Economics & Taxes Archives

Another New Deal? Let’s Hope Not

President-elect Barack Obama frequently referred to the state of the economy as the worst since the Great Depression during the most recent campaign. But adopting New Deal policies like those imposed by Franklin Roosevelt would be a mistake according to author Amity Shlaes (The Forgotten Man: A New History of the Great Depression):
 

The historical model that the Democrats are choosing to hold up as they ponder our financial crisis isn’t Harry Truman’s Fair Deal or Lyndon Johnson’s Great Society. It is Franklin D. Roosevelt’s New Deal. At least three economic reforms under discussion now were also central in the New Deal package. Trouble is, these reforms didn’t necessarily work well when they were first tried – and some failed outright.

Roosevelt tried a stimulus package and investment in infrastructure both of which are being considered under the incoming Obama administration. But Roosevelt’s leadership style was also a huge liability:
 

Even more than specific New Deal projects, Obama and his fellow Democrats are evoking Roosevelt’s leadership style. In school, we learned that it was FDR’s personality that pulled the country through the Depression. If only, the suggestion is, we can have a strong enough leader, Americans will also find recovery again. We need some “bold persistent experimentation” of the Roosevelt variety.

There is evidence, however, that FDR’s very strength was a negative, because he used it to give himself a license to do true experimenting. In his second inaugural address, FDR said that he sought “an instrument of unimagined power for the establishment of a morally better world.”
 
No one knew what it meant, and markets were terrified. Everyone feared FDR would regulate or prosecute them next. Businesses refused to invest. The 1930s’ second half proved frustrating for the country: The economy was always recovering but never quite recovered. The Dow didn’t get back to its 1929 level until the mid-’50s.

President-elect Obama will be under tremendous pressure come Inauguration Day to do something to fix the economy if it isn’t already back on track by then. If history is any guide, repeating the failed policies of FDR is not the answer that America needs.

Back to the Future

This was the title of a post on Redstate by Aaron Gardner, regarding where the Republican Party goes from here.  Gardner started, as his foundation of what the Republicans need to stand for, from the party platform of 1980, when Reagan was swept into the White House with 489 electoral votes.  He made some of his own modifications, but overall the (lengthy) statement stands as a good starting point.

Read the rest of this entry

Election Post-Mortem

I was on the road again this week, so not much time for a post-election wrap-up from me.  But now that the dust has settled, let me knock out a few thoughts.

1.  Exit polls indicate that the number of self-described liberals in this country and the number of self-described conservatives hasn’t changed hardly at all since the last election, and conservatives hold a 12 percentage point lead (34 to 22).  This is still a center-right country.  Obama would do well to remember that.

2.  You win with your base, and McCain took too long to pick it up.  Now, I know that others (our own contributor, Jim, being one) have said that the base took too long to converge around the candidate, but I have to respectfully disagree; I think that’s entirely backwards.  Conservatives in the Republican party have always looked at McCain with a cocked eye, and they — or, to be honestly inclusive, we — had a tough time with many of his positions.  Our minds weren’t going to be changed overnight because he won the nomination.  That’s not principled.

Conversely, McCain did, in fact, make moves to the right that eventually won over the base, but I don’t think he did it quickly enough.  However, if you win with (or lose without) your base, what about the highly-touted independents that were supposed to make McCain so popular?  The answer is…

3.  …they largely split between the two candidates, which throws out all the conventional wisdom on how to win elections.  It’s been all about the "bell curve", that huge group of voters in the center; neither Left or Right.  In a race between a center-Right candidate and a hard-Left one, the conventional wisdom was that the more centrist candidate would pull in the middle in droves.  That didn’t happen.  Karl Rove, love ‘im or hate ‘im, was right, as Dan McLaughlin noted on Redstate:

Karl Rove’s theory – one he perhaps never explicitly articulated, but which was evident in the approach to multiple elections, votes in Congress, and even international coalitions run by his boss, George W. Bush – was, essentially, that you win with your base. You start with the base, you expand it as much as possible by increasing turnout, and then you work outward until you get past 50% – but you don’t compromise more than necessary to get to that goal.

Standing in opposition to the Rove theory was what one might call the Beltway Pundit theory, since that’s who were the chief proponents of the theory. The Beltway Pundit theory was, in essence, that America has a great untapped middle, a center that resists ideology and partisanship and would respond to a candidate who could present himself as having a base in the middle of the electorate.

