Saturday, November 1, 2008

Obama Presidency a 'Historic' Tragedy--Change we can do without

By Thomas

Performance is where Obama has nothing to show for his political career, either in Illinois or in Washington.
Policies he proposes under the change banner are almost all policies that have been tried repeatedly in other countries — and failed repeatedly in other countries.
Politicians telling businesses how to operate? That's been tried in countries around the world, especially during the second half of the 20th century. It has failed so often and so badly that even socialist and communist governments were freeing up their markets by the end of the century.
The economies of China and India began to take off into high rates of growth when they got rid of precisely the kinds of policies that Obama is advocating for the United States under the magic mantra of change.
Putting restrictions on international trade in order to save jobs at home? That was tried here with the Hawley-Smoot tariff during the Great Depression.
Unemployment was 9 percent when that tariff was passed to save jobs, but unemployment went up instead of down and reached 25 percent before the decade was over.
Higher taxes to "spread the wealth around," as Obama puts it? The idea of redistributing wealth has turned into the reality of redistributing poverty, in countries where wealth has fled and a lack of incentives has stifled the production of new wealth.
Economic disasters, however, may pale by comparison with the catastrophe of Iran with nuclear weapons. Glib rhetoric about Iran’s being "a small country," as Obama called it, will be a bitter irony for Americans who will have to live in the shadow of a nuclear threat that cannot be deterred, as that of the Soviet Union could be, by the threat of a nuclear counterattack.

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