Normally I prefer to keep politics off of this blog and concentrate on real estate. However, when we have a government that is moving us closer and closer to a socialist nation I simply have to make a few points. It's the history and government teacher in me that causes this to happen.
President Obama has presented a budget that increases our deficit and our national debt. In the process he leans heavily on taxing those he refers to as the rich. Now given the plain and simple fact that his numbers do not work, we will increase the taxes on the top 2% of the tax payers, his budget will fall flat on its face unless he finds more "rich people" You are going to be surprised at how soon you will be a rich person in the eyes of the government.
The attempt to redistribute the wealth in this nation is not new. Years ago the major news magazines, Time, Newsweek, and US News and World Report, looked at the effect of confiscating 95% of the income of the wealthy to pay off our deficit. It did not even come close to resolving the issue. A week or two ago Mayor Bloomberg of New York City asked the folks in Albany to be careful about raising taxes. Bloomberg is not shy about raising taxes. Why did he want the state to hold the line? Bloomberg pointed out that the city he governs is pretty much held together with the revenue obtained from about 40 thousand inhabitants of the city. He fears that all or part of this wealth could flee the city if the taxes go up. In fact Bloomberg said that if only 10 thousand left there could be trouble in NYC.
This morning, February 27, 2009, the news is reporting that the economy contracted again with the GDP down 6.2% in the fourth quarter. Let me point out that the blame for this lies squarely on the shoulders of both political parties and the executives who represented them. It is not just Bush's problem because it goes back to the Carter administration and the passage of the community Reinvestment Act. It grew, according to the September 30, 1999 edition of the New York Times, under the Clinton Administration that put pressure on the banks, specifically Fannie Mae, "to expand mortgage loans among low and moderate income people...."
Folks, we have a huge problem on our hands. This president is bent on spending and the development of new programs that are failures all over the world. He is out to destroy the rich and will take out the middle class with his policies. It is time for a chnage yet again. Remember that as we head toward 2010.