Mar 5, 2009

Obama Strangles Free Market

Add ImageFrom - Today stocks plunged nearly 300 points. Since Obama took office, the Dow has lost nearly 20% of its total value. Is it posAdd Imagesible that all the lofty expectations for President Obama were too unrealistic? President Obama has set aside $600 billion for universal healthcare, before any specific plans for it's implementation have been formulated. Is it wise to be pursuing such an ambitous, expensive and unproven agenda item, such as universal healthcare, in these troubling economic times? This is in addition to the $800 billion stimulus package, and the proposed $400 billion spending bill. The President is also planning tax increases for all those earning above 250 thousand per year; these people are also known as the "job creators." Does the President think that penalizing the main investors and employers in our society is going to help the economy? If he does he is in for an unpleasant surprise, as raising the income and capital gains taxes are going to discourage investments and entrepreneurial ingenuity. Furthermore, it is misleading for the President to state that taxes will only be increased for the affluent, as he is planning to cap greenhouse gasses, which will lead to higher energy prices and taxes for everyone in society. On top of that, the President is proposing to reduce the amount of money the rich can write off for charitable donations, which will undoubtedly have very negative consequences for charities, as the rich will not give as much. The over regulation and intervention of Obama's government is too overbearing for the free market to handle, and the Dow Jones is proof.