Before You Vote For Obama, You Need To Read This

Obama's economic plan will be a disaster for America!

America did not get to be the most prosperous country in the world because of government ownership (the current banking coup) and control (an unfair tax burden and unnecessary regulations). Our prosperity was due to the fact that America was (and I hope still is) a capitalist society that supported the entrepreneurial spirit. There are millions of Americans who have become willing participants in the death of capitalism……which would mean the passing of the America advantage.

Some of us are scared, some of us our dumbfounded, and all of us are angry. All of these emotions are valid, but we must not let these emotions drive us in the wrong direction. New taxes (regardless of a person's income), increased spending, and more government control are not the answer to getting us out of this mess.

Obama is purposing higher taxes, massive spending, and more government regulation, in short….economic ruin. These ideas are not new to American shores. They are failed socialist principles that will prove catastrophic if enacted. One only needs to do a little research to discover that socialism of any sort has brought on economic paralysis wherever it has been tried.

So lets look at what Obama is proposing.

Obama's Tax Plan:

Obama's tax plan can be summed up in one phrase….class-warfare. The belief that just because some people are financially successful merits punishing them with higher taxes is the antithesis of everything America stands for. Currently the top 1% of Americans pay 30% of the taxes, the top 5% pay 50% of the taxes, and the top 10% pays 70% of the taxes in America. Obama is going to raise taxes on everyone, it is in his liberal DNA, but he is going to start by taxing the very factors that drive the economic engine of America:

Tax Type	Currently	Obama's Plan
Income tax rate	35%	39.6%
Income Payroll	37.4%	52.2%
Capital Gains	15 %	28%
Dividends	15 %	39.6%
Estate tax	0%	55%

When you take money that will be used to create jobs (Joe Biden's favorite 3 letter word), and throw it away, the economy slows down. Obama will punish the very people and industries that are needed to get America out of this economic slump:

NRO: Obama's Tax-Plan Disaster

How is it fair to raise taxes on the capital gains, there by bringing in less taxes? The facts are simple. Whenever you increase the capital gains tax (or any tax for that matter), the government collects less in taxes. Additionally, when you give people a "tax break" who do not pay taxes (as Obama plan clearly states) you need to call it what it is….WELFARE. How will either of these factors help? Answer, they won't.

GRADE = F

Obama's Shopping Spree:

Barrack Obama has proposed 1 trillion dollars (1,000,000,000,000) in new spending. If you started counted right now, it would take you 31688 years, 32 days, 1 hour, 46 minutes, 40 seconds. It will take Barrack Obama just a few seconds to add this new spending to our debt. Combine this with his "tax plan," which will reduce the amount of money coming in, and America will drown in our own national debt:

Washington Times: How Obama Will "Spread The Wealth"

USA News: Obama's Math Does Not Add Up

Fox Forum: Obama Fiscal Follies

GRADE = F

Regulatory Reform:

Liberals never met a tax they didn't like, and have never found an industry they couldn't regulate into failure.

The Democrats have made it a point that the lack of regulation of industries such as Fannie Mae and Freddie Mac is what got us into this mess. Alright I'll bite:

Question - Name three regulatory failures of President Bush that led to the financial crisis we are witnessing today? Two? One?

Answer - There are none. We have been living with the regulatory oversight supported by the Democrats, and signed by then President Clinton.

Question - Name one regulatory recommendation introduced by the Democrats in either the House or the Senate that would have helped to prevent this current fiscal crisis?

Answer - There were none. The fact that the top three recipients of Freddie Mac and Fannie were all Democrats might have something to do with the absence of action from the Left.

Question - Name one regulatory recommendation introduced by the Republicans in either the House or the Senate that would have helped to prevent this current fiscal crisis?

Answer – S.190, which was introduced in 2005 by Sen. John Sununu (R-NH) and Sen. John McCain (R-AZ), and was defeated by….wait for it……the Democrats! Not ONE Democrat signed on to support this Senate Bill. Experts agree, had S.190 passed we would not be dealing with this current financial crisis.

Question – What regulatory policies did Obama every initiate that would have prevented this financial meltdown?

Answer – None…..oh wait, he "wrote a letter" to the Treasury Secretary, months after he announced he was running for President. There's leadership for you. For the amount of time it took him to write this letter he could have either written a Senate Bill with some bite, or support a Senate Bill that would have provided balanced oversight. If only someone had introduced a Senate Bill that Obama could have support…..say like S.190! Not only did Obama not support S.190 (there's bi-partisanship for you), he took no action:

WSJ: Obama Voted 'Present' on Mortgage Reform

WSJ: Another 'Deregulation' Myth

GRADE = F

Whether you are blue or red is not what is at stake. It comes down to Conservative principals or Liberal ideals. It comes down to what will work best, fiscal restraint or free-spending standards. The clear answer is fiscal restraint, which points to only one candidate….John McCain.