Obama’s economic policies suffer from the standard fatal flaws that cause all socialist economic systems to result in less than optimal prosperity for all participants in that economy. Here are but a couple of them.
1. Wealth is shuffled, not created
Obama’s socialist vision is all about taking wealth away from the most productive sectors and giving it to the least productive. Or, put another way, it punishes economic success and rewards economic failure. Either way, it is not about creating more wealth so that ALL people can raise their standard of living, but rather about redistributing a fixed amount of wealth in a way that a centralized government deems appropriate.
In other words, it is an economic shell game that doesn’t create economic growth, but rather just redistributes it. Eventually, this results in economic contraction.
An economic system of decentralized capitalism, by contrast, is about creating ever more wealth so that there is more to go around. The pie gets bigger so that everyone’s slice -- no matter what their economic class -- also gets bigger.
Make no mistake, we already have a significantly socialistic economy. The “wealthy” productive sector ALREADY pays a grossly disproportionate share of all the expenses it takes to pay for all government services that EVERYONE enjoys. The bottom 50% of income earners pay practically nothing towards funding government spending (less than 3%).
So you have to put this in perspective. Obama’s call for making the “rich” pay EVEN MORE of the tab starts from a place where they are already paying the vast majority of it.
The real question is HOW MUCH MORE CAN YOU MAKE THEM PAY before they will simply give up, perhaps closing down their businesses,perhaps not expanding them or perhaps taking them elsewhere where the punishment with government regulation and taxes is not so onerous? It is the “wealthy“ productive sector that creates the companies that create the jobs that allow the rest of the participants in the economy to share in that prosperity. Punish them enough, and all of that goes away.
2. Power is concentrated in a few politicians instead of spread among the people.
In an Obama world, a few elite politicians in Washington (including himself) will make all your decisions for you, determine how much of what you earn you are allowed to keep, determine what the money you earn will be spent on, determine what doctors you are allowed to see and when, and even determine when you are too sick and old and no longer worth keeping alive.
Obama believes that the money you earn belongs to the government and the government generously lets you keep a portion of it.
Contrast this with the alternative ideology of decentralized capitalism where what you earn belongs TO YOU and the government should only be given the bare minimum necessary to carry out its constitutional mandates and not a penny more (now THERE’S a novel idea!)
Remember this. If you don’t control what happens to what you earn, you have no power and no liberty.
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| Fundamental Problems With Obamanomics |
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