Bernanke is the Perfect Stoodge for Obama’s Socialist Plans- The Fed Prints Money Out of Thin Air, So That Obama Can Lavish Spending on His Democratic Contributors and Voters
Madoff Turns Out to Be a Small Time Crook
By Wayne Allyn Root, Author
The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gambling & Tax Cuts
Of course President Obama offered another 4 year term to the great “Enabler-in-Chief” Federal Reserve Chairman Ben Bernanke. No surprise there. Why would you change course, when the man you have in the CEO seat is willing to play stoodge and do everything you need to keep your fraud going? Obama wants big government Socialism, and Bernanke is just the man to enable his plan. Fed Chief Bernanke has been willing to print all the money Obama needs to give away trillions of taxpayer dollars in entitlements; welfare; bailouts; stimulus; union payoffs (legal ones of course); tax cuts to people that never paid taxes in the first place; and most importantly pay raises (in the middle of a depression) to local, state and federal government employees.
These are all the very things Obama needs to keep the entitlement and handout junkies…addicted. These are the very things he needs to keep the masses distracted and anesthetized. These are the very things Obama needs to keep his hold on power. Bernanke is more like a Pharmaceutical CEO than Federal Reserve Chief- when Obama needs Xanax, Ritlin, or anti-depressants to calm or distract the American people, he simply turns to Bernanke and the Fed. Voila- another trillion dollars is printed!
Bernanke is enabling Obama to continue unsustainable government spending. The Fed is printing money that doesn’t exist, made up out of thin air, to prop up our bankrupt economy, and make sure that the voters who benefit from all these government handouts don’t notice the fraud being perpetrated on them, and (most importantly) continue to vote Democratic for Obama and his Socialist cabal (Reid, Pelosi, Dodd, Frank, etc). The Fed enables and ensures that Obama always has a steady supply of cash to bribe the corporations and unions that contributed to him (with bailouts and stimulus), and the masses that voted for him (with welfare, entitlements, and government jobs).
Meanwhile the taxpayers and small business owners who pay for all this can look forward to 3 things: First, we will have our life savings and assets devalued by a coming tidal wave of inflation (which always follows the reckless addition of trillions of dollars into the monetary system).
Secondly, guess who will be forced to pay for this obscene, irresponsible and irrational spending spree? Once again, it will be the taxpayers, high-income earners and small business owners. The people who fuel the entire U.S. economy will be punished for their success- for the fact that they create virtually all the jobs, and pay virtually all the taxes. Obama’s voters don’t pay the taxes in the first place, so of course they gain the benefit of government spending and handouts, without any of the responsibility.
Third, future generations of our children and grandchildren will be enslaved to a lifetime of big government, heavy taxes, sky-high inflation, and a worthless dollar- most of the disaster occurring after Obama is long gone from his job.
Think I’m exaggerating about who pays all the taxes…and who will be forced to pay for the current government-spending spree? Here are the facts:
*The top 1% of American taxpayers pay 40% of the income taxes.
*The top 5% of taxpayers pay over 60% of the taxes.
*The top 10% of taxpayers pay over 70% of the taxes.
*The top 25% of taxpayers pay over 90% of the taxes.
*Even more mindboggling, the top 1% of taxpayers pay more taxes than the bottom 95% combined.
* In New York City, America’s financial capital, 40,000 taxpayers pay virtually 100% of the income taxes for a city of 8 million people.
Please keep in mind that most of these high-income earners, that pay all these taxes, are small business owners. And that 75% of all new jobs in this country (and a majority of all jobs) are created by small business owners. And that over 80% of all jobs in this country belong to businesses with under 200 employees. As my wise father the butcher used to say, “It’s easy to hate the rich, but the funny thing is, in my lifetime, no poor person has ever given me a job.”
The facts above are only referring to income taxes. Yet it is important to note that this same group of high-income taxpayers pays the freight for most of America’s other taxes too. Think about it. They own the biggest homes, and most of the commercial property- so they pay virtually all the property taxes that fund our schools and local government. They own the businesses- so they pay half of the FICA taxes for America’s employees- that is then used to fund Social Security. They do the most consumer spending- so they are responsible for a large portion of the sales taxes that funds police, fire and government services. And of course as business owners, they pay 100% of the business income tax too. So when Obama and Bernanke’s bill comes due (for printing all this money out of thin air), guess who gets stuck with the bill?
There is no way out of this depression without small business leading the way. Yet Obama is burying business owners under a blizzard of heavy taxes, government regulation and unsustainable debt- all of which will become virtually 100% their responsibility and burden for years to come.
Here is the reality: Obama’s policies are wiping out small business, forcing the taxpayers who create virtually all the jobs to close their businesses; postpone expansion; cut jobs; retire early (rather than pay his future obscene tax increases); or go underground. The result is that Obama will turn a nasty recession into The Great Depression II.
Because of Obama’s Big Brother tax and spend policies, small business will stagnate and there will be no major improvement in the jobs outlook for years to come. But worst of all, there will not be enough tax revenue to pay for Obama’s massive government expansion and reckless spending spree. Which means that his deficit and national debt projections are overly-naïve and optimistic. Did anyone notice that Obama just announced that the cumulative deficit over the next decade just increased from $7 trillion to a startling $9 trillion (based on his budget)? Of course you didn’t notice- Obama’s government quietly announced it late in the afternoon on a Friday in the dog days of August (when the media is on vacation). I predict that even the new $9 trillion deficit number will look embarrassingly low when we look back years from now.
We are in serious trouble. Years from now, we’ll all look back and realize that Bernard Madoff was a small time crook. The big time crooks and frauds are running the U.S. government. Unfortunately, their Ponzi scheme will bankrupt our entire country, shake the very foundation of capitalism, and leave future generations with a financial Armageddon to contend with. Obama may be the root cause of this economic disaster as our “Socialist-in-Chief”, but Ben Bernanke is his enabler.
Wayne Allyn Root was the 2008 Libertarian Vice Presidential candidate. His new book is entitled, “The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gambling & Tax Cuts.” For more of Wayne’s views, commentaries, or to watch his many national media appearances, please visit his web site at: www.ROOTforAmerica.com