On Tuesday our Professor-in-Chief declared that now is a good time for investors to buy stocks.
Really? Last time I looked, the Dow is still dropping like a rock.
But his next words are meant to comfort (or should I say placate) us: "What you are now seeing is a profit and earnings ratios get to the point that buying stocks is a good thing if you have a long-term perspective on it." I guess by "long-term perspective" he really means "until the Republicans get back in control".
For further reassurance he's also told us "The stock market is sort of like a tracking poll in politics. It bobs up and down day-to-day and if you spend all your time worrying about that, they you're probably going to get the long-term strategy wrong." I'm sorry Mr. President, but the stock market has been plummeting since the day it became clear that you would be the Democratic nominee and it's decline only hastened when it was evident you would win the election.
This poor guy is living in fairy-tale land. Only it's the Brothers Grimm version.
Someone please take away his rose-colored glasses before he completely destroys our economy.
Democratic state Rep. Martin Walsh of Massachusetts told the New York Times: “Every state in the nation, including Massachusetts, needs to figure out a way of raising revenues. So we need to be creative.”
No. Wrong. A lie. You need to cut back. Quit spending. Budgeting is more than raising taxes. In fact, cut taxes because taxpayers could use a break.
President Obama has laid out the most ambitious and expensive domestic agenda since LBJ, and now all he has to do is figure out how to pay for it. On Tuesday, he left the impression that we need merely end "tax breaks for the wealthiest 2% of Americans," and he promised that households earning less than $250,000 won't see their taxes increased by "one single dime."
This is going to be some trick. Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can't possibly raise enough revenue to fund Mr. Obama's new spending ambitions.