Our biggest threat is probably that our government is not sustainable. We are borrowing 40 percent of expenditures. Democrats claim that the Republicans want to change Social Security and Medicare. President Lyndon Johnson did that when he moved their revenues to the budget. Not changing them now will destroy them; your call.
President Barack Obama, like most of his followers, only think of the good that is done and hope to tax the rich to pay for their programs. Columnist Thomas Sowell wrote that tax rates in 2016 on those making more than $100,000 were 73 percent and revenues were $700 billion, with 30 percent paid by the rich. Taxes were lowered to 24 percent over the next few years. Revenues increased to $1 billion with 65 percent paid by the rich. He gives more data at tsowell.com. Sowell explained that the rich invested more money in tax-exempt income to avoid the higher taxes.
KFC recently calculated that Obamacare will take 50 percent of its profits. That will probably be the case for all businesses that hire a lot of low-skilled labor. Most will cut insurance and pay the penalty, putting the burden for the balance on us taxpayers. That is a double loser.
Obama may seem more likable, but we need a manager. Also, if you look at the percent that Obama and Joe Biden gave to charity before taking office, apparently they do not care about the less fortunate nearly as much you like to think.
Finally for those of you who think the economy is doing OK, the Federal Reserve has the best economic information available and just implemented QE3. That would not have happened if it had not seen future problems.