Obama Talks, Market Tanks, Moochers Cheer
I received an email yesterday from one of my more unhinged liberal listeners. In her note, she actually cheered yesterday's market crash because it meant that Republicans (like me) lost a bunch of money. I guess it didn't occur to her that some Democrats might have money invested in the stock market too.
As a matter of fact, the only people who haven't lost a ton of money over the last two weeks are the proud members of moocher nation. You know, the folks who depend exclusively on the government to take care of them from cradle to grave.
A longtime colleague of mine retired a few weeks ago at the age of 67. For a year or so before his departure, he was continually doing the math trying to make sure that he had saved enough money during his working years to allow him to live comfortably in retirement. Whatever he had a month ago, he probably has 10% to 15% less now.
Thank you very much Mr. Obama.
For Barack Obama, yesterday was clearly a low point in a Presidency that is looking increasingly like a total failure. In an effort to reassure the stock market that all was not lost, all Obama could muster was a renewed call for increased taxes. That's right, his solution is increasing taxes during an unrelenting recession!
It's no wonder that the already down market went into a free fall after Obama spoke.
The fundamental economic problem facing this country is that we spend way too much money. Under Obama, the federal deficit has increased almost $4 trillion in just 2 1/2 years. Worse, the President shows no intention to seriously trying to rein in out of control spending.
All of this is, of course, even before the financial effects of Obamacare kick in.
The bottom line is that the American Dream is in real danger. If you play by the rules, save money, spend cautiously, accumulate assets and take responsibility for your retirement - some people see you as the enemy. If, on the other hand, you decide to depend on the kindness of the State to take care of you, you have no worries.
That's the only way to explain why moochers cheer when Obama talks and the markets tank.