Now the president wants another $50 billion in new borrowing. But why would borrowing another $50 billion jump-start the sluggish economy when 100 times that figure in deficit spending so far has not?
"Pay your fair share" was a winning Obama campaign theme -- given that nearly half of all Americans do not pay any federal income tax and receive some sort of federal or state entitlement. Yet if the targeted 5 percent of American taxpayers already pays almost 60 percent of all federal income tax revenues, what would the president consider their proper "fair share" -- 70 percent, 80 percent, 90 percent or 100 percent?
We are now entering a rare, revolutionary period in American history. The present administration is not just re-examining the traditional physics of taxing and spending, but the very basis by which Americans are compensated in the workplace.
For Obama, it is inherently unfair that a few -- a surgeon, a small-business woman, an investor or a lotto winner -- should make so much. Thus it is the government's obligation, along with state and local governments, to take much of it away from the suspect few and redistribute it to far more deserving others.
All the old criteria that decide in a free-market economy how much we are able to make -- education levels, hard work, personal responsibility, particular tastes and values, skill sets, self-discipline, or even sheer luck, accidents, relative health or inheritance -- now matter far less.
Instead, Obama's all-knowing, all-powerful federal government, through higher taxes, more spending and greater deficits, will set right what the unfair marketplace has so skewed. At last, we learn what Obama really meant when, in unguarded moments, he sermonized about "redistributive change," the need to "spread the wealth," knowing the proper time not to profit, and at some point making too much money.
Do we need any longer to heed the ancient advice -- scrimp to leave something behind for your kids; try to get a promotion; make sure your savings account is larger than what you owe -- if some inequality results?
There is now only one commandment in the new Kingdom of Fairness: Make less than $250,000, and the government will ensure that you, the deserving, get your fair share. Make more than that, and the government will demand that you, the undeserving, will pay your fair share.
That is all ye need to know.