Sunday, November 09, 2008

Just how much is this Obama presidency going to cost us?

Quite a bit, if he manages to ram through the most odious of his programs.

Excerpts:

"The worry is that congressional Democrats will persuade the new president to lower the $250,000 cut-off point to the $150,000 (NB: More likely under 100K, in reality) his vice president in waiting, Joe Biden, favors. Some of Obama's advisers are passing the word that he will hold the line at $250,000 and, moreover, won't risk exacerbating the recession by upsetting the wealth-creating small business sector with an immediate tax increase. Instead, he will simply allow the Bush tax cuts to expire at the end of 2010, returning taxes on high earners to the levels prevailing during the Clinton years. So, too, with inheritance taxes: They will go up in 2010 to something like the pre-Bush levels, perhaps with a bit more forgiveness for those passing on modest inheritances or small businesses. In the end, it will cost high earners more to live and more to die in 2011. Plan accordingly."

"Obama meant it when he said that he would make carbon emissions so expensive that any electric utility attempting to build a coal-burning generator would be bankrupted. Biden was more direct--"No coal plants here in America." Add to that the "no new nukes" implicit in Obama's refusal to fund nuclear waste facilities, and the "no offshore drilling" implicit in the terms House speaker Nancy Pelosi will insert in any legislation on that subject, and it will soon be apparent that

America will not have sufficient supplies of energy to fuel its economy,especiallywhen a recovery takes hold. Renewables, heavily subsidized, will add a tiny bit to supplies, but if Obama is to avoid watching oil imports soar he will have to do what Democrats since the days of Jimmy Carter have always wanted to do: ration the use of energy. Not with coupon books, but by increasing fuel-efficiency standards that will shrink the size of cars to European dimensions; rigidly enforcing rules that mandate the use of ugly, unsafe light bulbs; mandating expensive efficiency standards for new appliances, and so on."

In other words, we'll all be poorer, with fewer jobs and lower pay, and the quality of life will suffer under an Obama presidency.

Sounds like fun, doesn't it?

1 comment:

  1. The cap and trade policy is the one to watch here. This will effectively cap the use of fossil fuels as energy, and will increase the cost of energy dramatically. Your prediction will be on-target. We'll see business growth stunted. We'll also see electricity costs skyrocket, just as Obama predicted. In fairness, John McCain also favored cap and trade, so we were going to get it eiher way.

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