Breaking news: Barack Obama is human.
He is not a “messiah,” he is not omniscient, and he is not capable, all on his own, of “fixing everything” that is wrong with America.
Here’s another bit of “news” that is beginning to “break:” The President’s repeated attempts to fix everything can actually make matters worse instead of better. And given the results of a poll released last week by Bloomberg news service – according to them 77% of American investors view the President as “anti-business”- it seems that this painful reality of “presidential fixes” is hitting-home.
For those who are surprised by Obama’s heavy-handed, big-government, “anti-business” policy proposals, I respectfully ask “why?” Were you watching and listening carefully during the last presidential election cycle? Or were you, perhaps, just caught-up in the “style” of the Obama experience, and ignoring the “substance” of his rhetoric?
In case you missed it, let me assure you – what we know today as “Obamanomics” is quite consistent with the themes and ideas upon which Senator Obama campaigned for the presidency. The difference, perhaps, is that it apparently “sounded so good” (at least to some people) as campaign rhetoric, but as policy it “hurts so bad.”
Take, for example, the President’s proposed “crackdown” on the banking industry from last week. Lending institutions aren’t lending enough as it is, not even to people with good credit, and threatening banks with more penalties and regulations will likely make this situation worse (notice how the stock market tumbled after Obama’s remarks).
Yet as a presidential candidate, Barack Obama was quite candid about his desire to control banks, so much so that he he once proposed taxing capital. I don’t mean taxing “capital gains,” or interest income. I mean that the man who is now our President campaigned, in part, on a pledge to tax money that is simply sitting in banks.
Our President also campaigned during the 2008 oil price spike on a promise to tax the so-called “windfall profits” of petroleum companies (as though more taxes would have driven prices down); he praised China during the 2008 Olympics for their willingness to “invest” in “infrastructure” (never before in my lifetime had a President openly praised a Communist government); and he frequently lectured about his desire to bring America to “economic justice,” never really explaining what that would entail, yet being clear that the American economic system is inherently “unjust.”
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.