Obama’s Radicalism Is Killing the Dow – A financial crisis is the worst time to change the foundations of American capitalism.

The illusion that Barack Obama will lead from the economic center has quickly come to an end. Instead of combining the best policies of past Democratic presidents John Kennedy on taxes, Bill Clinton on welfare reform and a balanced budget, for instance President Obama is returning to Jimmy Carter’s higher taxes and Mr. Clinton’s draconian defense drawdown.

On the growth effects of a large expansion of government, the European social welfare states present a window on our potential future: standards of living permanently 30% lower than ours. Rounding off perceived rough edges of our economic system may well be called for, but a major, perhaps irreversible, step toward a European-style social welfare state with its concomitant long-run economic stagnation is not.
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All that matters to Obama is spend, spend, spend! Someone is going to be paying alot of money in taxes to pay for his big spending spree long after he is gone from the White House.

LINKS:

(1) House Republicans push for spending freeze

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3 comments on “Obama’s Radicalism Is Killing the Dow – A financial crisis is the worst time to change the foundations of American capitalism.

  1. TY! Really excellent survey of the New Way economic policies. Plenty of numbers, but if you’re looking to get real depressed, then it’s essential reading.

    You know, half the people who voted for Barky had no idea what they were in for.

  2. And I wonder if there aren’t alot of them thinking that they voted wrong when they voted in such a bar-rat. The poor isn’t getting a dine out of him, he is giving to the rich which makes me laugh at all those that cast their vote for someone who lied to them! Who is getting rich….the bank CEO’s! A person would be stupid to have their home refinance the way Obama has it planned…plus they will lose it after a few months anyways, he also said now is a good time to invest in stocks…he must be kidding!

  3. By income, no group is going to do well under the O-Way. What will matter is political connections.

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