Obamanomics Explained

Kevin Hassett at Bloomberg.com has figured out Obamanomics:

President Barack Obama and his team have been having so much fun wielding dictatorial power while rescuing “failed” firms, that they have developed a scheme to gain the same power over every business. The plan is to enact policies that are so anticompetitive that every firm needs a bailout.

Once that happens, their new pay czar Kenneth Feinberg can set the wage for everybody and Rahm Emanuel can stack the boards of all of our companies with his political cronies.

Obama’s latest assault on our economy is to inflict crippling levels of taxation on foreign subsidiaries of US companies, a move than any idiot could see will force the companies to leave America altogether to stay competitive, given our exorbitant corporate tax rate, which is second only to Japan’s in the industrialized world. Even Microsoft may be packing up and moving out.

The point of this economic sabotage?

Maybe it is good politics to bash American corporations, and Obama isn’t really serious about making this change happen. But if the change is enacted, and domestic corporate taxes aren’t reduced to offset the big tax hike, the result will be a flight from the U.S. that rivals in scale the greatest avian arctic migrations.

If that occurs, the firms that stay in the U.S. will be at such a huge tax disadvantage that they will absolutely need a “rescue.”

Those who endured the David Dinkins Administration in NYC have seen this movie before. Now the disaster will play out at the national level, with bureaucratic thugs bleeding corporations for every penny they can get, until the geese who lay the golden eggs manage to fly away to safety, leaving nothing behind but corrupt and unproductive government-run enterprises.

The wise parasite lets its host stay alive. But there is nothing wise about the greedy, power-mad Marxists now running Washington.

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On a tip from Byron. Cross-posted at Moonbattery.

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