Saturday - November 10, 2012

not quite a new dawn. more like dusk says simon

from a very conservative Simon Heffer, for your consideration.

New dawn? This looks more like a new dusk

By Simon Heffer

The next four years for America look bleak. It’s not so much a new dawn as a new dusk. And with 50 months left in power, President Obama, his hands tied by a Republican-controlled House of Representatives, is a lame duck already.

He was re-elected despite a majority of voters thinking the economy is on the wrong track. And with tax rises that could wreck recovery due on January 1 – the so-called ‘fiscal cliff’ – experts fear a recession here in 2013.

The most sensible policy – which a Romney administration would have pursued – is deficit reduction. Instead, the second Obama term will increase the deficit, further diminishing America’s economic power and credibility.

Around $1trillion a year will be added to debt – bringing the total to $20trillion by 2016. This will drive up interest rates on US bonds, and hard-pressed Americans will have to pay more taxes to fund higher interest payments.

Meanwhile, the President is determined to push through his ‘Obamacare’ health insurance policy, which would account for a large part of that increase.

But the Democrats are well aware that the pumping of federal money into corporate bail-outs and infrastructure projects in declining regions is the key to creating a state clientele that keeps voting them back into office.

The administration is already devising stealth taxes to help pay for the bribes it wishes to offer the coalition of minorities that comprise its supporters. Some will corrode the core of American self-reliance, such as taxes on any substantial capital gains made from house sales. Others are simply opportunist, such as a tax on tanning salons.

These are all measures of how desperate the financial situation is – a reality apparently kept from most of the American electorate, so far.

Washington observers speak of the incompetence of the Obama administration – not just its ability to waste money, but also to target funds so badly. There is very little to show for the $787billion fiscal stimulus of 2009. A fraction of it could have been used to create serious sea defences around New York and New Jersey, to avoid the devastation of last week’s storm, for example.

Swingeing taxes that fall disproportionately on wealth-creators and entrepreneurs will not be all that stalls an economic recovery. So too will a failing national infrastructure whose state of disrepair is beyond pork-barrel handouts from Washington to local communities, but requires a big federal programme – and big federal money.

Roads, rail and airports all cry out for investment and improvement. But as long as money is thrown at failing industries – such as in the car industry bail-out that helped Mr Obama win Ohio and Michigan this week – the administration cannot afford to take big strategic decisions such as these.

read more at the source, daily mail

Posted by peiper     on 11/10/2012 at 06:00 AM   
Filed Under: • Politics •  
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