Obama repeatedly reminds Americans of the tragedy that he faces, having “inherited” a $1.3 trillion deficit from the former President, yet he spent more than half that amount with the so-called “stimulus” bill during his first six weeks as President, and has now proposed a federal budget that spends $3.6 trillion more. He campaigned on a promise to take money away from “rich” Americans and re-distribute it to people who he deemed were deserving of it, yet there is no more wealth in government coffers for President Obama to re-distribute. He is now proposing to spend the wealth of future generations of Americans - - wealth that has yet to be created - - while confidently asserting along the way that he is reducing the federal deficit, not expanding it.
President Obama also campaigned on a promise to repair relationships between the U.S. and the rest of the world, relationships that he claimed President Bush had so horribly damaged. Yet on his economic proposals, alone, foreign governments are reacting with shock and horror to our new President.
China, the largest holder of U.S. federal debt, has expressed concern over America’s growing inability to pay its bills, and has suggested that it may be time to switch to a new global currency, and to abandon the American dollar. And Czech Prime Minister Mirek Topolanek, addressing the European Union last week, described Obama’s approach to the current economic crisis as “a way to hell” and predicted bad things for America’s economic future (could it be that this man who once lived under Communist rule knows something about the problems of ‘big government?”).
If we are to take seriously the many promises that Obama made as a candidate, it is not far-fetched to think that his efforts to weaken the U.S. economy are quite intentional.
For two years, Senator Obama campaigned across the country preaching the economics of“ getting even” - - a "strategy" to make conditions more "fair" for the less fortunate by punishing successful individuals and organizations. By every indication, he is now applying that same ‘strategy” to the United States, as it relates to the rest of the world, making the world a more “fair” and “just” playing field by weakening the strongest player on the field.
After a few short weeks, it is now apparent what President Obama is doing. Will the Democratic Congress allow the President to fulfill his dreams?
Austin Hill is an Author, Consultant, and Host of "Austin Hill's Big World of Small Business," a syndicated talk show about small business ownership and entrepreneurship. He is Co-Author of the new release "The Virtues Of Capitalism: A Moral Case For Free Markets." , Author of "White House Confidential: The Little Book Of Weird Presidential History," and a frequent guest host for Washington, DC's 105.9 WMAL Talk Radio.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins