The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Moderates Turning Against Obama Agenda – Say Obama is destroying Wealth

Posted by iusbvision on March 4, 2009

UPDATE – Fox News is reporting that moderate Democrat Senators such as Evan Bayh are asking Obama to veto the earmark pork leaden $411 Billion omnibus spending bill. Its confirmed. Bayh wrote this editorial in the Wall Street Journal today.

Charles Payne: Obama’s policies are anti-wealth, stock market tanking. It really is a big deal.

Self professed Democrat, NBC’s Jim Cramer: Obama’s radical agenda is causing the greatest destruction of wealth I have ever seen by a president. Predicts depression.

Jim Cramer: Obama’s agenda is destroying the life savings of millions. By the way Cramer has given thousands to Democrats in donations.

Congressional Quarterly: Revolt against Obama agenda brewing among moderate Democrats in the House.

New York Times’ David Brooks:

But the Obama budget is more than just the sum of its parts. There is, entailed in it, a promiscuous unwillingness to set priorities and accept trade-offs. There is evidence of a party swept up in its own revolutionary fervor – caught up in the self-flattering belief that history has called upon it to solve all problems at once.

So programs are piled on top of each other and we wind up with a gargantuan $3.6 trillion budget. We end up with deficits that, when considered realistically, are $1 trillion a year and stretch as far as the eye can see.

 

These people are saying the same thing that the Wall Street Journal is saying:

As 2009 opened, three weeks before Barack Obama took office, the Dow Jones Industrial Average closed at 9034 on January 2, its highest level since the autumn panic. Yesterday the Dow fell another 4.24% to 6763, for an overall decline of 25% in two months and to its lowest level since 1997. The dismaying message here is that President Obama’s policies have become part of the economy’s problem.

Americans have welcomed the Obama era in the same spirit of hope the President campaigned on. But after five weeks in office, it’s become clear that Mr. Obama’s policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence — and thus a longer period of recession or subpar growth.

The Obama loving Chris Buckley has now turned:

Hold on—there’s a typo in that paragraph. “$3.6 trillion budget” can’t be right. The entire national debt is—what—about $11 trillion? He can’t actually be proposing to spend nearly one-third of that in one year, surely. Let me check. Hmm. He did. The Wall Street Journal notes that federal outlays in fiscal 2009 will rise to almost 30 percent of the gross national product. In language that even an innumerate English major such as myself can understand: The US government is now spending annually about one-third of what the entire US economy produces. As George Will would say, “Well.”…

If this is what the American people want, so be it, but they ought to have no illusions about the perils of this approach. Mr. Obama is proposing among everything else $1 trillion in new entitlements, and entitlement programs never go away, or in the oddly poetical bureaucratic jargon, “sunset.” He is proposing $1.4 trillion in new taxes, an appetite for which was largely was whetted by the shameful excesses of American CEO corporate culture. And finally, he has proposed $5 trillion in new debt, one-half the total accumulated national debt in all US history. All in one fell swoop.

I liked Hotair.com’s take on the Buckley awakening: Christopher Buckley surprised to find the guy he voted for is, in fact, a statist liberal

Tony Blankley: Obama lied; the economy died:

I am trying to capture the spirit of bipartisanship as practiced by the Democratic Party over the last eight years.

Thus, I have chosen as my lead, the proposition: Obama lied; the economy died. Obviously, I am borrowing this from the Democratic Party theme of 2003-08: “Bush lied, people died.” There are, of course, two differences between the two slogans.

Most importantly, I chose to separate the two clauses with a semicolon rather than a comma because the rule of grammar is that a semicolon rather than a comma) should be used between closely related independent clauses not conjoined with a coordinating conjunction. In the age of Barack Obama, there is little more important than maintaining the integrity of our language – against the onslaught of Orwellian language abuse that is already a babbling brook, and will soon be a cataract of verbal deception.

The other difference is that George W. Bush didn’t lie about weapons of mass destruction in Iraq. He was merely mistaken. Whereas President Obama told a whopper last week when he claimed he was not for bigger government. As he said Tuesday night: “As soon as I took office, I asked this Congress to send me a recovery plan by President’s Day that would put people back to work and put money in their pockets. Not because I believe in bigger government – I don’t.”

