Michelle Malkin has impressive photos from the Cincinnati Tea Party. Thousands upon thousands of angry tax payers. Perhaps they were spurred on by Barack Obama's accusation that anyone who has done well financially in the past 8 years is a criminal who will be punished. Directly from his budget, page 5:
While middle-class families have been playing by the rules, living up to their responsibilities as neighbors and citizens, those at the commanding heights of our economy have not.
That's one huge indictment from a many who's appointed more tax cheats to cabinet posts than any president living or dead.
His cure for this risk-taking he so despises is to prevent risk-takers from realizing rewards. Taking risks is fundamental to growth. Under Mr. Obama, there will be no growth, apparently.
~ Cap and Trade is $700 billion a year tax increase to be paid by consumers. At least that's what Obama told the San Francisco Chronicle.
~ Individuals making over $250,000 a year will be punished for their productivity under tax increases and deduction limitations.
~ Judges will be permitted to rewrite home mortgages, reducing any sane bank's willingness to create new home loans.
I could go on all night. But there's more.
The federal government has quadrupled last year's massive deficit in just 2 months since Obama's inauguration. The enormity of US debt has China, our leading lender, balking at buying more US Treasuries. This will eventually unleash inflation that could be significantly higher than in the 1970s. That's according to Obama-voter Warren Buffet.
My prediction: Things will look good for the next 4-6 weeks. What Obama described as the worst economic calamity since the Great Depression only last week is now over, according the same Barack Obama. The stock market is taking on some cash that's burning holes in people's pockets.
Then the first quarter numbers on GDP, business activity, productivity, and unemployment will hit. Interest rates will have crept up rather nastily as China cools its Treasuries buying and institutions shift from bonds to stocks. The high cost of capital will create a teeter-totter effect: even banks willing to lend will have to do so at interest rates that frighten away borrowers. The prosperity that Obama now sees just around the corner will turn out to be a mirage.