Tonight, we had a classic test of those theories. Barack Obama is nothing if not the pure incarnation on the left of the Rovian theory. He ran in the Democratic primaries as the candidate of the ‘Democratic wing of the Democratic Party.’ His record was pure left-wing all the way. He seems to have brought out a large number of new base voters, in particular African-Americans responding to his racial appeals and voting straight-ticket D. As I’ll discuss in a subsequent post, the process of getting to 50.1% for a figure of the left is more complex and involves more concerted efforts at concealment and dissimulation, but the basic elements of the Rovian strategy are all there.

John McCain, by contrast, was the Platonic ideal Beltway Pundit-style candidate, and his defeat by Obama ensures that his like will not win a national nomination any time soon, in either party. McCain spent many years establishing himself as a pragmatic moderate, dissenting ad nauseum and without a consistent unifying principle from GOP orthodoxy; McCain had veered to the center simply whenever he felt that the Republican position was too far. McCain held enough positions that were in synch with the conservative base to make him minimally acceptable, but nobody ever regarded him as a candidate to excite the conservative base.

Yes, this is essentially a restatement of point 2, but where as #2 is looking from the Right, #3 is looking from the center. 

Also keep in mind that the center is where most undecided voters live, some of whom don’t decide who to vote for until they in the voting booth.  Reagan won by sticking to his conservative principles and Obama won on his liberal credentials (spreading the wealth around, socializing health care, anti-war).  It wasn’t the blowout it should have been, given the perfect storm of an unpopular President, and unpopular war and a tanking economy, but a win is a win.

UPDATE:  John Hawkins concurs:  Top 7 Reasons Why the GOP Can’t Build a Political Party Around Moderates.

4.  McCain was hoist on his own petard; McCain/Feingold.  On election night, you could almost hear, in the back of your head, a voice-over saying, "This election brought to you by…campaign finance reform."  Another element of the perfect storm for Obama was the fact that he reneged on his promise to stick to public financing and hugely outspent McCain (yet still only managed an average victory).  This unconstitutional (in my humble opinion) program restricts free political speech, arguably what the First Amendment is precisely about.  McCain/Feingold is dead, for all intents and purposes.  At least it’s now irrelevant. 

 

I still respect McCain as a politician and a bridge-builder, and I believe he would have made a far better President than the one we’re going to get.  But cheer up, Republicans.  At least Obama is going to pay for your gas and your mortgage.

Thoughts for Election Day

Work and family have kept me from posting much lately, and today is the last shot before Election Day.  So here are my thoughts about the main issues for this election and why I think John McCain stands on the correct side of each of them.

Abortion

Barack Obama’s answer to Rick Warren, that the question of when life begins was "above my pay grade", should disqualify him from consideration by anyone who is concerned about "the least of these".  Babies in the womb are arguably the least of the least of these, and while Obama claims he wouldn’t want to pick a point where life begins, it certainly doesn’t keep him from deciding where it ends.  It didn’t stop him from co-sponsoring the Freedom of Choice Act that would invalidate abortion laws nationwide, saying it would be "the first thing that I’d do".  In addition, the next President will likely be able to chose 1 or 2 Supreme Court justices, who may hear a case involving the FCA or other life and death matters.

Thus, if abortion matters to you, the only choice is John McCain.  And if you’re a Christian and abortion doesn’t matter to you, it should.

The Economy

Obama’s "spreading the wealth around" ideology, while not technically pure socialism, is certainly a shift in that direction.  As much as he insisted that he wasn’t penalizing someone for making it in America, he is.  If it was just for paying for the government we need, that would indeed be one thing, but wealth redistribution is not what the tax system was intended to do, and it is incredibly inefficient when shoehorned into doing it. 

As a Christian, I still don’t believe that when Jesus says that as individuals we should give to the poor, that didn’t mean that we should use the force of government to take from some to give directly to others.  I find that highly immoral.  I believe giving to the poor is a very good thing, something we are each individually commanded to do, but in no way do the ends justify the governmental, confiscatory means.

