While I enjoyed watching Georgia and Alabama battle it out for victory in the SEC Championship, the great contest in which our nation is engaged to ensure wealth expansion and economic growth remains part of the American way of life was never far from my mind.It seems this Administration has made its position very clear. Despite all historical economic evidence, the President and his Administration refuse to acknowledge that greater revenues are indeed derived from lower tax rates, and fewer deductions and exemptions rather than the opposite.
What’s more, the President appears to believe his policies have not contributed in any way to the economic mess in which we find ourselves – which is even more astounding considering his Administration is now demanding complete and permanent authority to increase the debt limit. Where will this end?
Sadly, this brings to mind another president, Mohammed Morsi, who just recently decided he also needed much broader powers, and had the Egyptian constitution rewritten in 16 hours in the middle of the night. Only weeks ago, the Obama Administration was praising Mr. Morsi.
Meanwhile, back at the “fiscal cliff,” President Obama wants $1.6 trillion in more taxes, $50 billion more in stimulus spending, continued extension of the 99-week unemployment benefits – to the tune of about $30 billion per year — maintaining the payroll tax cut, which has led to Social Security running a deficit and which even the AARP opposes, and has said we can talk about spending cuts later. And when exactly would that be?
I wonder how many Americans have heard the simple maxim: “Fool me once, shame on you, fool me twice, shame on me.”
I wonder how many Americans truly believe President Obama has any intention to rectify our fiscal issues? We are indeed heading to that 53% growth in the federal government and more expansion of the welfare-state, which is exactly what his Fiscal Year 2013 budget laid out.
There is no plan to reduce our debt or deficit, just more spending. America is truly moving away from an opportunity society to a dependency society. That means more votes for those in power who will provide, as de Tocqueville stated, the largesse from the public treasury.
I want to share with you three quotes that I certainly wish this Administration would read:
1. “The first object of taxation is to secure revenue. When the taxation of large incomes is approached with this view, the problem is to find a rate which will produce the largest returns. Experience does not show that the higher rate produces the larger revenue…
I agree perfectly with those who wish to relieve the small taxpayer by getting the largest possible contribution from the people with large incomes. But if the rates on the large incomes are so high that they disappear, the small taxpayer will be left to bear the entire burden”. – President Calvin Coolidge…who lowered tax rates and increased revenue.
2. “Taxation may be so high as to defeat its object, that given sufficient time to gather the fruits, a reduction of taxation will run a better chance, than an increase, of balancing the budget”. – John Maynard Keynes, 1933
3. “It is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now. Efforts to avoid tax liabilities make certain types of less productive activity more profitable than other more valuable undertakings and this inhibits our growth and efficiency. The purpose of cutting taxes is to achieve the more prosperous, expanding economy”. –President John F Kennedy, during his January 1963 address to Congress
It was George Santayana who stated in the 1920s, “those who fail to learn from history are doomed to repeat it.” Sadly, I fear we are on a bullet train to repeat the economic failures of the past.
In closing, I want to put the events at the United Nations this week in some sort of context. Since 9-11 2012, has anyone paid attention to the deteriorating situation in the Middle East? It is a Middle East where, according to President Obama’s foreign policy, we are “pivoting away.”
Since November, we have seen Israel come under horrific attack from Hamas in Gaza, who are being supplied from Iran. We have had Egypt go 180 degrees away from any semblance of an “Arab Spring” of democracy to a radical Islamist regime led by the Muslim Brotherhood. Lastly, by a vote of 138-9, with 41 abstentions (which are in effect tacit yes votes), we now have a “Palestinian” non-member observer state recognized by the United Nations — coming after Israel was rocketed with not a peep of protest from Mahmoud Abbas.
Palestine is a territory which historically had nothing to do with Arab people. In fact, it was Roman Emperor Hadrian who renamed the region Palestinia from Judea to punish the Jews after their defeat in the second Jewish insurrection against Rome. The original word Palestinia comes from the root word Philistia and the ancient Philistines were originally Greek.
After decades of good propaganda and a lack of historical understanding on the part of many, the United Nations has created something which has no historical basis. What is most disturbing is a terrorist organization, which is attacking a sovereign State, has now been awarded legitimacy.
Are any of these events a result of the President beginning his second term or is it all just a strange coincidence?