The View From 1776
Obama Election: Running a Red Light With a Left Turn
Read Daniel Henninger’s The True Meaning of ‘Historic Vote’ in the Wall Street Journal.
The goal of Sen. Obama and the modern, “progressive” Democratic Party is to move the U.S. in the direction of Western Europe, the so-called German model and its “social market economy.” Under this notion, business is highly regulated, as it would be in the next Congress under Democratic House committee chairmen Markey, Frank and Waxman. Business is allowed to create “wealth” so long as its utility is not primarily to create new jobs or economic growth but to support a deep welfare system.
- Obama will let the Bush tax cuts for the super rich expire, as the current law allows, bringing the tax rates essentially back to where they were during the Clinton years of prosperity, years that brought us budget surpluses.
Not such a bad thing when compared to the disastrous Bush years of "borrow and spend" that doubled the national debt, and ended his term in disgrace with an economic meltdown.
- The borrow and spend mentality will continue with BHO. What choice does he have? Tax increases on the 'super rich' won't amount to a hill of beans even if they stay. The only hope for Mr O is a comparable rise in new technology like the cell phone, the PC and the internet as well as a Republican congress to rein in his redistributionist, spread the wealth, class based and zero-sum economic fantasies. As we all know, Bill Clinton did not invent the internet and I'm not sure that Joe Biden is as far sighted, brilliant and technology savvy as the weather boy former vp whose rubber room awaits.
- Tom C,
- I'm glad you're amused but with the twentieth century in the rear view mirror I think the stink still comes from the left, as it always has.