I’m prone to listening to Dick Morris’ opinions about President Obama’s economic policies because he’s paying attention to how Wall Street and small businesses are responding to President Obama’s plans on taxing them into near-oblivion. To say that Morris isn’t kind in his assessment of President Obama’s speech in his latest column is understatement. Here’s one of many criticisms Morris has about President Obama’s plan:

How he plans to restore the nerve and confidence of our bankers as he castigates them is unclear. But, then, so is his program for financial rescue. One suspects that he knows full well that he will nationalize the banks. But even that step assumes that politicians can do what bankers can’t: Act quickly, ruthlessly and honestly, never a notable attribute of elected officials.

I’ve written numerous times that I don’t have any confidence in President Obama’s economic team, especially the men at the top. President Obama was inaugurated 36 days ago and he still hasn’t explained his economic philosophy. He’s talked about what he wants to spend money on but he hasn’t explained the rationale behind it.

Treasury Secretary Geithner still hasn’t put together a coherent plan for dealing with failing banks, leading Wall Street to wonder if this economic team knows what it’s doing.

And then Obama affirmed that he’ll support big tax increases on the richest 2 percent of American families. Disregarding the fact that these households already pay upward of half of all income taxes, while earning only a quarter of the national income, he has singled out the entrepreneurs, professionals, innovators and businesspeople of America for taxation.

Oh, but he won’t raise taxes until he’s had a few years to stimulate the economy. How many in that 2 percent feel like one of those huge hogs in the Chicago stockyards, being fattened up to slaughter the next year?

It’s time that businesses stopped this taxaholic’s binge. It’s time that they told their employees that supporting irresponsible Democrats will lead to economic ruin. President Obama’s scattergun economic approach is exactly the wrong approach. When Ronald Reagan started spending money on building up the military, he did it because he knew the importance of national security AND because he knew that this buildup would fire up the factories. He knew it was a win-win situation.

When President Obama signed the bill into law in Denver, a portion of the money spent was actually worthwhile. The majority of it was overspending while a healthy portion of it was simply political payoff.

Can all this work? Can Obama get banks to lend even as he terrorizes them? Can he get the engines of our economy back to work even as he announces that he’ll be taking away more of their earnings? Can he persuade the American people to accept bureaucrats deciding their health-care choices? And can his economic stimulus survive a huge increase in the payroll tax on the most productive citizens?

Probably not;Obama likely won’t succeed. This speech will be viewed as his high-water mark, the time before we came to realize how flawed is his understanding of economics and how supreme is his commitment to expanded spending. It will be seen as a sort of age of innocence before we realized what he had in mind.

But it sure was a great speech…while it lasted.

The choices that President Obama is giving people are unappealing at best. They lead to a shrinking of individual liberty and personal prosperity. President Obama’s policies will put immense burdens on people, burdens that won’t likely shrink with time.

Ask yourself this simple question: Do I trust myself to make the decisions that will make me prosperous or do I need President Obama to make those decisions for me? Before you make that decision, remind yourself that having President Obama make those decisions for you means that he’ll charge a fee for making those decisions.

One last thing: If you choose the Obama option, just remember one thing: that liberty and prosperity were great…while they existed.

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Cross-posted at California Conservative

One Response to “Great While It Lasted”

  • J. Ewing says:

    I like the supposed note from the business owner to his employees saying, in brief, “If my taxes go up, I will have no choice but to lay off some of you. In order to be fair, I will start with those who have Obama bumper stickers.”

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