Monday, September 19, 2011

The Buffett Rule, the Obama Rule and the Oprah Rule

Warren Buffet is receiving the kiss of death today. Touted as the "Buffett rule" by President Obama, a new calculation has been developed to determine how much more the rich should pay in taxes. The inspiration for these new taxes is billionnaire Warren Buffett, who has given the President the ammunition he needs for the next phase of class warfare. The blow in this case will do significant harm to the economy and further exacerbate joblessness and depressed economic conditions - all for the sake of giving President Obama an election year issue that will gain him votes.

Most people know that new taxes on the rich will do little to reduce deficits since the government will use any new money to increase spending and that the rich are already paying the vast bulk of taxes today. The idea that they are not doing their "fair share" already is an insult to the concept of "fair share" (which itself is an insult to reality).

For the next year, the "Buffett rule" will be repeated constantly as a campaign slogan, like a football passed between Republicans and Democrats. In a manner that is reminiscent of Oprah Winfrey (who had the "courage" to support candidate Obama in a highly publicized fashion), Warren Buffett has placed himself and his business interests in the cross hairs. This is not a good position for any rich person in "the age of envy". Mr. Buffett would do well to discover, finally, the concept of "individual rights" because his are about to be abused.

By naming the principle behind these new taxes the "Buffett rule" Mr. Obama seeks to honor Mr. Buffett and give him credit for being courageous enough to engage in "shared sacrifice". Mr. Obama tells us that if Warren Buffett, an investment genius, is willing to sacrifice for the government's policies, then everyone else should too. This is a conman's dream. Apparently, the President thinks that his praising someone for sacrifice will make other people want to sacrifice too. Many think it is stupid and only a fool would ask for more punishment. In a time where the government is "taking" virtually everything through outrageous and corrupt deficit spending which leads to inflation, only an idiot would blame himself for not giving enough. Unfortunately, both Obama and Buffett are forgetting something that has been true of all sacrificial victims throughout the ages. The victims usually wind up deceased...or at the very least, impoverished.

And Mr. Buffett, in accepting the honor, has just walked into a trap that I call the "Obama rule" from which there is no escape. Ask Solyndra what happens when President Obama makes you the subject of a photo op. Ask Chrysler, ask Chevrolet, ask Bank of America, ask countless other companies that are touted as examples of the future by the government.

Buffett is being Obama's fool...the capitalist who thinks he can work with the Marxists. It won't be long before his "financial empire" collapses and he'll wonder what he did wrong. Buffett simply doesn't know that, by putting a target on the backs of all successful people, he's drawing all these people away from doing business with him.

Here's how the Buffett rule will work in America: As more and more money is re-distributed from rich to government, the economy will be harmed to the extent that the rich are harmed. For instance, let's assume that for every ten million dollars taken from the rich, that 1 new factory employing 25 people is lost. So if the "Buffett rule" removes 1.5 trillion dollars from the economy, then 150,000 new factories are lost along with 3,750,000 jobs. Of course, these numbers are estimates selected to show the magnitude of the potential loss to the economy from the Buffett rule. They are not intended for accuracy. And since we know that the government is not capable of identifying a good investment, we can only expect that a large part of those new revenues will be wasted or stolen. Thanks, Mr. Buffett.

As for the "Oprah rule", ask Oprah what happens when you lose your credibility.

1 comment:

  1. I heard Limbaugh just say that Obama is now showing his malicious intent to take away people's property for his use. He's telling nothing but lies and avidly pitting people against the creators in this society to the point that a listener has to be a total idiot to not get that Obama is destroying them in the process. Obama is out to destroy America and its freedom. That's it - loud and clear.

    He's in a war against us, the American people. It's now time we acknowledge this and defeat him - the sooner the better.