Posted by
Cindy of TX on Wednesday, October 22, 2008 8:49:23 AM
Let's start with the Senator Barney Frank's own words:
I think at this point, there needs to be a focus on an immediate increase in spending and I think this is a time when deficit fear has to take a second seat. I do think this is a time for a kind of very important dose of Keynesianism. I believe later on there should be tax increases. Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of this money.
First, it strikes me as odd that the same Barney Franks, who was so helpful in getting us into the financial mess we now find ourselves, has now declared there "needs to be a FOCUS on an IMMEDIATE INCREASE in spending". Isn't the government busier than Joe the Plumber with two plungers flushing more paper than we ever thought we'd see in all of our lifetimes through the money pipelines right now??? How much more immediate can it get? What kind of increase does Mr. Franks have in mind? How can we possibly increase the spending of the federal governement?
Second, Barney Franks says we need to blow the concerns about deficit spending out the window, "...this is a time when deficit fear has to take a second seat". Wow. Even conservatives have been hammering President Bush on out-of-control spending, while acknowledging that in a time of war, deficit spending is a given. Apparently, Franks believes that deficit spending for the national defense is undefensable, but let's throw that concern out the window when it comes to whatever misguided entitlement programs he and his comarades-in-arms have in store for the little people. Now we have a warning of both increased spending and deficit spending to come.
Finally, he announces the icing on the cake: there will be tax increases! To be fair to Barney Franks, he does qualify these increases. They won't apply to everyone - of course not! The exact plan would be: "I think there are a lot of very rich people out there we can tax at a point down the road..." What a relief. It's only the very rich. I wonder who they are? I am fairly sure I am not in the "very rich" category, but here's what nags at me: what if I worked my up to there? Or, what if the definition of "very rich" is not what I assume it is? See, that's the thing with perception, especially with wealth and tax codes. Is it personal wealth? Is it gross or net? Does it include small businesses? Mr. Franks doesn't say; he throws out a statement like this and relies on people's belief that "they" are not "rich", thus, using the oldest tactic in the Democrat playbook: class warfare.
Are YOU rich? Maybe. One thing you can count on: you won't be with an Obama presidency, combined with a Democrat-controlled House and Senate. Franks clearly stated his intentions; it would be foolish to think it was a missatement. In the last week, we have heard two astounding announcements: Biden warned us of the several international security tests that would befall us if Obama is elected, and Franks warned us that the economic disaster will continue under an Obama presidency. We should carefully heed these warnings.