Your Opinion: Obama's policies harm economy
Friday, May 18, 2012
When Obama took office in 2009 our national debt was $10.6 trillion. Now our national debt is $15.6 trillion, an increase of almost $5 trillion. Our annual deficit is $1.3 trillion.
Obama says he is going to cover this deficit by making the rich pay their fair share. Statistics show that the top one percent of taxpayers pay 38.8 percent of all income and capital gains taxes and pull in only 18 percent of all income. The top five percent pay 58.7 percent of all personal income and capital gains tax. It has been proven that if Obama takes all of the income of this group of five percent, it won’t come close to covering this $1.3 trillion deficit. There is no way that he can cover this deficit by taxing the rich more. Obama has never talked about cutting spending or making our government smaller.
All of the programs that he put in place have not worked. Obama Care, his stimulus program, cash for clunkers and on and on were failures. All of the regulations he put in place has created a problem for industry wanting to expand and hire more people. With the uncertainty that his regulations have created, it would be foolish for any industry to expand.
We have lost our AAA bond rating due to his foolish spending. If he continues this spending the next thing that will happen will be that our dollar will lose its status as the world’s predominate currency. It will cause the Federal Reserve to be unable to print money. That will put our country in serious financial trouble. Anyone thinking about voting for Obama, should remember, “There is no person, company or nation can borrow their way to prosperity.”
There is a book called “Aftershock” that everyone should read, especially people thinking about voting for Obama. It explains in detail where our country is headed and what will happen unless we make some massive changes in Washington, D.C. The wealthy will survive but the people depending on a government check for survival will be the losers.
The government won’t be able to write welfare or Social Security checks. Think about it.
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