« Tom Friedman's confusion on taxes being 'patriotic' | Fed, EU cuts interest rates by 1/2 point-it is about time! »
PrintOctober 8, 2008
The Premise of Obama's Brand of Socialism
One quick exchange happened during yesterday's presidential debate wherein Senator Barak Obama revealed his understanding of the nation's economy. Many missed it.
Here's what he said,
"But understand this: We also have to look at where some of our tax revenues are going. So when Sen. McCain proposes a $300 billion tax cut, a continuation not only of the Bush tax cuts, but an additional $200 billion that he's going to give to big corporations, including big oil companies, $4 billion worth, that's money out of the system.
And so we've got to prioritize both our spending side and our tax policies to make sure that they're working for you. That's what I'm going to do as president of the United States."
"The system." What is this system to which Senator Obama referred?
This system is the federal government's budget -- the hub of Obama's American economy - the center of the nation's financial universe -- the core of the American enterprise. It's the federal government's taxing system.
That same federal entity that produces nothing, but exacts its funds from those entities that do produce things -- tangible and intangible. That's the system to which Obama referred, and to which he defers.
The center of his economic universe is the budget of the federal government.
By not increasing taxes, McCain, according to Obama, proposes to take money away from that system, the one that Obama said created the computer, and put it in our individual financial systems where we, the citizens, decide how to spend it.
(That statement about inventing the computer must have provoked whiplash among many in the IT industry! Some have been thinking it was John Vincent Atanasoff at Iowa State University in 1941. But nevermind that.)
With this one statement, Senator Barack Obama has taken us from the un-experienced, into the audacious, through the presumptuous, and deep into the socialist where the system isn't the free enterprise system, or the capitalist system, but the federal government's budgeting system, as Wall Street and Main Street become financially subservient to Pennsylvania Avenue in an Obama presidency.
