Monday, October 27, 2008

The Great Philosophical Issue of this Election

Barack Obama and John McCain's economic plans present a clear dichotomy of their and their supporters' economic values. Barack Obama, Nancy Pelosi, and Harry Reid believe that the government should decide how to spread around the resources in this country. Their schemes will take from the few and give to the many, the kind of shameless economic populism that Americans have constantly rejected throughout history. When Barack Obama promises 95% of Americans a tax cut, he really means a giant giveaway to tens of millions of people who pay no taxes from the other 5% as well as a modest tax cut for middle income taxpayers. Obama and his crew will stymie growth by jacking up capital gains and corporate dividend taxes as well as income tax on high incomes. This will obviously result in decreased GDP output and even worse performing markets. Then there will be less and less money at the top to pay for all of these programs. The top 1% of wage earners already pay 40% of all federal taxes so if they get hammered the only option will be to start reaching into the pockets of the middle class to pay for these handouts and spending schemes. Thus is the inevitable downward spiral of socialism: punish the rich hard enough and they become less and less rich, some move away to lower tax countries, others work less because it's not worth it when you're slaving away for the IRS two thirds of the time.... and then whom do you take from??? John McCain's policies will CREATE wealth by making investment more profitable through a reduction in the capital gains tax as well as job training programs to help workers adjust to the new economy. Barack Obama will DESTROY hundreds of billions in wealth through his protectionist, anti-free trade agenda that he espoused in the Senate, coupled with his tax hikes. So sure, he'll spread around the pie, but the pie is going to keep getting smaller and smaller. If you believe that the government can spend people's money better than they can, then of course vote blue this election. But if you trust the people to innovate, invest, and spend their money to stimulate the economy then vote red. Enjoy the free market people because it might not be around as we know it much longer (what's left of it post bailout)... if only the McCain campaign can pull of a miracle to dethrone the already coronated darling of the elite liberal media...

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