In plain English, Obama's message is this: Americans need to depend on government more and freedom less. Americans should look to government to secure them a job, a college education and health care. To begin paying for it all, government should tax "millionaires and billionaires" more than they are already taxed. For the "ordinary" and "working" folks, it will be a free ride.
Carried into actual policies -- with Obamacare as its starting point -- Obama's class-war vision will destroy not only our nation's economy but its unique culture of can-do individualism.
Specifically, Obama would like to increase taxes on "millionaires and billionaires" now by not extending the George W. Bush tax cuts on households earning more than $250,000 per year when those tax cuts expire at the end of this year.
The real and immediate economic cost of Obama's contemplated tax increase, according to the analysis of the Congressional Budget Office, would be slower economic growth and job creation. "As CBO's reported before," CBO Director Doug Elmendorf told the Senate Budget Committee last week, "permanently or temporarily extending all or part of the expiring income tax cuts would boost output and employment in the next few years relative to what would occur under current law where those tax cuts expire.
"A permanent extension, whether full or partial, would provide a larger boost to income and employment in the next two years than would a temporary extension," Elmendorf said. "And a full extension would provide a larger boost than with the corresponding partial extension."
The downside, CBO contends, is that in the longer run the tax cuts might reduce expected increases in federal revenue, and with federal spending escalating at a rapid pace due to the escalating cost of welfare-state entitlements, revenues would not keep pace with federal spending and thus drive an already massive national debt to unsustainable levels.
The truth is this: Even before Obama came along with his socialist vision for expanding government dependency, the welfare state was already bankrupting America. Imposing higher taxes on the "rich" to forestall that bankruptcy will only further stall the economy and hasten our economic day of reckoning.
America needs political leaders who will take this debate straight to Obama: It is time to cut taxes on everybody, including the rich, and, yes, let ordinary and working folks fend for themselves -- just as Americans have done since 1776.
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