February 28th 2009
CNBC, the only feather in the NBC peacock that deserves the title of “objective,” has done it again. After broadcasting the Feb. 19 Rick Santelli “Tea Party” monologue that fired opposition to Obama’s stimulus spending program, it now fires another direct hit on the SS Obama, this time from Larry Kudlow. Kudlow says it pretty succinctly:
Let me be very clear on the economics of President Obama’s State of the Union speech and his budget.
He is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds.
That is the meaning of his anti-growth tax-hike proposals, which make absolutely no sense at all — either for this recession or from the standpoint of expanding our economy’s long-run potential to grow.
Why would Obama declare war on the American economy? Because, Kudlow says,
Raising the marginal tax rate on successful earners, capital, dividends, and all the private funds is a function of Obama’s left-wing social vision, and a repudiation of his economic-recovery statements. Ditto for his sweeping government-planning-and-spending program, which will wind up raising federal outlays as a share of GDP to at least 30 percent, if not more, over the next 10 years.
And what of those vaunted middle-class tax cuts? Glad you asked.
And as far as middle-class tax cuts are concerned, Obama’s cap-and-trade program will be a huge across-the-board tax increase on blue-collar workers, including unionized workers. Industrial production is plunging, but new carbon taxes will prevent production from ever recovering. While the country wants more fuel and power, cap-and-trade will deliver less.
On Glenn Beck’s show last night, Bernard Goldberg said we live in the United States of Celebrity and “Obama is the celebrity in chief, which is much more important than being the Commander in Chief.” As long as Obama is cool, he’ll be in, Bernard said. I fear it’s true, and that even stuff like this, even on an NBC station, won’t overcome Obama on the cover of People and the focus of a three-minute feature on Entertainment Tonight.
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