Foolish and Dangerous

President Obama has just informed an Indonesian interviewer that the massive health care entitlement, which will add trillions more to our deficit over time is: “the most important domestic agenda” in America. American unemployment is nearly 10%. Our national debt is at $13 Trillion and over $3 Trillion is being added in 2009 and 2010. Social Security, Medicare, and Medicaid are basically bankrupt. President Obama has just added yet one more monstrous entitlement to those we already cannot sustain.

The Health Care debate consumed over a year of the administration’s and Congress’ time. The Senate Bill and the House Reconciliation Bill will soon be signed into law. So far 13 State Attorneys General are suing the Federal Government to prevent the mandates included in the Bill from taking effect in their states. These actions will gum up the court system and embroil the legislation in protracted legal battles for months or years.

This massive misallocation of legislative resources is keeping the government and the economy at near paralysis. The American people are spending inordinate amounts of time and money fighting this law. Businesses are frozen in fear of higher taxes and penalties included in the Bill. For instance, Caterpillar just charged $100 Million against earnings for the additional costs on them alone. Investors are deeply concerned about threatened higher taxes on capital gains, rental, and dividend income. Without confident investors, jobs do not get created.

There is only one type of person who could seriously believe that health care in this fragile economy is the most important legislative goal. That person must have absolutely no business experience or understanding of basic economic principles. I give you “Exhibit 1” – President Obama. His experience is as a professor, lawyer, community organizer, and legislator. He has never met a payroll, exercised executive responsibilities, nor faced the challenges and demands of a businessman or investor. His sincere but erroneous belief is that wealth must be forcibly taken from those who produce it and given to those who do not. He obviously slept through any economics classes he was forced to take, or Paul Krugman was the instructor. When you say: “Adam Smith”, Obama thinks of that squishy liberal Congressman from Washington State – not the man who wrote Wealth of Nations.

As the economy continues its unstable drift into an unknown future, Obama and his gang of czars and sycophants continue to tax, spend, and borrow in their futile and dangerous quest for wealth redistribution instead of wealth creation. These actions bleed ambition from the entrepreneurial and creative risk takers while breeding dependency into additional sectors of the population.

Bill Clinton was travelling a similar path until 1994. The American people awoke and peacefully rebelled. A sea change in Congress forced him into a saner direction. Barack Obama needs a similar wake-up call. He shall receive it this coming November.


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