Wednesday, September 08, 2010

Obama determined to make the rich pay.

Hot Air has the story where President Obama will not extend the Bush Tax Cuts on those making more than $250,000 a year. Those are the people we call the employers. I posted before about how bad an idea punishing the rich really was. To recap that post, if you punish the rich, they don't buy things, and that means we aren't hired to make the things.

Translation, unemployment that has been unexpectedly high for years now, will remain unexpectedly high. Unexpected is the word they whip out every week to describe the continuing bad news. Right now, the only people who can honestly use the word Unexpected to describe the continuing bad news on the economy are people who have serious memory problems and should be institutionalized for their own protection, as in 50 first dates.

So President Obama, continuing to do all he can to make the economy worse, is now going to raise taxes on those people who would otherwise hire people and buy things, that means more people get hired.

That means for you and I, that the trickle down depression will continue trickling like Niagara Falls. More jobs will continue being lost unexpectedly each week, and unemployment which in some states has securely settled in double digits, will continue moving unexpectedly higher.

So the question is, why would President Obama do this? The answer is that he really has no clue how the economy works.

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