Notes on the fiscal cliff
All the political angst and moral melodrama about getting “the rich” to pay “their fair share” is part of a big charade. This is not about economics, it is about politics. Taxing “the rich” will produce a drop in the bucket when compared to the staggering and unprecedented deficits of the Obama administration.
No previous administration in the entire history of the nation ever finished the year with a trillion dollar deficit. The Obama administration has done so every single year. Yet political and media discussions of the financial crisis have been focused overwhelmingly on how to get more tax revenue to pay for past and future spending.
The very catchwords and phrases used by the Obama administration betray how phony this all is. For example, “We are just asking the rich to pay a little more.”
This is an insult to our intelligence. The government doesn’t “ask” anybody to pay anything. It orders you to pay the taxes they impose and you can go to prison if you don’t.
Blowback
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That’s been Obama’s entire political career.
John the Libertarian on December 4, 2012 at 1:05 PM
Go “ask” all those rich liberals in Hollywood, let’s see how many of them pony-up voluntarily.
Bishop on December 4, 2012 at 1:05 PM
Thank you Dr. Sowell. He is a wise man who knows what he is talking about. Too bad not many in dc will listen?
L
letget on December 4, 2012 at 1:05 PM
Welcome to AmeriKa.
Schadenfreude on December 4, 2012 at 1:11 PM
“Inflation will not happen in America again. Obama has hand-picked ivy-league specialists, scholars and planners: the best the world has to offer. They have figured out the economy and it would be fixed if it weren’t for those racist, bigoted, hateful Republicans and their War On Women.” -Average Dem voter
visions on December 4, 2012 at 1:16 PM
Let’s be honest – the Left is living in a fantasy world where just a little more from the rich will make everything all better again.
The Marxist Moonbats actually think that their wacky ideas from dear old Karl will somehow ‘Work’ this time.
Why do they think this is the case – who knows?
Maybe because they’re just not putting the label of socialism, communism, fascism, Stalinism or what ever ‘ism’ you want to apply to their moronic concepts.
So you leftists,why don’t you step on up and explain how wealth ‘redistribution’ will somehow work THIS TIME – when it failed every other time your idiotic ideas have been tried.
Galt2009 on December 4, 2012 at 1:21 PM
“Everybody in Cleveland, low minority, got a Obamaphone. Keep Obama in president, you know? He got us a phone, he gonna do MORE!”
The Count on December 4, 2012 at 1:22 PM
Comment of the Day™
Steve Eggleston on December 4, 2012 at 1:27 PM
You make the mistake of assuming the Left shares our definition of “work”. Their definition of “it worked” is the destruction of the portion of the “rich” that doesn’t pay tribute to them, regardless of what happens to everybody else.
Steve Eggleston on December 4, 2012 at 1:30 PM
Quite so, Mr. Sowell. And remember this: nobody asked John D. Rockefeller to put out the cash, nobody asked Marshall Field to donate the land, to build the University of Chicago. That would be the same university Obama taught at, but to hear him talk you’d think he can’t think of a single example of rich people voluntarily parting with their wealth to improve society. Mr. President, can you name anything government could spend a rich man’s money on that is more beneficial than if he just spreads it around on his own as a matter of conscience?
radjah shelduck on December 4, 2012 at 1:31 PM
The stark and painful truth is that it’s not an insult to our intelligence. We got, and are getting, what we voted for. The Obama administration and his entire career, are a tribute to our intelligence – or lack thereof.
Yes, I know, 48% of us didn’t vote for him. But 52% did, and some unknown number stayed home, which is worse. 4 weeks ago I was optimistic, hopeful, for our nations prospects. Now I’m starting to wonder if we’ll survive this generation.
peski on December 4, 2012 at 1:33 PM
Heh
Schadenfreude on December 4, 2012 at 1:33 PM
Dem voters are so dumb. Once you tax the rich and pay for 8.5 days of govt, who do they think the govt comes after next?
ladyingray on December 4, 2012 at 1:34 PM
Yes, but even they want a functional society – more or less.
I think it very telling that our esteemed friends of the Commie-progressive left can’t even begin to defend their warped and insane ideology.
Galt2009 on December 4, 2012 at 1:50 PM
Problem is, the Marxist Moonbats ‘think” that it’ll last a lot longer that just 8.5 days – they “Think” that there is a great pool of money somewhere ( as in daffy duck’s rich uncle with rooms of cash, etc.) that they can just have the government loot for all of their needs.
They don’t “Think” that it would eviscerate the economy, not siree Bob!
They’re “Thoughts” are expresses by slugs like Steve Lerner:
You and I know that looting the rich, the near rich, the close to rich, the almost close to rich, etc. won’t pay the piper.
You and I know that the more and more you loot those folks the less chance you’ll get at looting them again.
But Marxist Moonbats don’t know that – and they don’t care to find out – lest their favorite fantasy be shattered.
Galt2009 on December 4, 2012 at 2:04 PM