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  • Morning Bell: Obamanomics Is Already Here

    Somewhere between 75% and 85% of Americans believe the United States is on the wrong track. And if the polls are any indication, Democrats will be elected in large numbers promising a stark “change” in policy. But Americans are in for a rude awakening: Much of the economic stimulus ideas being pushed by the left have already been tried, and have already failed.

    Barack Obama has proposed new deficit spending of at least $150 billion and Speaker Nancy Pelosi (D-CA) wants closer to $300 billion. This cash is slated for spending on infrastructure, expanded unemployment benefits, bailouts for spendthrift cities and states, home heating subsidies, and pork-barrel payoffs to business allies in “green” industries. Unfortunately, none of this is new. The government does not create wealth or jobs, it only redistributes them. Consider:

    Congress does not have a good record of micromanaging anything (think Fannie Mae and Freddie Mac), let alone something as broad and complex as the U.S. economy. Congress should do what it does best: set broad economic policy. Specifically, Congress should concentrate on signaling to investors and workers alike that its principal focus will be on improving pro-growth economic policy, mainly in the areas of tax, energy and spending policies. The test for distinguishing good stimulus ideas from bad ones should be this: Is the proposal likely to raise the economy to a sustained, higher level of growth?

    Unfortunately, markets are already receiving the exact opposite signal. As Cato’s Alan Reynolds documents, the National Taxpayers Union Foundation’s analysis of Obama’s promised new government spending, excluding health care, will raise spending by another $611.5 billion over the next five years. Americans know the tax increases are coming; they just don’t know where from. The Wall Street Journal writes:

    The prospect of these tax increases is now hanging over the economy like a pall, as investors and businesses wonder where and how heavily an Obama Administration and Congress would strike. The pall is likely to continue well into 2009, as millions of Americans delay their investment decisions until they know how much their after-tax returns are likely to fall.

    If Mr. Obama really wants a “stimulus,” he’ll announce that given the condition of the economy he won’t raise taxes at all. Meanwhile, all of us are getting a preview of Obamanomics in action.

    Quick Hits:

    Posted in Ongoing Priorities [slideshow_deploy]

    17 Responses to Morning Bell: Obamanomics Is Already Here

    1. Susan Trowbridge says:

      I keep pounding the payment to existing clients etc. voting for McCain is a step in the right direction. I will not declare defeat even after November 5th. But how do continue to fight the media, ACORN, etc. All the directions are filled with lies and deceit…how do we fight the demons when they are so powerful? Advice needed. We have 3 businesses in Michigan and we are considering to close all if Obama wins…. I will no longer support the government with taxes for their frivolous spending. Thanks Sue

    2. Tamara K, Maryland says:

      That pall is very real. This family of six has put all unnecessary spending on hold — monthly restaurant dinners with friends have now been reduced to potlucks. No new car for us, we'll hang in there with our 10 year old minivan. Obamanomics will undoubtedly drive this country into a deeper recession as Americans buckle down and take their money out of circulation, unsure of how we'll survive after Obama's taxes hit us.

    3. Ken Jarvis - Las Veg says:

      NOBODY IN THEIR RIGHT MIND CAN BELIEVE USA IS ON THE "RIGHT TRACK"

      "Somewhere between 75% and 85% of Americans believe the United States is on the wrong track."

      I AM ONE OF THE "MANY".

      When does the Distribution of wealth start?

      THE SOONER THE BETTER.

      From the few

      to the Many.

    4. Eileen, Alabams says:

      Maybe now voters are seeing what it means to vote without a real conscious. There are real consequences for believing the liberal BS. When liberals tell lies and purposefully give misinformation to voters, when behind close doors practice what they don’t preach, the outcome can never be good for America and its future. Unfortunately, liberals have been doing this for decades.

      The outcome of what an Obama Nation will do to not only destroy our economy no matter what the liberal parrots like Bob Bickle say, we are seeing it already happen. Miami Dolphins owner wants a quick sale because he rather gives the money to charity then Obama. Why is the market down? No one wants to invest to have Obama take any profit, so even why invest.

      Watch our first and second amendments become a foot note in history and watch a democratically controlled Congress create new laws making it illegal to have a different opinion from theirs. Our country could go so far left that we may have to merge with Russia in order to survive. Bring back the Fairness Doctrine, but only have it apply to conservative opinion. They want to beat us over the head with their opinions and ideas. I don’t believe any of this is good for our Country ad it’s survival.

