Tuesday, July 14, 2009

Obama at the All Star Game: "We're out of money."

Was just watching Obama chit-chatting with announcers Tim McCarver and Joe Buck at the All Star Game. When Joe Buck asked Obama if there would be any "bailout" for the National League, which hasn't won in 11 years, Obama replied, "We're out of money." Although it was meant as a joke, it's what he believes when it comes to the government's finances.

This is a very misguided point of view. It effectively is like putting America on a gold standard when we are not on one. And it is the reason behind his new and misguided policy of taxing millionaires to pay for his health care plan. With very little demand in the economy right now, applying fiscal drag in the form of tax--on anybody--is really, really, dumb.

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