It appears that President Obama is committed to taking our country over the Fiscal Cliff. We’ve covered what the fiscal cliff IS already, so I won’t rehash it here. Instead I wish to simply review, again, the inherent problems with the President’s proposal.
First of all, here’s what it looks like:
Obama and the militant Left want to punish the wealthiest Americans by making them pay the ultimate nebulous amount: “their fair share”. However, such a combination of new taxes & add’l spending will result in that “fairness” costing our economy $1.61 TRILLION.
If you’re reading this and scratching your head, trying to figure out how any of this helps YOU (or anyone else, for that matter), stop trying. This entire worldview is illustrated in the post we just did on the California Teachers Union (“Social Justice” called, and it wants your children. Now) Put simply, it’s nothing more than pure Class Warfare; it’s Social Justice philosophy run amok.
This populist approach vilifies success, renames it “greed”, and posits that if we just take these eeeeevil, successful folks down a peg-or-three, all will be Utopia. Well, I have a newsflash for the Statists/Progressives who are selling such snake-oil:
- Greed is a character flaw, not a measurement of someone’s bank account. And,
- if you tax something, you get LESS of it. Always.
It’s actually kinda funny to watch a Statist try to wrap their mind around either of those ideas. And, if you’re someone who thinks that there is even the tiniest of chances that whole tax-the-rich-to-death thing could work, please refresh your memory with Iowahawk’s now-famous illustration of just why it won’t.
Never let it be said that we Americans aren’t creative in the face of adversity, however. In addition to the two primary, equally horrible options in front us currently (either we crash over the Cliff, or have the Republicans totally cave on tax hikes), we now have an option which is….even worse??
This is SO stupid, it could only be thought up by an economist, or perhaps a “legal scholar”:
“If President Obama wants to avoid an economic calamity next year, he could always show up at a news conference bearing two shiny platinum coins, each worth . . . $1 trillion.
Okay, that sounds utterly insane. But some economists and legal scholars have suggested that the “platinum coin option” is one way to defuse a crisis if Congress cannot or will not lift the debt ceiling soon.
At least in theory.”
I’m far from being a math genius, but wouldn’t that mean we’ve just devalued the currency by, hmmm, I don’t know….about $2 TRILLION?? Does this seem like a grand idea to anyone?
…Put your hands down, all you economists out there….
No, what we have is a very simple SPENDING problem. No amount of imaginary revenue or tax hikes is gonna make this go away now:
So for today, please allow Encounter Books (& another of their ‘WhiteBoard’ videos) lay the whole problem out for ya’ in approximately 4 minutes.
**Warning to any “Legal Scholars” still reading this: this video contains logic and common sense. You may wish to take a sedative before you hit ‘Play’.
Everyone else should be just fine: