Somewhere along the line I remember a song about how you can take the kid out of the country, but you can’t take the country out of the kid. Guess one could write a song, you can take the kid out of Chicago but you can’t take Chicago out of the kid.
In October of 2008 my warnings went unheeded regarding candidate Barack Obama. All one needed do to see America in four years was to look at Blagojevich’s Illinois. It turned out worse than imagined.
Blagojevich’s Illinois was reeling in corruption, political favoritism, extra constitutional mandates, and unfunded pension liabilities growing exponentially due to quid pro quo union contracts.
Blago was a living example of liberal economic illiteracy when he quadrupled fees on trucking companies not realizing trucks have wheels, and 25,000 jobs were lost overnight. The exodus from Illinois was underway.
After getting caught with something ‘golden’ Blago was impeached, tried, and sent to prison leaving behind a state in financial shambles.
Enter Pat Quinn from Chicago. Another graduate of the Chicago School for Liberal Economic Illiteracy Quinn shoved through the biggest tax increase in Illinois history during a lame duck session.
That was in January 2011 with projected revenues that would solve all Illinois’ money woes with $7 billion in new revenue. By the end of 2011 the tax increased revenue by only $6 billion, and Quinn began his version of austerity measures which of course failed.
To see where Obama is taking America look to Illinois at the end of 2012. Here’s the report card; unfunded pension obligations up, budget deficit up, deficit spending up, unpaid bills to state vendors up, credit downgrade probable, talk of more taxes.
You can expect the same results from the economic illiterate in DC as the economic illiterate in Illinois. Obama’s attack on the wealthy with the cliff tax deal, and new Obamacare taxes will kill jobs too, just on a grander scale.
Obama must have at least one liberal adviser with a calculator because the day after raising taxes over $600 billion on the wealthy Obama was calling for a trillion more in revenue by eliminating deductions for the evil rich who are keeping the economy down.
Liberal hopes were dashed during the just concluded lame duck session in Illinois. While the state is bursting into flames of insolvency citizens were aghast that the lame duckers didn’t move on pension reform, gay marriage, and bans on assault weapons.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for September 15th, 2014 | John Ransom