Buyer’s Remorse?
Today is the last day of February and it has to be one of the worst months, financially, that our country has seen in over a generation. While scanning the headline on the various news related websites, it is very apparent that we are in for a rough time for the remainder of the year, and maybe longer. Some of the headlines are:
• Buffett Says U.S. Economy Will Be `Shambles’ in 2009, Likely `Well Beyond’
• HSBC Said to Consider $17 Billion Sale of New Stock to Bolster Its Capital
• Immelt Confronts More `Hours of Doom’ With General Electric Dividend Cut
• Berkshire Profit Plunges 96% as Buffett Writes Down Derivatives Positions
• Citigroup’s Third Government Rescue May Not Be Bank’s Last, Analysts Say
• Irish Banking Regulation Commission to Bring `Radical Reform,’ Cowen Says
• Lyondell Wins Approval for $8 Billion Bankruptcy Loan, Largest in History
On top of these gloomy headlines is the stimulus bill, TARP, the wars in Iraq and Afghanistan, and additional proposed handouts that are taking our country to brink of bankruptcy. Now our president intends to raise taxes on the very people who create jobs for the rest of us. I realize that “tax the rich” is very popular to some segments of our population, but we poor people don’t hire workers. Only people with money to pay workers can hire them, and now Mr. Obama wants to take more money from them. I’ve seen estimates that his tax increases will amount to over $1 Trillion over 10 years. That is $1 Trillion that won’t be used to re-grow our economy. It will be given out in the form of entitlements to people who won’t work. I wouldn’t have as much trouble accepting this tax increase if it were to be used to pay off some of our national debt or maybe shore-up Social Security for a few more years. However, it is just “take from the rich and give to the poor,” which defines Mr. Obama’s left-wing social vision in a nutshell.
As an 18 year old, I voted for Jimmy Carter. For all of these years, I’ve been somewhat embarrassed to admit that I helped elect one of the worst presidents ever, if not the worst. While talking about Mr. Obama’s presidency, CNBC Anchor Larry Kudlow said, “a great many Obama supporters are becoming disillusioned with the performances of Obama and Treasury man Geithner. There is a growing sense of buyer’s remorse.” I can easily sympathize with them.
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About the Author: Bill is a 51 year old IT Professional who enjoys political blogging in his spare time after work and after the daily grind at the gym.
February 28th, 2009 at 7:05 pm
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