Right now, the economy is in a sad state, partly due to greed, partly due to a Democratic party that refused to see the signs.  The government has jumped in to help, with what could be argued as a "socialistic" means.  However, unlike other countries (Venezuela, anyone?), this is intended only as a stop-gap measure to get us past the current crisis.  Spreading the wealth around, and more and bigger government programs, are not the way to come out of it.  Creating more wealth and more opportunities are the way to bring ourselves out of this, and to ease poverty, and a vote for John McCain will help do that.  One main way to do this is…

Taxes

…lower taxes.  Both candidates say they want to lower taxes.  However, the income threshold where Obama would like to lower taxes itself keeps getting lower.  It started at $250,000, then $200,000, then Joe Biden talked about lower taxes for the middle class making less than $150,000.  So we don’t really know where the line is drawn.  And further, if a President Obama gets a filibuster-proof Congress, he’s not likely to veto whatever they come up with, and they’re not bound by his campaign promises.  Raising taxes in a down economy is deadly.

John McCain realizes this, and wants to lower taxes for everybody, including those who are rich enough to start small businesses and who create the lion’s share of the jobs in this country.  Class warfare rhetoric may sound good (and when all’s said and done, "spread the wealth" is class warfare), but if you penalize those who create jobs, you won’t get as many new jobs.  Simple.  In a down economy, the last people you want to penalize are the job-creators.  John McCain’s tax policy will get us out of this down economy sooner.

The War

The war on terror has multiple fronts, and one was Iraq.  It still could return to being one if we do what we did in Vietnam and leave too early.  Iraq is out of the news, and not because the election has pushed it off the front page; if there was bad news coming from there, the media would most certainly highlight it.  No, Iraq isn’t news because it’s going so well and Al Qaeda is losing.  In addition, contrary to most predictions 7 years ago, there has not been another successful terrorist attack in this country.

This is because we confronted evil where it was.  We took the fight to them; we didn’t wait for them to drop another building or kill thousands others.  Saddam Hussein was ignoring the conditions of the cease-fire without consequences, and was supporting terrorism both actively (e.g. subsidizing the families of Palestinian terrorists) and passively (turning a blind eye to terrorist training camps within his borders). 

The war was right, and we’re winning it.  Criticize the prosecution of it, especially early on, and I’ll agree with you, but overall it’s getting rid of the bad guys and keeping them away from us.  John McCain has been on the right side of each of these decisions and Barack Obama has been on the wrong side. 

Experience

Having been a community organizer, and being a Senator for 140 days before running for President is not the amount of experience required for the notional leader of the free world.  Especially when that community organization is filled with experiences like helping a 60s radical terrorist run an "educational" program that doesn’t appreciably increase education, but makes sure kids buck every authority in their path.  Barack Obama is as green as they come.  Supporting him precisely because of his brand of experience is to be incredibly naive. 

John McCain has a long history of working with both parties; something Democrats used to say that they valued.  But when a Republican who values bipartisanship campaigns for President, suddenly that doesn’t seem as important to them.  This week.  I don’t support every position that McCain has taken while making overtures to the Democrats, but I respect the fact that he makes that effort.  If you support bipartisanship, you should support John McCain.

Healthcare

Obama’s plan, while giving lip-service to choice, markets and keeping your current plan, will make it financially untenable for employers to keep whatever their current plan is and toss people into the government-run one.  He fakes to the right in the campaign, but he’ll cut to the left without you even noticing.  And once we socialize a little of the healthcare system, it’s nigh impossible to reign it back in once the cost overruns and ultimate lack of choices become apparent.  The entitlement mentality will expand and sink its claws into this area as well.  It’ll be a case of tweaking this and modifying that until…well, until Canadians don’t have any place to go to get the healthcare they need.

McCain’s plan keeps the market in place and doesn’t undermine it.  That’s true choice; giving you new ones without destroying the current ones.  If you’re pro-choice (in healthcare), vote for John McCain.

Sarah Palin

OK. she’s not technically an issue in the campaign, but I had to bring her up.  Democrats have laughed at her credentials — actual executive experience, true to her principles both in her public and personal lives, and the way she worked her way up herself in the world — even though they claim to value those principles, especially in a woman.  Turns out it’s all lip service.  Someone who exhibits the best in politics, and someone who lives up to so many ideals that people wish more politicians would have, was dismissed or demonized by the Left.  Seems they only value these characteristics in other Democrats.

While this attitude striped the veneer off many Democrats’ real motives, it highlighted what good choices John McCain will make as President.  If you truly value those ideals in any candidate for any office, John McCain is your man.  (And Sarah Palin is most definitely your woman.)

