Rush’s Morning Update: Strike
March 4, 2009
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“Capital On Strike.” That’s an Investor’s Business Daily editorial headline, and it defines the economy under Obama thus far. Quote: “Investors have walked away from investing, while businesses shut down factories and offices and slash jobs… Capital, bluntly put, has gone on strike. Those who own wealth are pushing it to the sidelines.”
Now, get this, folks: since the election, Americans have lost over $3 trillion of wealth. Investors have stopped investing, aghast at the economic proposals this “young and inexperienced president” is trying to cram down our throats.
The editorial cites an ABC News report about many upper-income taxpayers planning to cut back on work and investments, to avoid Obama’s tax increases. These entrepreneurs and professionals– who generate trillions in wealth– are being vilified and punished for their efforts.
Obama’s new energy taxes– $646 billion worth– will hammer the middle class, further choking off economic growth. IBD also points out that Obama’s proposals are pushing 100,000 highly skilled immigrant entrepreneurs to leave America, taking jobs with them. As IBD accurately states: “The stock market is the main wealth and growth-creating mechanism in our capitalist society.” And it’s in freefall — it’s under assault.
My friends, while Beltway politicians, pundits, and Drive-Bys quibble about who runs the GOP –or if it’s harmful to want Obama’s radical and extremist economic plan to fail– our economy is failing in front of our very eyes! Capital and common sense are on strike! For all of our sakes,a strike thatbetter end soon.
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