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June 10, 2009
Obamanomics Explained
Kevin Hassett at Bloomberg.com has figured out Obamanomics:
President Barack Obama and his team have been having so much fun wielding dictatorial power while rescuing "failed" firms, that they have developed a scheme to gain the same power over every business. The plan is to enact policies that are so anticompetitive that every firm needs a bailout.
Once that happens, their new pay czar Kenneth Feinberg can set the wage for everybody and Rahm Emanuel can stack the boards of all of our companies with his political cronies.
Obama's latest assault on our economy is to inflict crippling levels of taxation on foreign subsidiaries of US companies, a move than any idiot could see will force the companies to leave America altogether to stay competitive, given our exorbitant corporate tax rate, which is second only to Japan's in the industrialized world. Even Microsoft may be packing up and moving out.
The point of this economic sabotage?
Maybe it is good politics to bash American corporations, and Obama isn't really serious about making this change happen. But if the change is enacted, and domestic corporate taxes aren't reduced to offset the big tax hike, the result will be a flight from the U.S. that rivals in scale the greatest avian arctic migrations.
If that occurs, the firms that stay in the U.S. will be at such a huge tax disadvantage that they will absolutely need a "rescue."
Those who endured the David Dinkins Administration in NYC have seen this movie before. Now the disaster will play out at the national level, with bureaucratic thugs bleeding corporations for every penny they can get, until the geese who lay the golden eggs manage to fly away to safety, leaving nothing behind but corrupt and unproductive government-run enterprises.
The wise parasite lets its host stay alive. But there is nothing wise about the greedy, power-mad Marxists now running Washington.
On a tip from Byron.
Posted by Van Helsing at June 10, 2009 8:03 AM
Comments
My handle says it all.
USA: Soon-to-be the USFUBAR
Posted by: We Are So Screwed at June 10, 2009 8:10 AM
"Those who are ignorant of history are doomed to relive it." C. Castaneda
What part of "USSR" don't these clowns get? I am coming to agree with those who posit that the hubris of these people is such that they believe they can do it because they're smarter. [ reminds me of that STNG episode where the tag line was, "Make me smart." ]
Insanity; def: doing the same thing over and over each time expecting a different outcome.
Posted by: chuck in st paul at June 10, 2009 8:36 AM
I have long been a democrat, albeit a moderate, but today I have become a republican.
As a Marine Corps combat veteran, I didn't serve my country to watch it go down the crapper like this.
Posted by: Eric H. at June 10, 2009 8:40 AM
Good to hear, Eric, and thank you for your service. It's never too late to "wake up and smell the coffee", so to speak. I'm sure you won't be alone in your awakening.
Posted by: We Are So Screwed at June 10, 2009 10:08 AM
... Then again, it will be too late when there is no coffee. :(
Posted by: We Are So Screwed at June 10, 2009 10:10 AM
Welcome back from the dark side Eric H.
Posted by: Eric at June 10, 2009 10:36 AM
No wonder that OBAMA logo bothers me ITS A SATANIC SYMBOL
Posted by: SPURWING PLOVER at June 10, 2009 11:50 AM
Any American business with the resources to do so, should have a plan ready to enact that will transfer all HQ operations to a friendlier country.
Those business without the resources to do so should start incorporating with other smaller businesses to try and consolidate transfer efforts.
There is absolutely no relief in sight even once BO is out of office since the debt will be almost irreparable for decades and BO will likely be replaced by either a weak republican, or an ineffective independent or another liberal. Either way the U.S. government has demonstrated a historic hostility to business that will not be refromed anytime soon. Moreover, the liberals have learned how to loot the national treasury through elections.
The USSR (unbelievably at the time) went down almost overnight; its going to happen here.
BTW Chuck in St Paul, That quote belongs to Santayana. But Castaneda was a heckofa good read.
Posted by: Fiberal at June 10, 2009 11:59 AM
Eric pulled a New York! Glad you saw the light, and thank you for your service to our great country.
BTW, the New York legislative shift to GOP was a complete surprise to me. I don't know to what extent it's just a bunch of RINOs, but I think the symbolism is significant (we're talking NEW YORK!) The DU is mighy upset, if that's an indicator.
Posted by: Karin at June 10, 2009 12:53 PM