 

It’s almost Election Day, but before you vote, please consider the issues that really matter to you.  Not the sound bites or the slogans; the substance.  On many of the big issues of the day, and especially for Christians, I believe John McCain is the best choice for President.

See you on the other side.

Especially in Venezuela.  A few links from the past couple of weeks regarding the socialist "utopia".

When oil prices fall, suddenly Hugo Chavez can no longer afford to buy big guns, to finance terrorism, and to spread the wealth around.

Awash in oil, Hugo can’t even keep the lights on; electricity shortages to go along with food shortages.  As Pejman Yousefzadeh puts it, "I would delight in the Schadenfreude, but after having read this story, I feel more sorry for the people of Venezuela than I do happy to see yet another indication that the regime of Hugo Chavez is failing to provide basic services."

And when Hugo gets cranky, he starts to ponder jailing the opposition.  Without any specific charges, Chavez said of his former presidential rival, "I am determined to put Manuel Rosales behind bars. A swine like that has to be in prison."  Yup, now there’s a freedom fighter.

This is the 2nd and final part of my analysis of an open letter from Anne Rice. Part 1 was posted yesterday.

Abortion

Anne Rice spends most of her letter covering this issue, and she starts with an assertion that, to me, shows a lack of consideration of the history of the issue.

I want to add here that I am Pro-Life. I believe in the sanctity of the life of the unborn. Deeply respecting those who disagree with me, I feel that if we are to find a solution to the horror of abortion, it will be through the Democratic Party.

Ms. Rice does touch on these historical issues lightly later on, and I’ll hit them more in-depth then, but even looking at how the abortion issue generally falls between the parties today, I don’t see this as making sense. What I hear from Democrats are things like John Kerry with this sentiment:

I completely respect their views. I am a Catholic. And I grew up learning how to respect those views. But I disagree with them, as do many. I can’t legislate or transfer to another American citizen my article of faith. What is an article of faith for me is not something that I can legislate on somebody who doesn’t share that article of faith. I believe that choice is a woman’s choice. It’s between a woman, God and her doctor. That’s why I support that. I will not allow somebody to come in and change Roe v. Wade.

If one’s commitment to Christianity should be “absolute”, as Ms. Rice has said, there is a big problem with this statement, that is generally the line religious Democrats use when talking about abortion, and that is the canard about legislating one’s religious faith, or sometimes call ramming one’s religion down your throat. Civil rights are very much a moral issue, but does Sen. Kerry have the same problem with legislating that? No, he’s very willing to impose his view on KKK members, and rightly so. It’s right, it’s moral and it’s the law. Legislators all throughout our country’s history, and more so in our early history, based many of their decisions partly or mostly on their religious faith. This excuse is disingenuous.

Read the rest of this entry

Repost: Christians & Political Parties:A Response to Anne Rice, Part 1

The following is a repost of a blog post I wrote over a year ago (August 23rd & 24th, 2007) during the presidential primary season.  It was in response to an open letter by the author Anne Rice on her personal web site.  Ms. Rice is the author of the Vampire Lestat series of books, but, after returning to the Catholic church in 1998, stopped that project. 

I’ve searched her web site for the letter in question and cannot find a page that has it archived, although many of her other writings, going back to 1996, are on there.  It was copied and posted on other forums, including here, so you can read along at home.  (Warning: This is a link to the right-wing Free Republic web site.  If you fear cooties emanating from there, turn back now.)

I think the issues covered in this endorsement of Hillary Clinton for the Democratic party nominee are still relevant now, especially how it relates to Christians, how they can and should work through the political process, how Ms. Rice believes her choice of party advances that, and where I disagree with her. 

It was originally posted in 2 parts due to its length, and so it shall be this time. 


This is one of my longer posts, possibly the longest I’ve done on the blog. What happened was, I was reading an open letter from a Christian planning on voting a particular way, and as I read further and further into it, one objection after another kept coming to my mind, and one problem after another regarding the writer’s reasons kept getting in the way. Finally, I realized I’d have to just set aside some of my typical day-to-day blogging of the link-and-quick-comment type, and go in-depth into the problems I see with the author, and Christians in general, who vote Democratic for specifically Christian reasons, and especially regarding the social issues brought up in the letter. Pull up a cup of coffee and sit back.

