The Destroyer

President Obama has shown after just a few weeks in office that his true mission is to destroy the American economic system. Thus, he has created gloom and dispair among consumers by talking down the economy to get his so-called "stimulus" bill passed. He has announced prospective tax increases on upper income people that exceed those he proposed during the campaign -- how better to discourage new investment that would create new jobs. He has spent billions (trillions?) on new federal programs of dubious merit that will necessarily take funds out of the pool available for investment (and thereby reduce the creation of new jobs). He has proposed "business" and "energy" taxes that will clearly hit all Americans who do things like eat or drive. This too will slow consumer spending, make it harder for many to pay their mortgages, and the like. The result here too will be slower economic growth (or greater economic decline). He has not come forward with any meaningful plan to help the financial system recover from the present crisis which has led the markets to react negatively (and to wonder if Geithner even knows what he is doing).

In short, Obama has taken not a single action which could properly be described as good for the economy in the long run. It is as if Obama wants just to redo only the bad parts of the New Deal without the good. The Audacity of Idiocy.