Hmmm, This Is Harder Than I ThoughtAfter a busy week stimulating America, Redistributionist-in-Chief is at it again, pushing another one of his ambitious goals to rescue the country. This time, Comrade Barry plans to cut the annual deficit at least in half by the end of his term. Ha ha that's a good one.
I mean what the hell's he gonna do, withdraw troops from Iraq and place higher taxes on the wealthy?
Well let's see. The president inherited a deficit for 2009 of about $1.2 trillion, which, including his spendulus package, will rise to more than $1.5 trillion. But his plan for withdrawing combat troops from Iraq will save about $90 billion a year, which is a shame because wasting obscene amounts of money on a war that can't be won has done wonders for us so far.
Normally his wild plan to tax the richest Americans, including the investment income (gasp!) of hedge fund and private equity partners at ordinary income tax rates instead of at bargain basement capital gains rate, would be more laughable than Joe the Plumber trying to be a real journalist.
But with hating Wall Street all the rage this season, President Obama's socialist shenanigans just may find enough congressional steam to pass.
The bad news is the rest of us are stuck listening to Rick Santelli rant like a lunatic about how "we're subsidizing bad behavior" by helping the poor when we could be helping responsible, deserving folk like Bernard Madoff instead.