It appears that Barack Obama may be moving to address the nation's financial woes, but not via the time-honored American approach of tax cuts for gazillionaires. You may recall that during good times President Bush urged tax cuts for the rich, and when times got bad, both President Bush and Maverick Johny McCain urged continuing tax cuts for the rich.
It's well known that giving more money to rich people is the only way to improve a struggling economy. The non-wealthy are generally happier and more productive when they have less money and fewer options. Also, any money left over should be devoted to fighting wars, filling no-bid contracts, and bailing out needy banks and corporations.
Apparently, President-elect Obama lacks these time-tested insights, and is gambling with risky programs like providing health care for children, even if they're poor. President Bush wisely vetoed the SCHIP bill, since it's well-known that poor children contribute far less to the economy than rich parents.
Furthermore, the Democrats are looking at tax cuts for the middle class, which would have the effect of giving people making under 250K money that might otherwise go into the pockets of millionaires. It's well-known that people making under 250K are likely to fritter away cash on food, shelter, or other such frivolities, and are therefore less likely to invest in stocks or hedge funds. It's unfortunate that the Democrats will have options to pass proposals simply because more people voted for them than their opponents, but it's unlikely they this problem will be corrected under the incoming administration.
In fact, Mr. Obama is considering broadening health care not only to children of the bootless and unhorsed, but to their parents as well. Healthier parents will be more likely to vote, and thus may contribute to the perpetuation of these awful programs. In fact, their spawn, with their diseases treated, may grow up and also vote to support these horrible programs.
Naturally, Fox News will continue to advise non-rich people of the dangers of being healthy and having more money. Regrettably, News Corps, its parent company, is down 30%, this quarter, and this year does not appear at all promising.
My Conversation with Mike Klonsky on DeVos the Reformer
57 minutes ago