Wednesday, July 30, 2008

"If You Want A Recession, Vote For Obama"

Thus is the headline at Power Line referencing a story at the Wall Street Journal that runs the numbers on Barry "Just call me 'Lord'" O'Bama's socialist economic proposals which looks like this:

And means...
The top 35% marginal income tax rate rises to 39.6%; adding the state income tax, the Medicare tax, the effect of the deduction phase-out and Mr. Obama's new Social Security tax (of up to 12.4%) increases the total combined marginal tax rate on additional labor earnings (or small business income) from 44.6% to a whopping 62.8%. People respond to what they get to keep after tax, which the Obama plan reduces from 55.4 cents on the dollar to 37.2 cents -- a reduction of one-third in the after-tax wage!
But, hey, the Europeans love him and he's not old, so what's the problem? CHANGE! HOPE!

The tired lie about McCain - of whom I'm no fan - is that he's running for Dubya's third term. The sad truth about Obama is that he's looking to have Jimmy Carter's second term - with all its geopolitical terror and economic misery - but much, MUCH worse.

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