John Ransom
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Barack Obama wants you to know that the rich are out of control.

And I partially agree. It’s a matter of fairness.

After thinking about it for a few years, he has finally figured out that our economic problems have a very simple explanation: There are too many rich people.

I know of at least one too many.

Too many rich people are causing a jobless “recovery.” Having too many rich people caused gas prices to go up, the stock market to go down and the housing bubble to burst. Too many rich people meant that a peaceful demonstration against America in Benghazi turned into terrorism. 

The rich, Obama would have you believe, are probably responsible for the next ice age too.   

Rich people, it seems, run up huge budget deficits on silly things like entitlement spending disguised as healthcare reform, green energy swindles disguised as “jobs programs” and road projects that benefit the Illinois Asphalt Contractors Association -bada-bing!

Rich people demand trillions in stimulus spending, huge mortgage entitlements for people who can’t make house payments and bloated pension programs for public workers. 

Rich people get special treatment from banks that they are supposed to be regulating; they encourage the Federal Reserve Bank to print more money and they borrow gigantic sums from the Chinese.



The rich people are out of control, Obama tells us.

In order to get them back under control, they have to be taxed.

Obama and his friends want to tax impose a super-tax on the 4 million household making more than $250,000 per year.

Former Clinton administration Labor Secretary Robert Reich writes: “From the 1940s until 1980, the top income-tax rate on the highest earners in America was at least 70 percent. In the 1950s, it was 91 percent. Now it's 35 percent. Even if you include deductions and credits, the rich are paying a far lower share of their incomes in taxes than at any time since World War II.”

And that’s just not fair, say liberals.

“Fair” can also be called the Obama Doctrine.

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John Ransom

John Ransom is the Finance Editor for Townhall Finance.
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