Making the whole world poorer 2

The “redistribution of wealth” is the confiscation of your earnings by the state to spend on wicked things like state miseducation and state healthcare rationing. It is a tried, tested, reliable way of creating an equality of misery.

As America, the land of liberty, morphs into Obama’s socialist utopia, all taxes must rise, and he’ll not be in the least ashamed of the lies he told to the contrary when he was campaigning for the presidency.

The Heritage Foundation warns about coming tax hikes:

If you earn income, your taxes are about to go up. If Congress does not act to preserve current law, even the lowest 10 percent bracket will rise to 15 percent. Throw in tax hikes on capital gains, dividends and other tax code fixes, and the American economy is staring straight down the barrel of $3.2 trillion tax hike over the next ten years.

It doesn’t take a genius to realize that raising taxes by $3.2 trillion dollars would be an economic recovery killer. …

The tax raising culprit here is the expiration of the 2001 and 2003 tax cuts set to take effect on January 1, 2011. The leftist majority in Congress is refusing to extend current law because they believe that these tax cuts are the cause of our trillion dollar deficits. They are wrong.

The real cause of our nation’s debt problem is spending.

The leftist majority in Congress has had years to address this impending economic disaster but have refused to act. Last month, the House leadership announced that for the first time in the history of the budgeting process, they would not set a budget this year. And not only are they refusing to set any limits on their own spending, but now they are even talking about punting the tax issue into December so that they can raise our taxes without having to answer to the American voter. …

The end of the 2001 and 2003 tax cuts are just the beginning of President Obama’s tax hike spree. The Obama administration’s budget also calls for higher taxes on small businesses, higher taxes on energy and higher taxes on American companies that compete overseas.

Nile Gardiner, writing in the Telegraph, predicts that Obama’s economic policies will result in catastrophe not only for America, but for the world:

The latest annual Congressional Budget Office Long-Term Budget Outlook … offers a truly frightening picture of the scale of America’s national debt, with huge implications for the country’s future prosperity. …

The CBO warns of potentially devastating consequence for the United States if this debt mountain is not tackled, and even points out that its “projections understate the severity of the long-term budget problem because they do not incorporate the significant negative effects that accumulating substantial amounts of additional federal debt would have on the economy:

“Large budget deficits would reduce national saving, leading to higher interest rates, more borrowing from abroad, and less domestic investment—which in turn would lower income growth in the United States. …”

Over time, higher debt would increase the probability of a fiscal crisis in which investors would lose confidence in the government’s ability to manage its budget, and the government would be forced to pay much more to borrow money.

The CBO assessment is probably the most important economic report the President of the United States will read this year. And it should be a huge wake-up call for the Obama administration, which has so far adopted a policy of sticking its head in the sand in the face of an impending Greek-style financial crisis in the very near future.

The White House needs to wake up to reality, and aggressively reduce borrowing, cut down on public spending, and dramatically reduce the size of the federal government. If it doesn’t, there will be devastating implications for the United States as the world’s only superpower.

With his reckless big government policies, Barack Obama threatens to run his country into the ground, with American decline the inevitable end result. It is not too late to reverse course, but so far there is not a shred of evidence that the president is willing to do what is necessary. Not only will the United States suffer from this kamikaze-style approach, but the world will too.