Posted by: Debby Durkee | September 20, 2011

America’s Greek tragedy?

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America’s Greek tragedy?

As Obama drags out the non-solution of “stimulus II,” better known as his “American Jobs Act,” Iain Murray over at The American Spectator sees similarities to the failure of Greece in Obama’s approach to “saving” the American economy. There is absolutely no reason for Obama to follow the lead of a failed state unless he wants us to fail as well. It’s awful to even think that about an American president, but what else can we conclude, that he’s just too stupid and ideological to look past his leftist way of thinking? Either way, the country cannot withstand more of this, so call your representative and tell them, “We don’t want a Greek tragedy here in the USA.”

Greece is in economic meltdown. Its economy has become so biased towards the public sector that it is now literally unsustainable. It cannot afford to pay its bills and will surely default soon, unless Germany can be persuaded to bail it out. Unfortunately for America, the principles that got Greece into this mess are the same ones that President Obama wants to use to supposedly get America back to work…  Snip –

The International Monetary Fund has told Greece it needs to significantly reduce its bloated public spending, but that it should not try to make up the gap with new taxes. Yet that’s exactly what the Greek government is trying to do. Rather than close or privatize loss-making public enterprises like the nationalized railroads, it has attempted to raise money by selling gaming licenses and increasing property taxes…

As the government attempts to shore up its collapsing public sector, the private sector has been paying the price. Every day in August, 1,000 Greeks lost private sector jobs. Meanwhile, the government has hired between 15,000 and 20,000 new public employees since 2010. Attempts to raise income taxes resulted in massive tax evasion, so the government has decided to levy a property tax paid via electricity bills. The electricity employees union has already said it won’t help collect this.

…President Obama is following this particular Greek play. His American Jobs Act aims to shore up the public sector, paying for it by tax rises.

The President wants to keep public employees in jobs, particularly teachers, whose generous pay and benefits are causing problems for states and localities across the nation. He also wants to expand the number of public works projects via a national infrastructure bank, bringing the failed financial principles behind Fannie Mae and Freddie Mac to spending on high speed rail and green energy investments. Solyndra is just the beginning.

Obama says he wants to increase taxes on unpopular targets, like “millionaires and billionaires” and oil companies…

None of this worked in Greece, and it won’t work here.

The right solution for America is the same as for Greece — end public sector obesity by putting the state on a revenue-controlled diet. In addition, reduce the burden of bureaucracy, ending uncertainty, and empowering the private sector to make the investment it needs to get the economy working again.  Snip –

Our prime asset is our innovative genius. Yet we have also invested in an unsustainable public sector and made the country less nurturing to innovative industry. We need to turn back before we go as far down as Greece already has.

Why Warren Buffet wants his name attached in any way, shape or form to Barack Hussein Obama, especially in the form of a tax named after him, just shows senility in old age. Buffet got his, so in effect his Buffet Tax, which will charge those making $1 million or more extra taxes, will keep folks from getting their American dream in the same way King Buffet got his. The president’s tax plan would end Bush-era tax cuts on couples making more than $250,000 a year and institute a minimum tax on millionaires. Well, Chuck Schumer believes there should be a carve-out for his special high-tax-paying folks in cities like New York. You can read more on that here: http://newyork.cbslocal.com/2011/09/19/sen-schumer-expresses-reservations-about-president-obamas-tax-plan/

Regardless of how you slice it, America cannot afford this gargantuan government with an endless appetite for your money. We’re tired of throwing our earnings into the black pond of the federal government and finding something like Solyndra on the end of the line. Read all of Murray here:

http://spectator.org/archives/2011/09/20/obama-the-greek

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Responses

  1. It is amazing that statists will not question their economic premises. It is never the statist dogma that is to blame it is only the person trying to implement it that is at fault. never the thing they try to implement. It is such an article of faith that even their messiah becomes a false one when he fails to magically bring prosperity by extorting business and vilifying the job creators.

    Hilary Clinton would fare no better if she were in power. They’d be saying “I wish Obama had been elected”.

    These people are in a cult that has no exit and no future. They are damned if they faithfully implement their dogma and damned if they do not. Though, we are all better off if they do not.


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