Posted on 08/18/2009 6:08:14 PM PDT by Kaslin
Barack Obama's political fate depends on a group of Americans he hasn't done much to cultivate — the rich.
Presidencies can succeed or fail on one transcendent issue. With George Bush, it was Iraq. Obama's burden lies in delivering on his ambitious policy goals without bankrupting the country.
Obama wants to spend at a time when America's fiscal prospects are dire. In the midst of the worst economic crisis since the Depression, Washington's red ink has swelled beyond anything ever seen in peacetime — $1.8 trillion this year, $1.4 trillion in 2010, $970 billion in 2011 and $658 billion in 2012, according to the Congressional Budget Office.
All told, the CBO estimates that Obama's four-year deficits will push the public debt from 40% to 70% of GDP — profligacy exceeded only in the 1940s by Presidents Roosevelt and Truman, who had a world war to win.
These numbers cast a dark shadow over Obama's re-election prospects and political legacy. Once the economy pulls out of its current crisis, he'll be judged — fairly or not — on how well he handles an out-of-control fiscal crisis.
That's where the rich come in.
Right now, Americans with fat wallets aren't getting much respect in a country disgusted by Wall Street's greed and corruption. In time, though, Obama will discover that the rich hold the key to boosting tax receipts fast enough to close mammoth budget deficits while expanding health care and other government programs.
A Tax Too Far
High-income households already shoulder the lion's share of the federal tax burden. The top 1% of America's income earners paid 40% of the taxes in 2006, up from 19% in 1980. The richest 5% saw their share go from 37% to 60%.
(Excerpt) Read more at ibdeditorials.com ...
He has already ragged war on the entire nation. The very people who elected him were the first to feel the pain. Many lost their jobs. Not the outcome they thought would happen.
We are witnessing those who “have never done anything substantial” tear down those who do things. When the man who sleeps in the White House has never run any type of organization holds successful businessmen in contempt the die is cast. The outcome is Tragedy.
“...without bankrupting the country.”
I think we finally have the root of the problem here....the “intelligentsia” clearly has’nt yet grasped, along with the financial and political elite running the place, that by any reasonable standard...we are already bankrupt on paper...
I thought that was his first accomplishment???
sooner or later you run out of other people’s money to spend
And I think China, our lender, is telling this administration to back off of all this outrageous spending now and do not even consider the Death Care legislation. If it is killed it will China that does that.
It’s not just the wealthy. He’s waging war on everyone who’s not a deadbeat. Of course, millions of these morons voted for him, so they deserve what they get, but the rest of us don’t.
Amen. What you said.
Exactly
Obama is too much of an ideologue to do the right thing. He would rather castigate the wealthy than help ordinary folks.
He still has not understood the basis of wealth in a nation. If you hate the rich, you cannot love the poor.
>>He still has not understood the basis of wealth in a nation.
Anyone with half a clue who read Dreams from my Father knows that this is a man without a clue on the concept of wealth creation. His only corporate job, just out of Columbia undergrad, he worked for a very short time, and saw himself as a “sellout”.
The rest of his career, he has worked hard to take money hard-earned from others better than he, and redistribute it to the welfare class.
“The problem with socialism is that you eventually, run out of other people’s money.”
Margaret Thatcher
At this rate Obama and Co are going to get to that point in record time.
This is what most people fail to understand.
0bama and his Marxist comrades don’t want the nation to recover. They want to see to see capitalism fail so they can throw their Marxist economy on the nation.
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