Drown the Rich!

(Dear Reader: I realized last night that I had failed to post my Friday blog.  Counselors are standing by to help those who were traumatized by not having my opinion to start the day.)

Three people in a canoe about to go over the falls and be dashed to pieces.  One is smiling and humming, prompting a fellow occupant of the boat to ask, “We are about to be killed.  Why are you so happy?”

“See that other fellow?  I can’t stand him.”

President Obama, claiming that Warren Buffet does not need a tax cut, has sounded the class warfare call-to-arms.  His deficit-reduction proposal, at least in tone (details at this point are, let’s say, fuzzy), is saturated with sanctimonious invocations against the wealthy.  Regular folks will all be dead, but by golly, the rich are going to suffer worse.

The President reminds me why I despise envy so much.  He is pandering to the worst in us.  The rich, excepting the true political game-players, earn what they have.  It is not ours to take.  Yet Obama consistently drags up the “rich” as: 1) somehow sullied by their wealth–note the condescending tone with which he speaks the word, and 2) a source of and a solution to the nation’s deficit woes.

News flash to the President: The rich didn’t do this to us.  You did.  You and your clan of big-government politicians, including an army of Republicans, have over the last few decades virtually ensured that this country will spin, crash, and burn.  You have done so because you never saw a problem you did not think could be solved by a legislator or bureaucrat.  Instead of taking the blame for putting us in this position, you offer a pathetic screed against the rich.

Paul Ryan has scared the bejeebers out of the political class with his proposal to actually do something about the deficit.  While I stop short of a full endorsement of the plan, I do credit Ryan with recognizing that nothing does what a market does as well as a market does it.  To wit, every time government tries to “fix” something, it screws it up, making it worse and more expensive.  Putting choice back in the hands of individuals is the only viable solution.

If Obama wants to offer alternatives, fine.  Please, let him fill us in on the details.  But don’t try to tell us that we are going to “eliminate waste” from Medicare and somehow fix all this with more of the same painted a different color.  It may make the President happy that the rich will go over the falls.  Somebody needs to tell him we are in the same boat.

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About Terry Noel

I am an Associate Professor of Management and Quantitative Methods at Illinois State University. My specialty is entrepreneurship.
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One Response to Drown the Rich!

  1. Jane Carrell says:

    Dr. Noel is right on the mark, as usual. I love the president’s contrived language, when he spoke April 13th – his 3rd semi-attempt to discuss a 2012 budget. Here’s the transcript,
    http://ironicsurrealism.blogivists.com/2011/04/13/transcript-obama-debt-speech-george-washington-university-april-13-2011/

    and Pajamas Media called him on one odd wording.
    http://pajamasmedia.com/tatler/2011/04/13/spending-reductions-in-the-tax-code/

    ‘Spending reductions in the tax code’?

    Spending reductions in the tax code…that’s what President Obama called the thing that we commonly call “tax cuts” in his speech today.

    Essentially tossing aside the budget he submitted just two months ago, Mr. Obama called for much deeper defense and domestic spending cuts and said while he will not trim benefit payment from Social Security, Medicare or Medicaid, more money can be squeezed out of the latter two programs in other ways.

    The president also called for undoing the Bush tax cuts for upper-income taxpayers, and for canceling other tax cuts many of them receive such as the mortgage interest deduction — which he called “spending reductions in the tax code.”

    Love ‘em or hate ‘em, cutting someone’s tax rate does not equal an increase in spending, in the tax code or anywhere else. It’s simply money the government doesn’t take in. Therefore, getting rid of their tax cut does not equal eliminating a “spending reduction” in the tax code. Or anywhere else.

    Like

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