This he asserted though the budget he proposed the next day asks for federal spending as 28 percent of gross domestic product (GDP), higher by at least 6 percent than any time since World War II. Moreover, after 10 years, Mr. Obama’s proposed spending as a percentage of GDP would still be 22.6 percent, nearly 2 percentage points higher than any year during the Bush administration, despite the full costs of the terrorist attacks of Sept, 11, 2001, the Iraq and Afghan wars and the rebuilding of New Orleans after Hurricane Katrina.

Consider also his assertion in his not-quite-State of the Union address that:

“My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. As you can imagine, this is a process that will take some time. But we’re starting with the biggest lines. We have already identified $2 trillion in savings over the next decade.”

But, lamentably, a few days later, The Washington Post reported: “A senior administration official acknowledged yesterday that the budget does not contain $2 trillion in spending cuts over the next decade. Instead, the figure represents Obama’s total efforts at deficit reduction, including tax hikes [of more than $1 trillion] on families making over $250,000 a year. It also includes hundreds of billions of dollars ‘saved’ by not continuing to spend $170 billion a year in Iraq.”

Only a big government man would think of calling a trillion-dollar tax increase a spending cut or “saving.” Technically, of course, it is true. A trillion-dollar tax increase will reduce spending by a trillion dollars for those private citizens who were taxed. And, from the perspective of the federal government, a trillion dollars taxed is a trillion dollars saved from the greed of the taxpayers who produced the wealth – and might well want to spend or invest it in non governmental activities.

But the foregoing are merely pettifogging numbers compared to Mr. Obama’s bigger ideas about energy and health care.

Our president shares a fascinating idea about energy with most of what used to be known as the “small is beautiful” crowd. It is a curious phenomenon that one needs a very big government to enforce the beauty of small.

As Mr. Obama’s energy secretary, Steven Chu, said last year: The price of electricity in America is “anomalously low.” You see how much smarter that Nobel prize winner is than you. You probably thought you were already spending enough on electricity and fuel.

And sure enough, Mr. Obama explained last week that in order to make alternative energy sources wind, solar – perhaps eventually human muscle power? – economically competitive, he intends to raise the price of carbon-based energy until it is so expensive that even solar power will be such-a-deal.

This level of destructive irrationality cannot be accomplished in the private sector. It will take a very big government indeed to bring such inanities into being. (disclosure: being rational, I give professional advice to carbon-based energy producers.)

If President Obama were to try to misrepresent his positions for the next four years, there would be nothing he could say that would approach the inaccuracy of his claim last week that he is not for big government. It is the essence of the man and his presidency. He doesn’t like America the way it has been since its founding – and it will take an abusively big government to realize his dreams of converting America into something quite different. If you don’t know that, you don’t yet know Barack Obama.

Even the far left, far out, Republican hater Maureen Dowd from the New York Times got in on the act:

Before the Senate resoundingly defeated a McCain amendment on Tuesday that would have shorn 9,000 earmarks worth $7.7 billion from the $410 billion spending bill, the Arizona senator twittered lists of offensive bipartisan pork, including:

• $2.1 million for the Center for Grape Genetics in New York. “quick peel me a grape,” McCain twittered.

• $1.7 million for a honey bee factory in Weslaco, Tex.

• $1.7 million for pig odor research in Iowa.

• $1 million for Mormon cricket control in Utah. “Is that the species of cricket or a game played by the brits?” McCain tweeted.

• $819,000 for catfish genetics research in Alabama.

• $650,000 for beaver management in North Carolina and Mississippi.

• $951,500 for Sustainable Las Vegas. (McCain, a devotee of Vegas and gambling, must really be against earmarks if he doesn’t want to “sustain” Vegas.)

• $2 million “for the promotion of astronomy” in Hawaii, as McCain twittered, “because nothing says new jobs for average Americans like investing in astronomy.”

 • $167,000 for the Autry National Center for the American West in Los Angeles. “Hopefully for a Back in the Saddle Again exhibit,” McCain tweeted sarcastically.

• $238,000 for the Polynesian Voyaging Society in Hawaii. “During these tough economic times with Americans out of work,” McCain twittered.

• $200,000 for a tattoo removal violence outreach program to help gang members or others shed visible signs of their past. “REALLY?” McCain twittered.

• $209,000 to improve blueberry production and efficiency in Georgia.

“When do we turn off the spigots?” Senator McCain said in his cri de coeur on the Senate floor. “Haven’t we learned anything? Bills like this jeopardize our future.” 

Hotair.com has another Jim Cramer Video HERE.

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