What Happens When The Government Tries to Make The Rich “Less Rich”
I am sure some of you have seen this article about how overall household income in the United States has continued to fall, despite the technical end of the recession. Here is a summary:
US household incomes fell more in the two years following the end of the recession than during the downturn itself, according to a New York Times report published on its website.
A study by two former Census Bureau officials said inflation-adjusted income fell 6.7 percent, to $49,909, between June 2009 — when the recession ended — and June 2011, the newspaper said.
During the recession — from December 2007 to June 2009 — household incomes fell less than half of that, 3.2 percent, according to the report.
Make no mistake about it, the continued fall in household income is the result of Obama’s economic policies, which many of his supporters and even Obama himself have admitted are intended to redistribute wealth. Obamacare, Dodd-Frank, and many other smaller pieces of legislation were designed (either as a secondary or primary objective) to limit the ability of the richest Americans to accumulate more wealth. The result has been that it has become more expensive to purchase healthcare, maintain a checking account, and buy a tank of gas. Additionally, it has become more difficult for the companies that provide the aforementioned products to hire new workers (or maintain the current ones) and provide better benefits and wages.
But don’t take my word for it. The Iron Lady summed up the left’s economic fraud back in 1990:
Category: Politics
I believe the Iron Lady also said: The trouble with socialism is you eventually run out of other people’s money.
OH MY GOD, she was so awesome!
The last great leader of England. All others have ridden the downhill rollercoaster to socialism.
And to quote another great British leader:
“We contend that for a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
Too bad this administration can’t and won’t understand that concept.
Very famous Thatcher moment. I think the mp asking the question of her was a Scot. Amazingly these people produced Adam Smith, but are/have governed their country or part of the Union, traditionally, in the exact opposite manner. Then again the English have had the Celts, the Scots, Irish, and, Welsh, pegged accurately, for a very long time.
If not a Scot, he’s at least a member of the Liberal Democrats. They’ve been to the Left of the Labour party, since the seventies, that alone should tell you something.
Funny, I see John Major seeing over her shoulder there. When asked many years later why she supported him for the Premiership, since he was relatively new to the cabinet, she reportedly said he was the best in a bad lot.