The state of the union speech revealed a complete lack of interest in the absence of growth in the US economy on the part of the President. This means that lower income folks can expect their misery to continue as long as this President remains in office.
Instead the President launched a variety of attacks against his coffee-house enemies -- "the rich." As Buffett knows, apparently better than Obama, the tax rate is completely irrelevant to the truly wealthy. The truly wealthy can arrange things so that they have zero income for tax purposes, so who cares whether the tax rate is 30 percent or 100 percent. 30 percent of zero is zero. That's math that the President and his crew don't seem to understand.
But, it all sounds good I guess, to the uninformed. There is no question that this is class warfare and shows a President of the United States several shades to the left of the most socialist leaders in Europe. Whether Obama gets his way on all of this economic nonsense is yet to be seen.
The rich have nothing to fear from this President and they know it. That's why most of the truly wealthy support Obama now and will continue to support him throughout his political career. Those with modest incomes and those among the youth, the aged and the minorities, whose futures are blighted by the economic mess that the Administration has created, have little to look forward to.
America's economic stagnation will continue and it's dwindling world economic stature will continue with the kind of policies advocated by President Obama. Only free markets and capitalism can provide a rebirth to the American economy. Overbearing government will simply lead to more and more economic decline for what once was the most vibrant economy in the world.
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