With the dollar having plummeted against other currencies, record foreclosures, the S&P down 21%, stagnant wages, federal deficits out of control, Senator Obama has answers to supply-siders and spenders in DC. Easy credit no longer easy to come by, Fannie Mae and Freddie Mac have received a discount window from the Treasury to back the untold trillion dollars of obligations held, the Senator has government sponsored solutions. Bear Stearns, Indy Mac, Lehman Brothers, Fannie Mae, and Freddie Mac are but examples of credit destruction and risk-reassessment.
The Senator's sparse record on Capitol Hill is one of gleeful spending. Far left of Kerry, Gore, Clinton, the Senator brings an "audacity of hope" to spend our way to fixing what President Bush has described "America's hangover".
Fixing America is Senator Obama's goal by "creating more fair economic opportunity" for all Americans.
Higher capital gains and dividend taxes on the rich, and no capital gains tax on the small business entrepreneur are part of his magic. From 35% to 39.6%, Senator Obama promises an income tax hike on the wealthiest of Americans.
The Senator's proposals seem modest, reasonable, and sensible, except that Washington already spends 2.9 trillion American dollars for the good of all Americans, right?
In addition, the supply-siders had their chance with President Bush. It is true that jobs have been created in his 7 1/2 year presidency. It is true that all Americans received tax cuts twice during the President's tenure. It is true that record numbers of Americans have created significant wealth through home ownership in the last 10 years. It is true that record numbers of Americans graduated from college, found better paying careers, and started more businesses than ever before.
Yet, Senator Obama promises to fix "the crisis" that impends upon Americans. After all, "the dream is slipping away" for most Americans according to the Senator.
Perhaps what is really slipping away is the truth about how Americans are doing across the United States.
Is it possible that Americans tire of elected officials promising to fix America? Yogi Berra once said, "If it ain't broke, don't fix it". And America ain't broke! Americans fear one thing about their government. That any politician would actually be able to employ lots of government solutions to fixing the America we all know and love.
The charade is clear for politicians. Get elected by promising to fix what isn't broke. Once elected, tell the electorate that the problem was more difficult than first imagined, but you've been working hard to fix the problem that the people didn't know they had. You, in fact, need four more years to solve their problem they didn't know that they had.
Wow! If only we could employ this stunt in the real world where performance is measured and pink slips are offered for failure?
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