Think the present crisis is scary and uncertain? There are many economists who fear the cure for our current economic woes will be much worse than the credit disease we're now suffering. Especially if Big Government continues to orchestrate things as they have in the banking industry for the past two decades (the very industry the feds have over-regulated into the ground). Could it be the markets---which always look ahead---are in free fall because it views a bleak future for us in, say, an Obama administration?
IBD takes a look today and sees the future with a socialist like Barack at the helm. Don't read this if you want to enjoy your Saturday. Please spare yourself if it's a beautiful day.
Some highlights:
It isn't only that the most anti-capitalist politician ever nominated by a major party is favored to take the White House. It's that he'll also have a filibuster-proof Congress led by politicians who are almost as liberal.
Throw in a media establishment dedicated to the implementation of a liberal agenda, and the smothering of dissent wherever it arises, and it's no wonder panic has set in.
What is that agenda? It starts with a tax system right out of Marx: A massive redistribution of income — from each according to his ability, to each according to his need — all in the name of "neighborliness," "patriotism," "fairness" and "justice."
Want more?
The businesses that create jobs and generate wealth are already discounting the future based on what they know about Obama's plans to raise income, capital gains, dividend and payroll taxes, and his various other economy-crippling policies. Which helps explain why world stock markets have been so topsy-turvy.
But don't take our word for it. One hundred economists, five Nobel winners among them, have signed a letter noting just that:"The prospect of such tax-rate increases in 2010 is already a drag on the economy," they wrote, noting that the potential of higher taxes in the next year or two is reducing hiring and investment.
It was "misguided tax hikes and protectionism, enacted when the U.S. economy was weak in the early 1930s," the economists remind us, that "greatly increased the severity of the Great Depression."
What these economists are all saying is a liberal, clueless president who knows nothing about business or finance may take the helm and give you a tax cut, but destroy your job by over-taxing those who create jobs and capital that make our free markets vital and prosperous.
What good is a tax cut on income if you have no job or income to tax?
We can't panic vote and watch the disease become worse than the illness. Or can we?
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