Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Friday Stock Market CRASH Following Israel Attack on Iranian Nuclear Facilities - 19th Apr 24
All Measures to Combat Global Warming Are Smoke and Mirrors! - 18th Apr 24
Cisco Then vs. Nvidia Now - 18th Apr 24
Is the Biden Administration Trying To Destroy the Dollar? - 18th Apr 24
S&P Stock Market Trend Forecast to Dec 2024 - 16th Apr 24
No Deposit Bonuses: Boost Your Finances - 16th Apr 24
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Obama's Real Goal is to Make Us Poorer by Any Means Possible

Politics / US Politics Apr 13, 2012 - 06:35 AM GMT

By: William_Anderson

Politics

Best Financial Markets Analysis ArticleCalifornia regulators recently announced their plans to try to force people to live in dense housing developments rather than single-family homes, which environmental bureaucrats believe are wasteful and contribute to dread global warming. Likewise, the Obama administration’s Environmental Protection Agency has issued an order that effectively will keep electric power companies from building new coal-fired power plants, which will mean even higher electricity prices.


Before Obama was elected in 2008, his soon-to-be Secretary of Energy Steven Chu told the Wall Street Journal: "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe." While Chu now claims to disagree with his own statement, nonetheless it is instructive that Americans are facing record-high gasoline prices that are inching us closer to what Europeans pay. (When I was in Latvia in August 2011, gasoline prices were about $8 a gallon there.)

(Before the election, Obama bragged to a friendly audience in San Francisco that his energy policies had the potential to "bankrupt" electric utilities, and it seems that that the president is having some success in pursuing those goals.)

On the tax front, the Obama administration has set as its open goal tax rates at a minimum of 30 percent for anyone earning more than $1 million, and under Obama’s watch, the USA now has the highest corporate tax rate in the world. While Obama claims this is being done in the name of "fairness," I contend that there really is a much darker goal that Obama and his fellow Progressives have, and that is making Americans poorer, more dependent upon the state, and less able to make decisions without permission from government.

As one who has studied the Progressive Era, I am struck by the continuity of thought from the early Progressives of more than a century ago to those people today who claim to be Progressives. While the modern Progressives no longer are open adherents to racism (the Progressives gave us Jim Crow laws) and eugenics, nonetheless the basic attitudes of Progressives today strongly mirror their forebears who agreed that "too much freedom" is bad for people, and that a strong and semi-benevolent state should guide, prod, and (when necessary) force individuals to do things they never would do on their own.

Critics either couch Obama’s actions as being done from ignorance ("Doesn’t he know that lower capital gains tax rates will raise more revenue than high rates?") or a misunderstanding of economics. Even when critics take Obama at his word – "fairness" is his watchword on taxes and the economy – they still don’t understand that the higher tax rates will only give a perception of fairness, and that the rates will do nothing to cramp the lifestyles of the "idle" rich while blocking the rise of entrepreneurs.

In other words, Obama is not a guy who somehow mistakenly believes that we can "help" the middle classes by jacking up taxes on wealthy people and corporations. He already knows that the trust fund babies and people living off the vast wealth created by others are not going to be much inconvenienced by higher tax rates.

Take the Kennedy family, for example. No American family has supported higher tax rates on itself than the Kennedys, yet they have continued to live lavishly, although few of them have employment that actually pays well enough to support their bacchanalia lifestyles. Even if taxes were raised above the levels that Obama is demanding, no one from the Kennedy family would lack bail money or enough for legal fees should one of them be picked up for drunk driving or worse.

Nonetheless, in the eyes of Progressives, the Kennedys, for all of their personal excesses, are much more respectable than the money-grubbing entrepreneurs who spend their time bringing consumer goods to the Great Unwashed who shop at Wal-Mart, thus promoting "consumerism" instead of the virtues of which Progressives approve. No, if one steps back, it is not hard to see that the Obama policies are aimed at making most Americans poorer, more dependent upon the state, and, in the end, more malleable and more obedient.

Whether it is the vast security apparatus that sprang up after 9/11 – which Obama has expanded beyond the obscene levels promoted by the Bush administration – or an executive order that will ensure that Americans pay more for fuel and electricity, the Progressive theme always abounds: Americans must be less free and more accountable to the state.

Unfortunately, at the present time, all of this seems to go over well with American voters, if the current polls are to be believed. For that matter, the only serious U.S. Presidential candidate to truly go against the Progressivist tide has been Ron Paul, and Republican voters and the Progressive media have disposed of his candidacy. (Mitt Romney, Rick Santorum, and Newt Gingrich all are "Progressives" in their own right and also seek to herd and corral Americans into living more "virtuous" lives.)

People who point out that Progressivism ultimately is destructive of a decent social order are painted as "nut jobs" or worse. Those who note that Obama’s war against affordable energy is hurting the very people Obama claims to be helping are portrayed as being "dangerous." And so it goes.

This is not about disagreements on the proper path to a freer and better society. Progressives like Obama long ago came to the belief that individuals are not fit to be free – except the "elites" who are self-chosen to "lead" others – and that government policies should be aimed at reducing choices and limiting liberty.

Of course, one also must remember that neither Obama nor his wealthy Progressive supporters have any intention of living the life they have chosen for the rest of us. No, they are wise and above the fray and deserve to live of the labor of their inferiors. That is the ultimate end of "fairness."

William L. Anderson, Ph.D. [send him mail], teaches economics at Frostburg State University in Maryland, and is an adjunct scholar of the Ludwig von Mises Institute. He also is a consultant with American Economic Services. Visit his blog.

    http://www.lewrockwell.com

    © 2012 Copyright LewRockwell.com - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in