The Magic of Obamanomics
Using the power of Obamanomics, Chairman Zero could seize half of your property and redistribute it to Henrietta Hughes without taxing you a penny. Here’s how it works:
Say Group A works hard and has created $1 trillion in wealth out of nothing. Group B smokes crack and watches Oprah, and doesn’t create any wealth at all. It receives food stamps, welfare, subsidized housing, et cetera, ad nauseam, but say Group B has no more wealth than it creates. If Chairman Zero wants to spread the wealth around so that both groups have the same amount, he doesn’t have to take half a $trillion from Group A. All he needs to do is give Group B $1 trillion dollars that doesn’t exist in the form of mortgage bailouts and stimulus packages.
Since the money doesn’t exist, the government will have to print it. Instead of $1 trillion dollars, there is now $2 trillion that represents $1 trillion of actual wealth. By making money worth half as much, Obama has effectively seized half of what Group A worked to create.
But there’s no reason Group B should settle for only half of the wealth. After all, it suffers oppression. This is why Obama is passing out more money than exists in the entire economy.
Just because Obama doesn’t need to tax us doesn’t mean that he won’t. Taxes will be going up, because higher taxes are a form of social justice. But there will be tax cuts for some — namely, those who don’t pay any taxes. Some of their welfare handouts will be renamed “tax rebates.”
To paraphrase Tom Brokaw: Take that, America!
Cross-posted at Moonbattery.