      They have been planning and plotting this for decades and are drooling at the thought that they may have finely conned America. Doesn’t matter they have spent huge amount of money for a century by placing their soldiers in our schools, universities, media and entertainment to help spread the word. Each generation loses citizens with common sense and are turned farther left. We are losing these people because they have been slowly but surely brainwashed. Conservatives need to counteract that with their own well-spoken master speaker in the vain of Ronald Reagan.

      If Obama and Congress get their way, a simple American life will no longer exist. The American dream is a nightmare to most liberals and will stifle that dream. They rather have people begging and would rather have the option to pick and choose who gets what.

      I hope voters wake up from this liberal nightmare and soon before its too late. We will be in great trouble.

    5. Margaret J. Henning, says:

      We have become a country of spineless, lawbreaking people. No one in Congress, the White House, or state and local government has the guts to stand up and say "enough". Everybody's got their hand out and we deserve what we're most assuredly going to get. The Republicans are the most disappointing to me. I, being a life long conservative Republican expected more but instead am deeply disappointed. They have let down their base and that includes the President. After this election I will never again vote straight Republican. I dearly love my country and am grieved over its demise. I feel that the socialists are taking over and no one cares enough to stop it.

    6. Dennsi Swanton West says:

      Privacy is only important if you are a democrat or worse a terrorist. Gov Palin had her email breached, a plumber who asked a question of Sen. Obama his backround was looked in to.

      Just this morning a Florida news anchor who asked questions of Sen. Biden her backround was also looked into. It amazes how the media just sit there when a law abiding American has his privacy violated but jump crazy when a terrorist has his background looked into.

    7. W Howard Baker, Bard says:

      From the tape that has surfaced of Obama in 2001, we see that Obama not only is a socialist but also regrets the limiting nature of the American Constitution. How can a man that believes that the Constitution is flawed swear to uphold it? Obama wants to find a way to implement the spreading of the wealth, which will require the CONFISCATION of property as the Supreme Court did in New England. Looking at the uproar this one small violation of our God-given property rights caused, an across the board confiscation will cause anarchy.

      We also have to be careful of an Obama loss. Even though we might avoid the main thrust of Obamanomics, we will have to face the ire of Obama supporters including radical Muslims. Since most radical Muslim leaders have endorsed Obama, Saudi Arabia has built scores of Wahhabi Mosques across the country, and the Qu'ran allows the storage of weaponry inside of Mosques, an Obama loss will bring about riots on the order of the Bolsheviks in Moscow during their revolution.

      May God have mercy on our souls.

    8. Michael J O'Bri says:

      Buckle up because Karl Marx, Obama and socialism are coming, albeit it began under a Republican administration. We can forget about Adam Smith' principles of free markets, the government has purchased stakes in most banks, is considering insurance companies and the automotive industries. The socialists promise a better and more just world in very place where they have place their evil imprint, and in every place they existed, misery, despair and poverty were your neighbor. It is and will continue to be a failed economic model. The American people are being duped with the help of the media, the actions of ACORN, the involvement of the unions. Those that are voting for Obama and his gang will demand something, and that is financial rewards. However, the most frightening aspect of this new age s that this is actually beginning under the Bush administration. In addition to the Banking and housing bail outs, GM and Chrysler have requested $10 billion from the financial bail out package. The treasury is considering the following [please note that this is after the $25 billion in loan guarantees the US Congress authorized last month that will costs the taxpayer $8 billion in interest]: $3 billion will go to the costs of the GM and Chrysler merger, $3 billion will be needed for the Government to assume pension and retirement costs of union workers that the big 2 cannot afford [yes you the taxpayer will be paying the bill for union negotiated pension contracts], and promises by the treasury that the merger will result in MIMINAL loss of jobs.

