Worldview Item of the Day
So, the Congress is one step closer today to forcing us all into decades of indentured servitude to China and the European Union in order to pay back the debt we will incur when we borrow what will likely be $1 trillion to “stimulate” our economy.
Are you planning on retiring in the next decade? Good luck, because the once tax-free and tax-deferred investments you made will very likely be retroactively taxed at your income tax rate in the next decade to pay for this debacle.
Think Obama won’t tax you? Maybe your income tax will not go up, but government fees and taxation through regulation will increase as the government dollar infuses itself through the private sector, costing us all in government created inflation and the reduction in the value of the dollar and the shrinkage of the GDP.
Want your boss to give you a raise? If you work for an employer with less than 500 employees, who accounted for more than 80% of the new jobs created since 1980, again, good luck. Your employer will likely be paying an effective tax rate approaching 70 percent when one factors in all taxes at the federal, state, and local level. There won’t be much money left for pay after that.
Let’s not forget that this stimulus plan is targeted at building infrastructure, which does not directly earn a dime, instead of making investments in goods, service, and technologies that will power the economies of successful nations through this century. Congress is investing in keeping the horseless carriage industry solvent (automaker bailouts, road and bridge building) and keeping their pals in the financial sector solvent (how many of Obama’s people once worked for now failed or bailed institutions?) instead of investing in the technology that will give us flying cars and will make CEO driven banks obsolete.
And all of this is happening because many of my fellow Americans refuse to accept that the current economic weakness is our fault and that only we can fix it. Instead of fixing it we are selling ourselves, and I am certain we are not goint to like what we get for the price.