Obama’s wrong policies | VailDaily.com

Obama’s wrong policies

Obama wants to give 95 percent of wage earners a tax break and increase the tax burden on the upper 5 percent. This is campaign rhetoric that is meant to deceive the voters. First of all, 40 percent of wage earners pay no taxes; in fact, they receive net payments from the government. The bottom 60 percent of wage earners, who earn only 26 percent of national income, pay only 1 percent of federal taxes. On the other hand, the top 10 percent of wage earners, who earn 40 percent of the nation income, pay 71 percent of the federal taxes (IRS and Congressional Budget Office figures). I guess what Obama is really saying is he wants to take money from the rich so more people can live off the government dole. To me, this is blatant non-productive socialism, which history time and time again has shown is a governmental system that does not work.

By taxing only the so-called rich, Obama will remove the profit incentive that has made the U.S. the most innovative and economically successful country in the history of the world. Sure there are some fat cat corporate people who do not deserve their excessive incomes; but on the other end of the scale there are many malingerers who do not deserve welfare. But the majority of the so-called rich are the Bill Gates of the world, whose imaginations have made innovative products that have enhanced our society and made both their shareholders and workers wealthy. Also, these 5 percent of the rich account for more than 95 percent of charitable giving. Perhaps Obama wants to transfer more of this obligation to the federal government. Heaven forbid!

Another Obama promise is to increase the taxes on the oil company’s “obscene” profits without defining what “obscene” means. In fact, the energy company’s return on investment is about 7 percent, which is less than several other industries such as the media and the service industries. Their profits are large because their corporations are the largest in the world, which is necessary to provide the huge capital investments to find the energy resources that our society demands. Despite the media and Obama hype, the oil companies are funding the majority of the capital to find alternative energy sources. Natural gas for example, which is a relatively clean source of energy and is a resource that is abundant in the U.S., could wean us away from sending all our dollars overseas to our enemies.

We need more far-sighted politicians such as Gov. Sarah Palin, who has been trying to resolve the regulations and environmental concerns that have prevented Alaska’s natural gas from being piped to the lower states. The wrangling in the Democratic Congress over offshore drilling and streamlining the process for more nuclear power shows our political system at its worst.

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