SEEKING TO HURT THE RICH, OBAMA HURTS THE POOR/update
To put it another way, the real roots of Mr. Obama's economic problems are intellectual and political. The Administration rejected marginal-rate tax cuts that worked in the 1960s and 1980s because they would have helped the rich, in favor of a Keynesian spending binge that has stimulated little except government.
More broadly, Democrats purposely used the recession as a political opening to redistribute income, reverse the free-market reforms of the Reagan era, and put government at the commanding heights of economic decision-making.
But has income really been redistributed?
No way. 30 Statistics Showing The Elite Are Getting Richer, The Poor Getting Poorer And The Middle Class Is Being Squeezed Unemployment hit the less educated and African Americans and Hispanics the hardest. (Only 4.6% of the college graduates are unemployed compared 14.0% of high school drop outs and 45.4% of Black teenagers). The fall in housing prices hurt those who relied on their home as their sole retirement asset the most. The low interest rates paid by banks reduces the income of the least economically savvy elderly the most.
My over 50 white cleaning lady told me she is voting for Obama regardless of his inexperience because she trusted his advisers. Since then she lost her husband. He died of a heart attack a month after losing his job and with it his life insurance.
Does Obama understand? Does he care? According to Jonathan Alter his advisers tried to tell him to postpone the economically ruinous healthcare legislation burden. They lost:
CHARLIE ROSE: On health care, he insisted on going forward with health care when a lot of advisers said"Don’t go for so much so early."
JONATHAN ALTER: That’s right. I mean, this was one of the really big revelations to me as I was working on this was that Joe Biden told me that, you know, he said that he advised the president"Don’t do this. You didn’t promise the American people you were going to do it right away. It was only by the end of four years you promised. We’ve got to work on preventing a depression first."
Rahm Emanuel told me quote"I begged the president not to the do this." David Axelrod thought they should do energy first. Christina Romer, the chairwoman of the Council of Economic Advisors . . . said,"Look, we’ve got to deal with the economy first."
Affirmative action is based on the idea of"good enough." President Obama undermines the myth that with a strong team, an inexperienced novice is good enough to be an American president.
He is not but he thinks he is.
What is to be done?
We must reduce his ability to do harm but given control of the Congress to his rivals.
Two more years of unlimited Obama power would be disastrous to all of us and most especially the most vulnerable amongst us.
UPDATE: If we needed more proof, the census numbers show that Poverty Explodes To Record Highs Under Obama
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