The Immorality of Obamanomics

[Geee]

American Spectator:

The President's economic policies are usually criticized for their practical ineffectiveness. Thinking people know that the result of the President's 1970s retro economic policies has been the worst recovery from a recession since the Great Depression, with persistent high unemployment, declining real wages and incomes, soaring poverty, doubling gas prices, and budding inflation sure to get much worse.

Unthinking people still call national conservative talk radio shows to say the President's economic policies can't be faulted because the economy was doing poorly when he entered office, and so his policies enjoy unlimited time to produce any positive results. They make national fools of themselves in so demonstrating that they know nothing about the historical prosperity of their own country, and why.

But there is a much more fundamental problem. Besides not working, the policies of Obamanomics are just plain immoral.

The 99 Percent vs. The 1 Percent

Since when has it been considered just for the bottom 99 percent to say to the top 1 percent, "We can outvote you to take your money"? That is a politics of piracy and theft, with no roots in American history.

Sure the richest can be validly asked to bear proportionally more of the overall tax burden because they can do so with the least harm. But before President Obama was even elected, official IRS data shows that in 2007 the top 1 percent of income earners paid 40.4 percent of all federal income taxes, almost twice their share of adjusted gross income. The top 5 percent paid 60.6 percent of all federal income taxes, while earning 37.7 percent of adjusted gross income. The top 10 percent paid 71.2 percent of all income taxes, while earning 48 percent of adjusted gross income.

By contrast, the bottom 95 percent of income earners paid 39.4 percent of all federal income taxes. That means the top 1 percent of income earners paid more federal income taxes than the bottom 95 percent combined!