Churchill, courtesy of Steven Hayward and PowerLine:
A second danger to President Roosevelt’s valiant and heroic experiments seems to arise from the disposition to hunt down rich men as if they were noxious beasts. It is a very attractive sport, and once it gets started quite a lot of people everywhere are found ready to join in the chase. Moreover, the quarry is at once swift and crafty, and therefore elusive. The pursuit is long and exciting, and everyone’s blood is infected with its ardour. The question arises whether the general well-being of the masses of the community will be advanced by an excessive indulgence in this amusement. The millionaire or multi-millionaire is a highly economic animal. He sucks up with sponge-like efficiency money from all quarters. In this process, far from depriving ordinary people of their earnings, he launches enterprise and carries it through, raises values, and he expands that credit without which on a vast scale no fuller economic life can be opened to the millions. To hunt wealth is not to capture commonwealth.
Read the post here.
That ain’t fair! That’s Obama’s new (and old) campaign slogan.
Here is a thoughtful analysis of the tax debate and what’s wrong with it that concludes with some general statements about the advisability that if anyone must pay all should pay and that generally less levered is better than more levered. One thing that we can agree on I think is that the tax system in place today is absurd and the President needs to address it.
Here we go. It’s the economy, stupid.
The no you can’t leave if the IRS thinks you may owe it money story is so troubling on many different levels, including the general public’s seeming indifference at the government’s latest freedom grab, but the inexorable path this government is on is both outrageous and frightening. We’re headed in one direction, and it’s obvious to anyone with eyes to see. And it is not without precedent. No one man or woman, including a President, can alter the course overnight but it’s just one more reason to take the baby step of voting for a grown up in November.
Thanks to zero hedge for this piece.
Not sure if this issue belongs under cynicism or taxes but this Buffett thing is so patently outrageous either way. Obama’s tax rate will always be lower than his secretary’s because he will never go back to doing his own taxes and the people he employs to do his taxes will be paid to do their job–keep the tax bill as low as the law permits!
Here we go again.
At the beginning of his presidency, Barack Obama argued that the country’s spiraling debt was largely the result of exploding health-care costs. That was true. He then said the cure for these exploding costs would be his health-care reform. That was not true.