Tuesday, October 21, 2008

Our new socialist overlords . . .

The coming Obama disaster, if it indeed comes, will have many facets. Ultimately, an Obama presidency will be the second term of Jimmy Carter -- windfall profit taxes on oil companies, redistributionist tax policies, weak foreign policy, abandonment of US allies, heavily reduced support for Israel. And this is just the beginning. These opening sentences serve one purpose: during the 2012 presidential campaign, borrowing the line from the great Robert Conquest, I will say to the Republicans who have come out as essentially anti-McCain due to their patrician anti-Palin views (Chris Buckley, Peggy Noonan, David Brooks), their complete inversion of what the Republican party stands for (Colin Powell), and/or self-delusion as to what Obama is really about (Ken Adelman, Doug Kmiec) that "I told you so, you f**king fools!"

But the warning signs are everywhere. And all in one place today: the WSJ's editorial pages.

First, read Bill McGurn's dissection of the Obama tax plans, which are summed up neatly by Andrew Biggs of the American Enterprise Institute: "It's interesting that Mr. Obama calls his plan 'Making Work Pay' because the incentives are just the opposite. By expanding benefits for people whose benefits exceed their taxes, you're increasing their disincentive for work. And you're doing the same at the top of the income scale, where you are raising their taxes so you can distribute the revenue to others."

Then, read how the diminishment of American power worldwide during an Obama administration would be disastrous.

And ultimately, Obamanomics would devastate the economy, twice over.

There is no tenet of Obamanomics that is not part of the British economic policies of 1970-79, before Lady Thatcher became Prime Minister. And the socialist disaster of 1970s Britain is one that the US will end up embracing if the American public votes for Obama, a Senate with 60+ Democrat Senators and a larger majority for Nancy Pelosi in the House.

Not good.

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