Quick weekend note on politics and economics

Thanks to Drudge for this great story out of the SouthCoastToday.com that quotes one of our many local embarrassments, Rep Barney Frank. Frank states that the Dems want to have another stimulus package post a presumably Obama win. Stimulus package = bribe for folks to go out and spend money they don't have on things they don't need so the economy looks like it is improving. This new stimulus package would include "... money for the states' stalled infrastructure projects, along with help paying for healthcare expenses, food stamps and extended unemployment benefits, U.S. Rep. Barney Frank said Thursday."

So extended unemployment benefits? And why would we need those...well if you continue to read the story it seems that Frank also wants a 25% cut in the military budget. He (Frank) is qouted as saying "... the Pentagon has to start choosing from its many weapons programs, and that upper-income taxpayers are going to see an increase in what they are asked to pay."

Heads up you military contractors as well as "upper-income taxpayers". First off, the focus on a democtatic administration will be on cutting the military budget that pays for a lot of the high tech work that is going on in the industry. Good thing there will be extended unemployment benefits. And of course there is the swipe at those upper-income taxpayers. I read the story and didn't see anywhere what the upper income was according to Rep. Frank but the story did end with this quote: "And, ultimately, there will be tax increases on the upper brackets. "We'll have to raise taxes ultimately. Not now, but eventually," he said."

Note - not upper bracket but upper brackets [plural]. There is no flipping way Obama can pay for all the social engineering and government programs he wants to implement by taking only those that make $250000 or more. And in doing so, what he telegraphs is his lack of appreciation for the workers out there that bust their hump to make more and to give their family more (I count myself among them at least with my attitude). What Obama is doing is removing incentive to hard work and applying incentive to vote democrat for more hand outs. Why would I want a raise and take on more work or responsibility if the net outcome is me actually paying more to the Government? What is this...Bizarro world?

All you people that think that it is ok to take from someone else so you get a little more are actually promoting and supporting a socialistic Government and view (unfairly in my opinion) the "rich" as folks who have gotten their wealth by somehow cheating you and others like you. In 2007 37.3 million people which is 12.5 percent of the total U.S. population were reported living in poverty. Is it due to Bill Gates or the other "rich folks" in America? Unfortunately that seems to be the message coming from Obama - economics is a zero sum game where for one person to get rich, someone else must lose. But don't worry!! Obama wants to help out...as he is quoted from Fox News below after his now infamous encounter with Joe the Plumber:

"It's not that I want to punish your success. I just want to make sure that everybody who is behind you, that they've got a chance for success too," Obama responded. "My attitude is that if the economy's good for folks from the bottom up, it's gonna be good for everybody ... I think when you spread the wealth around, it's good for everybody."

There you have it folks - let's spread that wealth around but we need the Government to help out. What - so wealth is like jelly on an English Muffin? Actually what I think is true that if the economy is good for folks from the top down, it is good for everybody because the top folks have the money and are taking the risks and are hiring employees, truly spreading the wealth around. The only thing Government can do in this model is get in the way.  I can't believe this guy is so close to the Presidency. 

OS