Obamanomics Flunks The Test

IBD Editorials ^ August 1, 2008

Election '08: Barack Obama the lawyer-organizer could use a crash course in economics. His economic plan's assumptions, based on long-discredited Marxist theories, are wildly wrongheaded.

In arguing for a heavier mix of government, he assumes that capitalism unfairly favors the rich, almost exclusively so, and fails to spread prosperity.
"The rich in America have little to complain about," he carps. "The distribution of wealth is skewed, and levels of inequality are now higher than at any time since the Gilded Age."

Obama cites data showing a yawning gap between the income of the average worker and the wealthiest 1%. He thinks it's government's job to step in and close it — "for purposes of fairness" — by soaking the rich, among other leftist nostrums.
"Between 1971 and 2001," he complains, "while the median wage and salary income of the average worker showed literally no gain, the income of the top hundredth of a percent went up almost 500%."

But such a snapshot comparison would be meaningful only if America were a caste society, in which the people making up one income group remained static over time.
Of course that's not the case. The composition of the rich and poor in this country is in constant flux, as the income distribution changes dramatically over relatively short periods. Few are "stuck" in poverty, or have a "lock" on wealth.
(Excerpt)

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NOTE: Obama who lives in a home worth well over $1M gave very little to charity until he decided to run for President. His wife tells college students they need to go in nursing and teaching and not worry about going into business to make money while she had a $300,000 plus job with the University of Chicago. What is this? Take from the rich and give to poor? Why would anyone want to strive to make more money if the Dems like Obama want to take it away and give to people who don't make as much or those that don't want to work.

All you have to do is look at South Chicago which has been run by the Daley machine of which his wife was a member to see that Chicago has done NOTHING for the poor of S. Chicago except toss money occasionally at them. Where was Obama when Chicago erupted into killings earlier this year? Obama wants to tell successful people how to spend their money. Is he going to want them to take care of the rest of the world next through the UN? A vote for Obama is a vote to take from the rich to give to the poor including those that won't work in Chicago.

Visit Chicago and be approached by panhandlers who want you to give money for a meal. In fact, outside a Subway was a panhandler that all he wanted was a free sandwich because he was starving. After the sixth free sandwich which he sold to others, the person running Subway started warning people. Not to mention the fact there was a soup kitchen down the street. Some of these people make a lot off of tourist who feel sorry for them and all the money goes unreported.

Welcome to Chicago, the home of Obama where the Daley machine still exists to make sure the poor remain poor and stay committed to voting for the Dems who promise to help every time but never deliver.

Sam