Barack Obama, Nancy Pelosi and Harry Reid want you to know that the rich are out of control.
After thinking about it for a few years, they have finally figured out that our economic problems have a very simple explanation: There are too many rich people.
Too many rich people are causing a jobless “recovery.” Having too many rich people caused the Fukushima nuclear reactor to meltdown. The rich are probably responsible for the next ice age too.
Rich people it’s seems run up huge budget deficits on silly things like entitlement spending and road projects that benefit the Illinois Asphalt Contractors Association.
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, they tell 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.
“Fair” is also known as the Obama Doctrine.
The Obama Doctrine says that we have to tax the rich in the interest of fairness. We’d all have less money, for sure. We’d all get to wait in line for rationed toilet paper and rationed healthcare but fairness would rule the land.
Sure, the whole Land of Opportunity thing worked for 300 years, but what about the next 300 years?
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 25th, 2014 | John Ransom