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Monday, April 20, 2009

R.I.P (at least until conservatives return) American Dream

The American Dream is on life support until the next conservative administration comes into office. In the era of the Obama administration, too big to fail has become as American as apple pie.

Corproations that might once have looked to expanding their products and creating new jobs now fear that if they become to big then the government will come in and take over. There would be government oversight, caps on executive pay and those pesky czars looking over their shoulders. So they decide staying small is the best way to go forgetting about creating new jobs.

Couples sitting in their home (who are currently making less than $200,000/year) are trying to decide on how to make the future brighter and financially sound. Could it be moving to a new city for higher pay or going back to school for the degree that will bring a promotion. But wait! If they take the promotion or move to a new city, they could possibly be putting themselves in a higher (over$250,000/year) tax bracket. Obama promised he would tax anyone who made over $250,000/year and see their mortgage deductions go away, no longer able to deduct from our taxes any charitable contributions we give and of course federal taxes go up. So they decide no new job, no move to a new city.

These are just two examples of where the new administration is killing the American Dream. Why succeed, the government will tax us more and regulate us more. Obama's view of "fairness" is threat to the same idea that made us great.

National welfare programs have long been targeted as a way keep the poor on welfare. Taking a job meant losing government benefits like food stamps and Medicaid and therefore it didn't pay to work. After President Clinton announced "the end of welfare as we know it", Obama is looking to bring it back in full swing except this time targeting the upper end of the economic ladder.

Dick Morris recently wrote about "upward mobility" and suggested that the Obama administration deosn't believe it (to which I agree). He, Obama, chooses to penalize anyone who makes over $250,000/year therefore disincentivizing the American Dream. Morris gave the following analogy:

"We will be like salmon swimming upstream to mate. We will overcome the currents, the waterfall, the rocks, the predators and will grapple our way up the stream. Then, at the top of the waterfall, will stand Obama the Bear, waiting to scoop us up and have us for dinner. The taxman cometh."

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