Never assume malice where incompetence will suffice.
Over the last few days I’ve been hearing various theories that essentially say… The Obama administration is deliberately damaging the economy and gutting the stock market on the theory that doing so will make it easier for them to argue “the free market has failed” and pave the way for a far-left regime.
Doug Ross makes the argument:
Consider that, in the teeth of a devastating recession, Obama has:
- Raised taxes on small businesses, the engines of entrepreneurship and job growth
- Raised the capital gains tax
- Lied about “tax cuts for 95% of Americans”, offering instead $13 a week, achieved not through tax cuts, but by changing the federal withholding tables!
- Destroyed charitable giving by axing the tax breaks for 26% of all giving (or $81 billion in 2006)
- Proposed a carbon cap-and-trading scheme designed to punish oil companies and further tax consumers
Why would Obama inflict these destructive policies while the economy is collapsing? Simple. Each step strengthens the role of government in people’s lives.
- Squelching the stock market kills its attractiveness as a parking lot for private capital. Combined with an increase in the capital gains tax, investors will swarm to bonds — tax-free vehicles like municipal bonds, which benefit the growth of state and local government. And unions, of course.
- Carbon cap-and-tax will raise taxes on all Americans as the cost of goods and services will increase to address a non-existent threat.
- True tax cuts would grow the economy, which is why, of course, Obama shuns them. The last major recession was Jimmy Carter’s malaise. It consisted of of double-digit inflation and unemployment. It was finally licked by across-the-board tax cuts for everyone (even the despised rich), which touched off a twenty-plus year run of prosperity.
- Charities reduce the role of government assistance for those in need. That, in Obama’s world, can not be tolerated. That is why charities must be choked off and allowed to die. Especially faith-based institutions.
The only plausible explanation is that Obama’s destruction of the economy is intentional.
It is based on a failed ideology that has a track record of Mugabe-esque disaster.
I’ll admit it’s an intriguing theory but personally, I’m not buying it… I don’t believe any President would deliberately set out to damage this country in the pursuit of his agenda. I think incompetence, or at least inexperience is the more likely explanation… Particularly when you view his handling of the economy in conjunction with his administrations other stumbles… Among them their troubles vetting cabinet appointees, his spokesman Robert Gibbs snipping back at critics like Rush Limbaugh, Rick Santelli and Jim Cramer and the ham fisted exchange of gifts with British Prime Minister Gordon Brown. It all points to inexperience or worse incompetence rather than malice.