Friday, October 31, 2008

Obama's tax cuts and George W.'s socialism


Joseph Hight has a pretty perceptive article in the DC Examiner today, Oct. 31, “Is Barack Obama a Socialist?”, link here.

Hight calls Obama’s tax cut policy, aimed at the middle and lower classes, just “tax policy”, not “socialism”. (See the Oct. 30 post and calculator widget.) But Hight is a bit critical, saying that soaking the rich could reduce incentives for entrepreneurialism and slow economic recovery. In other words, Hight may think that the next Donald Trump or Mark Zuckerberg (even working in pajamas from a dorm room or home) can do more to provide jobs for people and create new wealth than can putting more spending money in the bank accounts of middle class families. And it seems that McCain was more enthusiastic about directly helping at-risk homeowners than was Obama. (And the Examiner is a “conservative” news rag. It probably wouldn't adhere to absolute "market fundamentalism" however.)

Hight also calls the partial nationalization (of sorts) of so many banks (and the destruction of investment banks as we know them) as true socialism, as occurring under a Republican administration and promoted by a Republican Treasury secretary (himself a Wall Street person). Likewise, this could eventually harm long term recovery and job recreation, Hight thinks, if government intervenes too much. What’s scary to me is that the public will start running to regulation in other areas to root out all the boogey men that can pull off unpleasant surprises and confront us with perils that we had never thought of before. We’re learning that in all kinds of ways with the Internet.

I have had friends who brag about being “socialists.” It’s not such a big deal for someone who has lived enough decades.

Today's Examiner online also has an article called "Obama's Secret." (Look for it.) It's sounds as though Barack Obama is ready to appear on Smallville alongside Clark Kent, who really has a secret.

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