      However, this gets worst. Under an Obama administration he will set about his goal of income redistribution and use the IRS and the court system as economic tools. Capital gains tax will increase most likely to 28 %, we know income taxes will rise, and the 40 % of Americans that have no income tax liability will receive refunds. Obama claims that 95% of all tax payers will receive a refund. He is not telling the truth, he has not told the truth about his relationship with Bill Ayers or the nut Reverend Wright. He is surrounded by the left of the left, and with Reid and Pelosi in charge of the Senate and House, any thought of free markets are gone. We can expect unions to flourish and gain power, crime will rise. We can expect more jobs to move overseas and domestic job growth will be negative. There is one bright note; Ted Stevens was convicted on all 7 counts. Perhaps this begins the clean up of corrupt Republicans and the rebuilding of the Republican Party. Our great country will look like an eastern Block nation after Obama and his communist friends have had it for the next 4 years. Then the American people will see what the people of Eastern Europe endured for 50 yeas under Marx and Stalin. If we have a constitution left, then we will be able to vote these guys out.

    9. ROBERT VOELKLE, DALL says:

      DO YOU REPUBLICANS HAVE ANY BETTER SOLITIONS? EVER SINCE NEWT GRENWICH MADE THE EFFORT TO TAKE OVER THE COUNTRY THROUGH THE REPBPULICAN PARTY IN THE 1980'S THE HATE,ANTI-EQUAL RIGHTS,AS YOUR GEORGE W. BUSH SAID TO HIS RICH FRIENDS IN THE 1994 ELECTIONS,"YOU ARE MY BASE, MY HAVES AND THE HAVE MORES" THE COUNTRY HAS GONE TO HELL IN MANY WAYS….PERHAPS WITH ONE PARTY IN CONTROL OF CONGRESS, AND WITH THE BEST MINDS WORKING ON THE SOLUTIONS TO THE MANY, MANY PROBLEMS FACING THIS COUNTRY WE CAN STOP THE ILLS YOU ARE TALKING ABOUT. BUT, DON'T LEAVE IT TO YOUR PARTY AS YOU HAVE HAD YEARS TO WORK ON THE PROBLEMS AND WE SEE WHERE WE ARE TODAY…I VOTED FOR GERALD FORD, RONALD REAGAN TWICE AND GEORGE HERBERT WALKER BUSH TWICE…BUT NEVER FOR "W" AS HE WASN'T WORTH A DAMN IN BUSINESS OR GOVERNOR OF TEXAS. THE NATIONAL DEBT HAS GONE UP, UP, UP WHEN YOUR PARTY WAS IN CHARGE…AND BILL CLINTON LEFT A $200 BILLION SURPLUS…AND FOR GOD'S SAKE DON'T ADD ME TO YOUR REGULAR MAIL. I GET THIS SHIT FROM A HIGH SCHOOL CLASSMATE, WHOSE FAMILY ESPECIALLY HIS SWEET MOTHER WOULD HAVE STARVED TO DEATH IF IT HADN'T BEEN FOR SOCIAL SECURITY, MEDICARE AND MEDICADE AND HE HAD UPPED AND TURNED REPUBLICAN!!!!!!!!! I GUESS HE IS TOO RICH TO BE A DEMOCRAT AND I REMINDED HIM RECENTLY HOW THE PROGRAMS TO HELP ALL THE PEOPLE, ESPECIALLY "HIS

      FAMILY" WERE PASSED BY THE DEMOCRATS!!!!!!!

    10. Barb -mn says:

      The republicans have lost their way. But I still don't see them as pathetic as democrats have become, the root of our problems today.

      I vote on what candidate stands for American principles and who has faith in a free people to do for themselves. Someone who respects the American constitution of the people, for the people, and by the people.

      Obama implies his will to create a 3rd world America.

      Obama wants to change the constitution. THE DOCUMENT OF THE PEOPLE. He is not the people, he is government. The purpose of the document is to LIMIT GOVERNMENT. Government is not prosperous. People are. He wants to put more government obligations to the people in the constitution. He obviously does not see us as created equal. How dare he threaten a document, inspired by God, for the equal benefit of all human life. Obama doesn't want equal rights, he wants more rights, exceptions, exemptions etc.

    11. Michael J O'Bri says:

      Mr. Voelkle Tx..Please remmber that we have a Republican President that lost his way, and a Democratic Congress that is true to form. All of Washington is to blame for the country's demise, but socialism cannot and will not correct the ills besetting us.

    12. Duke Lynch CA says:

      McCain should ask Obama to give details of how his tax plan would affect Pelosi, Reid, Kennedy, Obama, and other politicians in Washington…as should the Heritage Foundation

    13. Pingback: More from around the web today. « Scatterin’ O’ the Thoughts

    14. Stephen Hayes, Utah says:

      The nancy wants $300 billion it's true, but you have to understand that she is buying votes. They're expensive.

