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I know I am probably wasting my time writing this note because America has fallen into a stupor that would have made Rasputin proud, but here goes anyway. You think the economy is bad now, just wait and see what awaits you. Here’s the bleak economic picture you can expect under Comrade Chairman Obama.
• The Bush tax cuts will be allowed to end in 2010 resulting in a tax increase for most Americans, certainly most here in L.A. County.
• There will be no cap on social security taxes which are currently capped at $102K – again a tax increase for many, not just those earning more than $250K.
• The two top tax rates will go up to 36 percent and 39.6 percent.
• Capital gains will go to 25 percent which will devastate small businesses, farms, and families seeking to pass on assets to their children, as well as retirees who made money on investments.
• We will have higher taxes than Canada, the UK, and most of the EU.
• Companies will avoid actions with adverse tax implications, like hiring employees, or building new plants, new offices, etc.
• Companies will move assets abroad to the relatively “cheaper” lands of Europe, Canada, and even Australia.
• Foreign firms will be reluctant to invest in America and will certainly go elsewhere, creating lost job opportunities.
• Environmental and other regulations will so stifle our economy that we will become worse than Europe, where gas is $8 per gallon and companies are strong-armed into spending millions on carbon footprint reduction – all the while as India and China laugh at our folly as they rapidly expand.
• Higher costs to business will allow India and China to even more rapidly kick our economic butt across the board – manufacturing, research, and product development.
• Obama through his active involvement in leftist organizations like ACORN helped create the current economic lending crisis by forcing banks to lend to the fiscally indigent – and now the fox will mind the henhouse.
• On top of the $700B bailout of banks, brace yourselves for trillions in new spending for nationalized health care so that we emulate the horrible medical mediocrity of Europe and kill off all remaining biotech innovation here at home.
Despite your virulent class envy and hatred of the so-called rich, just think of this: when is the last time you got a high-paying job from a poor man? My sincere exhortation to all of you Obama supporters is to stop and think what you are really asking for.
Is it really moral to transfer wealth wholesale from those who produce goods and services to those who don’t? And those who produce the wealth, and the jobs and who are the backbone of economy in this country, will they simply stand by and agree to be fleeced? To paraphrase Ayn Rand, Atlas is about to shrug – are you ready for the consequences?