RWNJ Conservative Views from Cincinnati

This is from a 2001 Chicago Public Radio interview.  Obama is saying outright that wealth should be redistributed.  Unfortunately, the more and more I hear from former interviews, the more I think he’s more of a Socialist than a Democrat (please realize that I’m saying that as a definition of his views, not an inflammatory slur statement).

I’m sorry, but redistribution of wealth should not be a function of a Capitalist country.  Obama’s demeanor in the interview is very matter-of-fact.  He has no doubt in his voice that redistribution of wealth should be done.  I must admit that this is even more frightening than his comments to Joe the Plumber.

On the plus side, he did say that such changes should be made legislatively and not through the courts.  Not very reassuring to me, but at least it’s something positive.

Transcription available at STACLU.

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Posted under Climate, Economy

Many have questioned Obama’s “spread the wealth” answer to Joe the plumber’s question.  He has been getting hammered by the McCain campaign and even appears to be losing some ground in the polls.  Obama’s tax plan is being evaluated as bad for business since two-thirds of businesses would face a tax increase on their profits.  Still, Obama continues to stand by his comments that spreading the wealth is a good strategy.  This video seems a bit edited, if someone has a link to a more complete one, please post it in the comments and I’ll update this post.

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Posted under Election

George Miller (D-CA) and Jim McDermott (D-WA) are taking advantage of the public’s fear from the current bear market. They are looking at eliminating the 401(k) tax breaks, about $80 billion, and redirecting it to another mandatory government-run retirement system. The current tax policies empower employers to provide 401(k) matching programs, elimination of this tax break will result in the elimination of these matching programs.

This is a clear case of using the short-term fall of the stock market to take more power from individuals and put it into the hands of the Government.  The Democrats are set to take control of both the House and Senate, so this is likely a real possibility in the next session.

The proposed plan would provide a $600 annual inflation-adjusted subsidy from the Government.  Workers would also be required to invest 5% of their pay into a guaranteed retirement account that the Social Security Administration would run.  That money would be invested in government bonds that would yield 3% a year.

The stock market has never lost money in any 10-year period.  In fact, 15-year returns have always been between 18.8% and 4.3% (that’s higher than the 3% the Government wants to give).  Now, throw in that companies average 3% of their payroll into matching 401(k) plans (typical is $.50 on $1.00 on the first 6% of employee pay).  Without even taking stock market returns into account, a 5% contribution into the average 401(k) plan yields 50%.  That’s not even a close comparison to the proposal for a Government-run proposal for a 3% yield, even with the $600 subsidy. 

There is no sense at all in this.  Why do some of our representatives think that Government can do things better than individuals, regardless of the facts that stare them in the face?  The timing couldn’t be worse for this.  People are frightened with the market down and some are utilizing fear politics to move towards a policy that would clearly hurt everyone.  What ever happened to our representatives working for us instead of for the Government?

Source articles here and here.

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Posted under Economy

And now Barney Frank jumps on the bandwagon of creating the next Great Society.  He believes that the Government can solve our economic woes by spending even more than it already does.  According to him, worries about deficit spending should take a back seat and that we can tax the rich later to pay for it.

Taxes are already way too high.  Wages, benefits and jobs will be cut if taxes are raised on those who are providing those jobs.  Cost of living increases follow as prices on products rise to compensate the higher taxes.  In the end it is the lower and middle class who lose out.

It is time to stop pointing fingers at the rich.  It’s time to stop trying to make the rich poorer to make the poor think they are richer.  That certainly shouldn’t be the Government’s job!  We should be trying to better ourselves and find our own successes.  Class envy won’t get anyone anywhere.  Barney Frank might not want to admit it, but taxing the rich will only hurt the entire country.

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Posted under Economy