Friday, February 27, 2009

Obama: a Rovian plant?

I seriously hope he's wrong: » Obama: a Rovian plant?

Drudge is currently illustrating the magnitude of our nation’s budget deficit with a chart so shocking it’s almost comical.

The proposed 2009 federal budget deficit is so large that more than half of the year’s government spending is either deficit spending($1,750B) or interest on the national debt ($451B in 2008).

But at least we can raise taxes on the rich to pay for it, right?

Wrong. If the government took 100% of earnings from those making more than a half-million dollars a year, it would add only $1.3 trilion to federal tax receipts. Even the most ardent demand-side economists who usually scoff at the Laffer Curve, will have to admit a 100% tax rate is going to yield significantly smaller receipts.

Barack Obama’s plans to hyper-inflate the government bubble while he taxes the rich at confiscatory levels, is so certain to collapse the economy that I can only conclude that he is a brilliant Rovian plant whose purpose is to finally drive a stake into the heart of the era of big government.

No comments: