Tuesday, July 29, 2008

If you read only one article today (Obamanomics)

A prominent economist runs the numbers on Obama's economic policies. Verdict: not even remotely good.

I really like Obama's newness, breath of fresh air, and some of his policies, such as getting the US out of Iraq. I really want to vote Obama (and did in the primary), but his policies for business and the economy completely negate the positives.

(I'm indirectly saying that the economy is a more important issue than Iraq. To me, it is not even close.)

I hoped - and keep hoping - that Obama will seek more mainstream policies and tilt towards the center, if not the right. I really thought his positions would moderate after the primaries, but he is obstinate in pursuing higher taxes, protectionism, and increased regulation.

I'll leave the gory details to the article in today's WSJ editorial "Obamanomics is a recipe for recession," but suffice to say, it's an economic policy akin to shifting from 5th gear to reverse. (Or, given today's economy, from 2nd gear to reverse. No, we're not in recession, I'll probably expound on this in another post.) After reading the article, you'll see that everyone's taxes will be rising. This is certainly not a plan that only affects "the rich."

In addition to the economic points in the article, I'm also dismayed by the philosophy underlying the proposals. I have yet to see Obama offer the rationale that suggests these policies will grow the economy more than current policy. All I ever hear as rationale for rolling back NAFTA or the tax increases is "fairness," and occasionally admissions that the additional tax revenue is necessary to pay for expanded government programs.

Select quotes from the article:

On NAFTA, after a litany of statistics: "it would be hard, on balance, for any objective person to argue that Nafta has injured the U.S. economy, reduced U.S. wages, destroyed American manufacturing, harmed our agriculture, damaged Mexican labor, failed to expand trade, or worsened the border environment"

In summary: "History teaches us that high taxes and protectionism are not conducive to a thriving economy, the extreme case being the higher taxes and tariffs that deepened the Great Depression."

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With my new friends on the Great Wall of China

With my new friends on the Great Wall of China
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World sun clock

Uncommon Man's Creed

"I do not choose to be a common man. It is my right to be uncommon -- if I can. I seek opportunity -- not security. I do not wish to be a kept citizen, humbled and dulled by having the state look after me. I wish to take the calculated risk; to dream and to build, to fail and to succeed. I refuse to barter incentive for a dole, I prefer the challenges of life to the guaranteed existence; the thrill of fulfillment to the stale calm of utopia. I will not trade freedom for beneficence, nor my dignity for a handout. I will never cower before any master, nor bend to any threat. It is my heritage to stand erect, proud, and unafraid, to think and act for myself, to enjoy the benefit of my creations, and to face the world boldly and say, "this I have done." All this is what it means to be an American." -- Anonymous