Anne Rice is a Catholic author. I’ll admit to not being too well-read, but as a Protestant my knowledge of Catholic authors is even more limited. Therefore, I’m not sure how much Ms. Rice’s views are mainstream Catholic, although whether or not they are really isn’t the crux of this post. I do want to discuss the views she espouses, and espouses quite well as an author. That she is a Catholic and I am a Protestant has really no bearing on my criticism of her recent public letter dated August 10. I know Protestants who would agree with her on these issues, so this is not a denominational thing. She professes Christianity, as do I, and we have very similar goals, as far as I can tell, on the topics she discusses, and yet we’re voting differently. Ms. Rice wrote a lengthy letter to her readers on her main web site (no permalink so don’t know how long it’ll stay on the front page) about why she is endorsing Hillary Clinton for President. The reasons she lists for that endorsement, to me, run completely counter to her list of important issues and goals. If she is truly concerned about those goals, I don’t follow her endorsement, nor the endorsement of other of my friends and acquaintances of any Democrat in the current group. I want to address the inconsistencies I see in this post.

Ms. Rice starts out with her Christian and Catholic creds, which I respect and am willing to accept. She talks about how, while the separation of church and state is a good idea, the voter does not have that prohibition, and in fact must consider their vote based on their religion.

Conscience requires the Christian to vote as a Christian. Commitment to Christ is by its very nature absolute.

I agree wholeheartedly. But, she also correctly notes, we have only 2 political parties in this country. (She believes, as do I, that a vote for neither Democrat or Republican, whether it’s a non-vote or a vote for a 3rd party, is essentially a vote for one of the two major ones, no matter how you slice it.) In short:

To summarize, I believe in voting, I believe in voting for one of the two major parties, and I believe my vote must reflect my Christian beliefs.

Bearing all this in mind, I want to say quietly that as of this date, I am a Democrat, and that I support Hillary Clinton for President of the United States.

And that last clause is where the disagreement begins.

Charitable Giving

The first paragraph of explanation deals with giving.

Though I deeply respect those who disagree with me, I believe, for a variety of reasons, that the Democratic Party best reflects the values I hold based on the Gospels. Those values are most intensely expressed for me in the Gospel of Matthew, but they are expressed in all the gospels. Those values involve feeding the hungry, giving drink to the thirsty, clothing the naked, visiting those in prison, and above all, loving ones neighbors and loving ones enemies. A great deal more could be said on this subject, but I feel that this is enough.

First of all, neither the religious right nor the religious left have a lock on charitable giving. At the same time, as was noted on this post regarding a study by Arthur Brooks, conservatives outgive liberals by quite a significant amount. How does this relate to how the political parties differ in their view of the government’s role in this? Ms. Rice, I believe, falls into a trap by simplistically equating the advocacy of government charity with Jesus’ admonition to the individual to be charitable. Democrats say the government should give more, so by her reckoning thy are more in line with her Christian view. However, it has always made me wonder how when Jesus tells me, personally, to be charitable, that somehow this means that I should also use the government to force my neighbor, under penalty of jail, to be “charitable”. I put “charitable” in quotes because when there’s force involved, there’s no real act of charity. How Democrat Christians get from point A to point Z on this boggles my mind. Another statistic from Brooks’ study brings this point home; People who believe the government does not have a basic responsibility to take care of the people who can’t take care of themselves are 27 percent more likely to give to charity.

On top of this, the bureaucratic inefficiency filter that we’re all forced to funnel our “charitable” taxes through siphons money away from the needy, as does the massive fraud that goes on in a big government program that has little accountability.

Conservatives believe that forcibly taking money isn’t charity, and that it is not government’s role to rob from Peter to pay Paul, and that the way the government handles this creates dependency and causes further problems, like giving fathers a disincentive to stick around. Because of this, conservatives give more of their own money to local charities where the administrative costs are much lower. The Republican party, the current home of most conservative political ideas in this country, purports to support these goals, and while they don’t always follow those principles, they have done better at this than Democrats. An expanded role of government in the area of giving to the poor is not the best way for that to happen, and as a Christian I believe it’s not moral to force others to give when they don’t want to. Again, Jesus asks me to give; He didn’t ask me to force others to.

Ms. Rice, in ticking off a laundry list of values, seems to be falling for the framing of the issue that Democrats have put forth; welfare = caring. There are other ways to care, which can have much better results.

Part 2 tomorrow.

Political Cartoon: Me and My Country

"Gee, I’ll vote to get some of that wealth spread to me."  Welcome to the 21st century.

