Skip to comments.

Posted on 07/25/2008 8:39:37 AM PDT by jazusamo

(Second part of a three-part series)

Here are more reasons to vote against Barack Obama. This part and the first part of the series, which ran on Thursday, can be found on The Bulletin's Web site at www.thebulletin.us.

* This different kind of politician is different in still another way besides changing his mind on issues faster than any other politician in history. He doesn't want to be criticized, and doesn't respond to it. When criticized for associating with an anti-American, racist pastor or an unrepentant terrorist, he tries to fob that all off by saying that's the old politics. When his wife gets criticized for saying America is a mean country and for the first time is proud of America, Mr. Obama says his wife is off limits. In other words, she hops in the ring and throws punches, but you can't hit back at her. When the New Yorker, one of the mainstream publications that has been pushing his candidacy, does a satirical cover that is off limits, too. When he encountered a few tough questions (finally) at a press conference, he said he had answered enough questions and walked out. This candidate thinks he is above criticism and will not respond to it. Incidentally, when you send his campaign a tough question or two, the campaign simply ignores you. Over recent weeks, I have periodically sent questions I want answered, and have yet to receive my first answer. I just sent the campaign an e-mail asking for its explanation of recent flip-flops. What they often do is send you an automatic e-mail telling you they will get back to you, but in my experience, you don't hear from them again.

* If you want to understand how irrational Mr. Obama's plans are, just take a look at what he has in mind for the economy. We've hit a few bumps in the economy (some say it's a crisis; others say it is a recession), so Mr. Obama's proposing tax increases. And it is clear, his approach is irrational and certainly one he does not understand. When asked by Charles Gibson, anchor of ABC-TV news, whether he understands his proposal to raise the capital gains tax would actually decrease tax revenue, Mr. Obama admitted that was so, but said he still wanted to raise the capital gains tax out of "fairness." So he would be willing to impose a tax that would decrease government revenue and increase government deficits, and certainly hurt investment, job growth and economic vitality. What could be more irrational than that? He wants to raise the tax on dividends, another job and investment killer. And his tax policy, which boils down to soak-the-rich, goes beyond that as many with modest income but investments in mutual funds, IRAs, 401(k)s, stocks, bonds and similar instruments would be adversely affected by a increase in capital gains taxes.

* He would also implement tax increases that would start to approach the confiscatory and be counterproductive. He would jack up the highest marginal income tax rate to 39 percent, while increasing Social Security taxes on those with higher incomes by taking off the cap. That would mean some would be paying 14 percent (7 percent on employer and 7 percent on employee) on Social Security payroll taxes alone, plus two percent on Medicare taxes, for a total of 55 percent. On top of that, he wants to reimpose the death tax (also known as the estate tax), which prevents small business owners from maintaining the continuity of their business from one generation to the next. It is also an unfair tax, in the sense that the estate has already gone through the tax grinder once in the course of being earned. Mr. Obama would allow the Bush tax cuts to sunset (i.e., go off the books) and that would mean a tax increase of $2.4 trillion over the next decade. Perhaps he should adopt the suggestion for a simplified IRS tax form: "How much did you make this year? Just send it in." But don't worry about where the money will go. He'll be spending faster than he'll be raising taxes, giving everyone gold-plated health care of the kind now delivered to Congress, giving everyone a college education, and giving everyone the things that will pop into the minds of his leftist, liberal, tax and spend advisers. Remember Mr. Obama uses the pork-barreling earmarks, even to benefit the medical center in Chicago his wife works for. Mr. McCain is one of the few who has stood firmly against these legalized bribes given to supporters by their congressmen.

* Mr. Obama is clearly a tax and spend liberal, as indicated by his record and his platform. As indicated, he already calls for over two trillion dollars in tax increases that would devastate the economy. The Institute for Research on the Economics of Taxation says his increase in the capital gains tax would kill $2.5 trillion in capital formation over five years.

* To further show how his irrationality on taxes pervades other approaches to other issues, consider the energy platform of Mr. Obama. He is against drilling in the Atlantic, against drilling in the Pacific, against drilling in the eastern Gulf, against drilling in ANWR (the Arctic National Wildlife Refuge), and against tapping into the shale in the Rocky Mountains. We're sitting on more than 115 billion barrels of oil plus perhaps a trillion in Rocky Mountain shale, but that's off limits, as is coal and nuclear. Mr. Obama is truly Dr. No when it comes to solving our energy problems. The plan of the Democrats and Mr. Obama was summarized in a sign that appeared on the Senate Floor: "No new energy." Where does Mr. Obama look for solutions? He looks at those two Democratic favorites: Taxation and regulation. Being a true tax and spend liberal, he wants to put an excess profits tax on the oil companies. What would that accomplish? First, it would lessen incentives for further drilling and exploration. Second, it would be a tax passed onto the consumers in higher prices. Third, it would not produce another barrel of oil, and only make our current situation worse. It's been tried before and doesn't work.

* And being a tax and spend liberal, he believes in government regulation rather than the free market. So to solve the energy and oil problem, he would further regulate speculators. This would probably do a number of things. First, it would drive the jobs and headquarters of exchanges that deal in the futures markets overseas. Second, it would make the market less efficient. Third, it would make it more difficult for those who use futures and hedging as a risk management advice to protect themselves against unpredictable price swings as they now do.

On Monday, I'll have more reasons to vote against Mr. Obama.

Herb Denenberg is a former Pennsylvania Insurance Commissioner, Pennsylvania Public Utility Commissioner and professor at the Wharton School. He is a longtime Philadelphia journalist and consumer advocate. He is also a member of the Institute of Medicine of the National Academy of Sciences. His column appears daily in The Bulletin. You can reach him at advocate@thebulletin.us.

CHOOSING THE NEXT PRESIDENT

BARACK HUSSEIN OBAMA - CHANGE YOU CAN COUNT ON, BUT DON'T WANT

THE AUDACITY OF TRUTH ABOUT BARACK HUSSEIN OBAMA

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.