For you youngsters on this board--you may not remember Jimmy Carter. I do. I was in my mid-twenty's--when Jimmy Carter was elected POTUS.
The circumstances to his rise to power--is almost exactly the same as today. We just came out of a 10 year long costly war in Viet Nam. We had Nixon & the Watergate scandle--& Jimmy Carter's promises of prosperity & tax cuts are very much like what Barack Obama promises today.
What did Carter do after he won the election? Instead of the promised tax cut to the middle class, he actually lowered the amount of mortage interest one could deduct on their homes. Therefore it became a tax hike to all who owned homes. Inflation went over 10%, short term interest rates went to 18%. The unemployed in this country could hold hands & reach across it. Not only that, but he was disasterous on foreign policy. Carter was tested by Iran & he failed miserably. 50 American hostages were held under threat of death for over 1-1/2 years. Finally--when Carter realised that he was going to lose a run for his second term of misery, he made a failed attempt in a last ditch effort to rescue the hostages.
According to Obama, the top 5% of this country will be able to give 95% of the rest of us a tax cut. Someone needs to inform Obama that only 60% of this country pays income tax in the first place. 40% of this country pay no income tax at all. So then the 5% re-distribute their wealth also to people who pay no income tax, to make the 95% tax cut possible. So all of this while paying for his additional 1 trillion in new spending proposals plus give us national health care at the same time. This while we have already bailed out financials--freddie/fannie & others to over 1 trillion dollars & rising.
There is absolutely no feasible, accountable way that Obama can keep all of these promises without raising taxes on everyone in the middle class. The 60% of us that do pay income tax--will be re-distributed to the 40% of people who pay no income tax.
If Barack Obama is elected, this will be the first time in American history where success will be punished, while the parasites & loosers of this country will be rewarded.
The circumstances to his rise to power--is almost exactly the same as today. We just came out of a 10 year long costly war in Viet Nam. We had Nixon & the Watergate scandle--& Jimmy Carter's promises of prosperity & tax cuts are very much like what Barack Obama promises today.
What did Carter do after he won the election? Instead of the promised tax cut to the middle class, he actually lowered the amount of mortage interest one could deduct on their homes. Therefore it became a tax hike to all who owned homes. Inflation went over 10%, short term interest rates went to 18%. The unemployed in this country could hold hands & reach across it. Not only that, but he was disasterous on foreign policy. Carter was tested by Iran & he failed miserably. 50 American hostages were held under threat of death for over 1-1/2 years. Finally--when Carter realised that he was going to lose a run for his second term of misery, he made a failed attempt in a last ditch effort to rescue the hostages.
According to Obama, the top 5% of this country will be able to give 95% of the rest of us a tax cut. Someone needs to inform Obama that only 60% of this country pays income tax in the first place. 40% of this country pay no income tax at all. So then the 5% re-distribute their wealth also to people who pay no income tax, to make the 95% tax cut possible. So all of this while paying for his additional 1 trillion in new spending proposals plus give us national health care at the same time. This while we have already bailed out financials--freddie/fannie & others to over 1 trillion dollars & rising.
There is absolutely no feasible, accountable way that Obama can keep all of these promises without raising taxes on everyone in the middle class. The 60% of us that do pay income tax--will be re-distributed to the 40% of people who pay no income tax.
If Barack Obama is elected, this will be the first time in American history where success will be punished, while the parasites & loosers of this country will be rewarded.