From Chuck Asay:

asay081024

Plumbing the Depths of Personal Destruction

Joe "the plumber" Wurzelbacher, for having an honest disagreement with Barack Obama over tax issues, has come under fire from the Left.  Well, "under fire" seems like a rather mild description.  The blog HolyCoast referred to it as a "crucifixion", not in the sense that he’s dying in the press for anyone’s sins, but he is getting himself turned inside-out for the sake of a very calm conversation he had with the Democratic Presidential nominee.  Both men, Joe and Barack, let each other speak, there was no heated arguing at all, and yet the Left can’t seem to bear to have The One(tm) contradicted.

Rather than point to all the individual examples, others have done the research that I’ll point to instead.  They’re good roundups of the incredible personal destruction that lefty blog sites and mainstream media — from the obscure to the prominent — have visited upon someone who simply disagrees with them.

Stop the ACLU notes that the preeminent blog of the Left, Daily Kos, plastered Joe’s personal details for all to see, including home address.  And there are others like Politico.com and the New York Times scrounging around for dirt. 

The Anchoress details reaction from the Right side of the blogosphere.  She also makes a great point.

But here’s the thing: what or who Joe the Plumber is does not matter. What matters is what Barack Obama said to him. The focus on Joe the Plumber – the obsession on him, and the need to somehow discredit him in the eyes of the nation – is meant to distract you from what Barack Obama said, and nothing else.

The lefty blogs and the NY Times (indistinguishable from each other, especially when a Democrat is having trouble) show their true colors.

Update: More links to the smearing of Joe at Redstate.  Add Andrew Sullivan to the list of the "honorable" Left.

Universal Health Care Update

How’s Obama’s native state’s health care experiment working?

Hawaii is dropping the only state universal child health care program in the country just seven months after it launched.

Gov. Linda Lingle’s administration cited budget shortfalls and other available health care options for eliminating funding for the program. A state official said families were dropping private coverage so their children would be eligible for the subsidized plan.

"People who were already able to afford health care began to stop paying for it so they could get it for free," said Dr. Kenny Fink, the administrator for Med-QUEST at the Department of Human Services. "I don’t believe that was the intent of the program."

Government programs change people’s behavior.  You can’t just create a new program in a vacuum, on a state nor a national level.

Inherit the Economy

Whoever the next President of the United States is, he’s going to inherit a financial sector that’s on the ropes.  It will not have tanked because of him personally, either of them, but he’ll have to deal with it.

I remember when Kerry was campaigning against Bush.  Democrats were all over the media, early in the campaign, saying that we’d lost jobs under Bush, which was true.  What they hoped you had forgotten was that the economy was already heading downward in the quarter or two before Bush even go to move in to the White House, and they utterly ignored the hit our economy took after 9/11.  ("Never forget" indeed.) 

Frankly, I think the President has less affect on the economy than most people think.  The best he can ever do is make conditions better for the people to grow the economy.  Anything else is a short-term band-aid that could at least give little long-term benefit or at worst give us its unintended consequences. 

The Final Presidential Debate

Short take: McCain finally started hitting on the policy issues that he was missing in the first 2 debates.  Mostly, he took on some of Obama’s mischaracterizations of him.  He should have started this 2 debates ago.  I felt better about his performance, but the quick poll of undecideds on Fox showed movement toward Obama.

Random items:

* The "even Fox News" line from Obama shows how much a blind spot Democrats have for rampant liberal bias in the media.  And if this is his only shot at them, it only proves they are indeed balanced.

* "Joe the Plumber", Joe Wurzelbacher, got about 60 minutes of fame, well more than his allotted 15.  Folks that don’t read the blogs may not have known who he is (though the networks have wanted to make sure you know about that 106-year-old nun who’s voting for Obama), but McCain made sure he got the word out.  Hopefully, they’ll find out that this small business owner is going to get taxed more under Obama, and that "infuriates" him.  Maybe they’ll find the video of Obama telling him he wants to "spread the wealth around" (translation: From each according to his ability, to each according to his need).  Hopefully.

* Obama still insists that 95% of people will get a tax cut, ignoring the fact that many people pay no taxes at all.  And as a conservative pundit noted (forget which one), Bill Clinton campaigned on a middle class tax cut.  Amnesia set in as soon as he sat down in the Oval Office.

