Many rich people who thought it would be fine to vote for Obama are now starting to realize they are going to pay dearly for this stupid and foolish mistake only weeks after the inauguration. I am thrilled about this!
Donald Trump was on CNBC this morning complaining about how he can't believe Obama is going to raise taxes by a significant margin during a severe economic downturn. But had he listened to folks like me he would have known that is exactly what the airhead would do as soon as he had the chance.
Why was I so sure?
1. Obama was rated by independent organizations as the most liberal of the 100 US Senators. Liberals always want to raise taxes and the most liberal people want to raise taxes the most.
2. He was taught by and associated with the most radical socialists and America haters his entire life.
3. His whole campaign was about class warfare and he clearly said the top 5% were going to pay their "fair share". Nevermind that these people already pay a huge percentage of the taxes as it is now. What he didn't tell you is that under Obama's plan everybody will end up paying more either through lost jobs, higher taxes, or both.
You see he is going to grow the government to absolutely unprecedented levels and so in the end we will all pay for this through less opportunity and poor service (unless you like the idea of rationed health care and long wait times for critical medical procedures). Anyone with half a brain should have been able to clearly see this even in the early days of his campaign and so I have absolutely no sympathy for those who will pay through the nose now if they voted for this man.
4. He has never been in the military, started a business, been an executive of a business that must compete in the marketplace for survival, and really has very little experience in government to be honest about it. Remember he had barely arrived in the US Senate when he started running for President.
5. The man wanted to give a speech in front of the Brandenburg gate when he was not even officially the democratic nominee, much less a President who had played a role in fighting communists. This shows an unbelieveable arrogance. When you couple arrogance with inexperience it is a very dangerous recipe for a man who would hold the world's highest office. He just might believe he will do whatever he pleases from the oval office... like raise taxes on the rich for instance.
So yes Obama is going to do great and lasting damage to an economy that was headed south. He is literally so far off the chart with his spending that in time the country will have to suffer through high inflation or simply declare bankruptcy unless this runaway train is stopped soon.
While the deficits have been with historical norms, the democrat's 5 week spending binge combined with the trillion dollars of extra spending last year is pushing the deficit to levels not seen since WWII in terms of the percentage of our nations GDP.
And charities? Forget about it! He is taking away the incentive for the rich folks to contribute and so they will suffer greatly.
Home loans? Expect to pay higher interest rates than normal in the future if the bill to allow bankruptcy judges to throw out contract law and simply lower the balance owed on a mortgage is enacted.
Why do you think credit card interest rates are so high? Because that is unsecured debt. With this new law home loans to some extent become unsecured debt as well. The effect will be that lenders will be less interested in loaning money and if they do the rates will have to be higher. Once again this will hurt everybody, but let's just call this one another airhead tax.
And on an on it goes after in less than 6 weeks in office. And do you think they are through here? No way! They will want more bailout money and will want to increase taxes even more as the deficit passes 2 trillion dollars for a single year.
Thus the economy will go into a death spiral that may take several years to repair. But keep in mind one thing. We are going to be looking at 1.5 trillion or higher in deficits when the interest on our national debt is low. What happens when interest rates start going up? In short order there would simply be no way we could pay it without hyperinflation and total destruction of the dollar.
An interest rate increase of only 1% on $10,000,000,000,000 is a huge amount of money... now think if the rates went to where they were under Jimmy (useful idiot) Carter at 21.5%. The nation is bankrupt.
Don't forget we are talking these type of deficits even before the baby boom bulge begins to retire and draw social security and medicare. Something will simply have to give; either huge inflation rates or promises made will not be promises kept has to be the final result.
So all you rich guys who thought you should vote for a guy with dark skin even though he had no qualifications whatsover that would remotely qualify him to seek the Presidency... you are going to pay dearly as your taxes are going to go up and your businesses and assets are going to go down.
In other words, you are going to get exactly what you deserve. So if you were stupid enough to vote for Obama quit crying and pay up! One day perhaps we'll see you as a greeter over at the local Wal-Mart.... and I think it would serve you right for being such an absolute idiot.
J. Cogburn
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