There he goes again. President Obama, on the campaign stump, rails against the "rich," saying our "wealth gap" shows a need for a "fairer approach."
Does he really believe our economic problems have been caused by insufficient taxes on the rich? Insufficient taxes overall? If not, then what can we conclude about his insistence on hammering this point rather than addressing the real causes and real solutions?
Obama's ceaseless attack on the "rich" and his effort to divide Americans on the basis of their income and wealth can best be seen as a diversion, an attempt to distract Americans' attention from his failure to address our interrelated economic malaise and fiscal crises.
Before we can solve our problems, we have to correctly identify them. For starters, we have catastrophic national debt; reckless deficits in excess of $1 trillion since Obama took office, with no end in sight; unsustainable entitlement programs, including Obamacare, which, contrary to Obama's assurances, will dramatically drive up the cost curve further; obscene levels of discretionary spending; administration-driven anti-business regulatory policies; and a depressed economy that is exacerbating our deficit and debt problems.
How about possible solutions? There's a consensus that increasing income taxes during hard economic times, especially on the major wealth producers, is economically suicidal. Everyone also understands that economic uncertainty and excessive regulations suppress economic growth. No one can rationally deny that our entitlement programs, as presently structured, will bankrupt themselves and the nation. And, undeniably, our discretionary spending is out of control.
So how has President Obama approached these problems so far? He was able to force through a massive stimulus package on the theory that government-generated spending of borrowed money would stimulate the economy. He didn't say, "It may or may not work, so we have to take the risk of dangerously increasing the already dangerous national debt, because we have no other options." Rather, he promised that unemployment would come down if we followed him over the cliff. Well, we didn't follow him, but his Democratic Congress did, and he got his stimulus bill passed. And it not only didn't alleviate the problem but also made it much worse; the economy is sicker than it was, and the national debt continues to explode.