* Finally, McCain drove the point home that he wants to give you choice over your healthcare, and not introduce a federal bureaucracy into the mix.  Obama’s plan may sound modest enough, but it’s the foot in the door for an even bigger program.  "This worked, so let’s make it bigger and stronger."  That’s what happens to government programs.  McCain’s plan stops at giving you a credit and letting you spend it with no federal mandate whatsoever.  He avoids the slippery slope. 

And now, the home stretch.

A Pleasant Irony

I find it wonderful to see, printed on our money, "In God We Trust."

Just a thought for these economic time.

Does This Sound Eerily Familiar?

Bloomberg.com

Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules of international finance.”

“The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,” Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis “can’t just be for one country, or even just for Europe, but global.”

The Washington Post

The worst financial crisis since the Great Depression is claiming another casualty: American-style capitalism.

Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation’s wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.

The Bush administration is considering a partial nationalization of some banks, buying up a portion of their shares to shore them up and restore confidence as part of the $700 billion government bailout. The notion of government ownership in the financial sector, even as a minority stakeholder, goes against what market purists say they see as the foundation of the American system.

Breibart.com

Germany called on Friday for a set of global rules to help tackle the global financial crisis, saying it was time to put an end to ad hoc solutions.

"We need global rules for the markets," German Finance Minister Peer Steinbruck said.

Is this all seeming a little end-times-esque?  If we wind up with a truly global economy, or one far more global than we even have now, is it so hard to believe a step or two down the road is a card, and then an implant, that you must have to buy anything? 

Are we watching the foundation laid for the events in the book of Revelation?  Or am I just paranoid?

In an article about how the current financial crisis would affect the two presidential candidates promises, the NY Times demonstrates the real problem without even noticing it.

While first commenting, as I did, that neither candidate could get specific on what promised programs they would not implement or delay as a result of circumstances, the paper immediately jumps in with the absolutely wrong emphasis.

The big issue for each candidate is not spending, per se, but how the crisis will affect their promises on taxes. Mr. Obama has said that he would raise taxes on the wealthy, starting next year, to help restore fairness to the tax code and to pay for his spending plans. With the economy tanking, however, it’s hard to imagine how he could prudently do that. He should acknowledge the likelihood of having to postpone a tax increase and explain how that change will affect his plans. Then, he can promise to raise those taxes as soon as the economy allows.

Mr. McCain has an even tougher job. To be straight with voters, he would have to acknowledge that the centerpiece of his economic plan — to permanently extend the Bush tax cuts beyond their expiration in 2011 and to add billions of dollars of new tax breaks — is impossible. If he went ahead with those plans, the national debt would explode, undermining the borrowing that the nation must undertake to finance the bailouts.

Sounding like some forlorn caller to the Dave Ramsey show, complaining that they could get out of debt if only they could make more money, the Times looks only to the income side of the ledger.  Not content to ignore spending, they specifically rule it out.  But as anyone who’s listened to Dave, or to advice from Crown Financial Ministries, or just about any other financial advisor, it is far, far easier to regulate your spending thanit is your income level.  Now, the federal government is in a different position than most of us, in that they can simply legislate the amount of money they want to come in, but as these advisors will tell you, if you don’t discipline your spending and set good habits in that regard, no amount of income will be enough.  Ever.

Not only does the Times come at this problem incorrectly, it’s ironic that it paints itself into a corner on its proposed solution.  Obama can’t raise taxes, but McCain can’t cut them.  Guess the Bush tax levels are, as Goldilocks might say, just right?

But seriously folks, let’s not forget who’s backward proposal this is; the New York Times.  No one would mistake them for a member of The Vast Right-Wing Conspiracy.  This is a liberal answer to the problem, and it is entirely the wrong approach.  The conservative answer to this are common sense financial principles.

Notice I’m not naming party names.  This is mostly because, while Democrats can spend like a drunken sailor, Republicans have show that they can get about as drunk themselves.  If the conservative, common sense solution is to have a ghost of a chance, Republican politicians have to get back to their conservative roots. 

And we, as their constituents, have to get out of our entitlement mentality, waiting to see which candidate for whatever office will give us the most stuff.  Otherwise, the road to the presidency will be won by the candidate promising to be the most pandering and the least responsible.  The best thing about our republic is that it is government "by the people", but sometimes it’s the worst thing about it, too.

 Page 20 of 23  « First  ... « 18  19  20  21  22 » ...  Last »