      I'm reminded of some dialogue in the movie High Road to China. A Mr. Bentick was trying to find a young couple and he told his man to offer one million rupees. The man said, "Mr. Bentick, we don't have a million rupees." Bentick said, "I didn't say pay them a million rupees. I said offer them a million rupees."

      See, its the same game, just more zeros. Wait till you have to declare in as income in April.

    15. Sohaib Saleem, Pakis says:

      Tax rases, economic pressures and terms like them is soon going to be a reality for American people. To cut the story short and coming right to the solution is, America need to pull itself back from huge, monsteric, and un-necessary expenses being spent on the unjust invasions in other regions.

      Strategy has to be like this that instead going in by itself America needs to create an imense pressure to force subjective governments in the concern countries to go after terrorism by themselves. This will ultimately saves huge times for keeping up the "NO MORE TAXES" slogan.

    16. Phil Featheringill, says:

      I'm one of the 85% of Americans that think America is on the wrong track but that doesn't mean I think the liberal democrats are the answer. In fact, liberal democrats and government are the problem plus Republicans that have abandoned their conservatism. America & the GOP need to get back to their conservative ways and the GOP needs to quit acting like democrats. I don't want to get along with democrats, I want to defeat them. If America is to survive then the GOP needs to act like real conservatives and work to defeat democrats at every turn. Obama, Reid & Pelosi will destroy this country if we don't fight back as true conservatives.

    17. Lori, Baytown Texas says:

      Dittos Phil from Illinois,

      When did we become so hopeless? I'm tired of the blame game. I'm tired of the cheating and lying.

      I keep coming back to something I read.

      NO NATION CAN ABUSE GOD'S PRECEPTS AND SURVIVE. FOLLOWING THE PRECEPTS OF OUR DIVINE MAKER ASSURES US OF HIS DIVINE PROTECTION — NOT FOLLOWING THEM RESULTS IN THE LOSS THEREOF.

      When the dirt of sin dulls a natin as oil on a shimmering lake, the nations't heart becomes calcified and brittle. Renewal for a nation in such a state can only come through humbling itself in quiet submission to the Father and enduring a painful trial by way of the cross.

      A piece from A friend of Medjugorje

      We've been off track for a long time and now we have ourself in a bind. What are we going to do? The libs think that by putting a black man on the ticket, that no one can touch him. NO MATTER WHAT. No birth certificate, no background check. If there is law that says these things are needed to run for president, who then enforces such laws. I want to. I've seen more racial prejudices uproot since this election than ever before. Of course I wasn't raised prejudice, didn't know what it was until i left home. Was i lucky or what. We need to win this election, Put GOD back where he belongs in our country, which is everywhere, then take our schools back. I am mad, disgusted, worried and more even though I know it is all in GOD's hands. I couldn't stand Bill Clinton, but I would never disrespect our commander in chief in public or especially in another country. That is one thing missing. RESPECT –This is a great time to teach our kids at home what socialism is and many other things INCLUDING THINKING FOR YOURSELF WHICH have become lost in our nation. Take the *&(^&% TV's out of our kids rooms. That is a start.

      The Democrats are what ARCHIE BUNKER used to call Mike. MEATHEADS -DEAD FROM THE NECK UP. AND IF THEY WIN, WE WILL TAKE UP OUR CROSS AND BEGIN OUR WORK OF FIGHTING AND TAKING BACK OUR COUNTRY, THE GREATEST IN THE WORLD. WE WILL BE EXAMPLES OF WHAT AN AMERICAN TRULY IS.

      IF WE WIN, WE SHOULD TAKE ALL THE MEATHEADS MONEY AWAY, INCLUDING OBAMA'S AND PUT THEM INTO A MIDDLE CLASS SITUATION. HE MIGHT EVEN NEED SOME VOUCHERS FOR HEALTH CARE.

      a note : I worked my way off of welfare, I work two jobs now, have raised my children and am now raising a 14 year old. I've raised her from birth. Mother-in-law living with us. Husband is disabled. I go to church on Sundays. I work hard, but what I have I've earned. And I'm proud of this. I don't have much by MANY's standards, but I'm far richer than most. GOD BLESS AMERICA

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