates: taxpayers and business owners.
There are only two reasonable explanations. Obama is executing a bumbling Marxist scheme to destroy capitalism, expand government to Soviet-like levels, and turn Americans into dependent serfs begging for government to save them, clothe them and feed them. “Bumbling” because the plan never works- eventually Obama will run out of taxpayers to rob, thereby bankrupting his own programs and bringing down his government. Or the other choice is that he is truly the most incompetent bumbling President in modern history. I’ll leave it to you to decide.
Amen. I couldn't have said it better myself. If Obama gets his way, we'll soon be looking back on these recessionary times as the good old days. Obama is a dangerous, incompetent, left-wing fool, who doesn't have a clue about what drives our economy. Hint - it isn't the government. It's all those small business people Obama wants to tax and regulate to death. Be careful what you ask for America, you just might get it. Obama is...One Big Ass Mistake America. We better fix it, and fast. Time is running out.