I think I understand Obamanomics. I buy a yacht that I can't afford. I default on the loan. The bill is sent to my children and future grandchildren (and to yours). The best part: I get to keep sailing.
Obamanomics is the New Deal on steroids. At the same time the administration pursues a gargantuan bailout, it is pushing massive new government entitlements, shrinkage of the private sector (such as the virtual wipe-out of the private student loan sector), and huge tax increases. The Arizona Republic's Bob Robb reports that Obama's budget forecasts a deficit that is a larger share (67 percent) of the Gross Domestic Product than at any time in over 50 years. And that is only if Obama does not add any additional new government programs--fat chance of that.
Little wonder that Sen. Jon Kyl aptly called the budget "terrifying" and "mind-boggling." CNBC financial analyst Jim Cramer, who supported Obama's election, called the president's agenda "a declaration of hostility toward capitalists."
Even worse than the towering deficits and dramatically increased scope of government is the corrosive effect the Obama agenda will have on the American spirit. The budget and stimulus program are not really a redistribution of wealth from rich to poor. They are a redistribution from productive Americans to irresponsible ones. The message is that if you've made dumb mistakes--whether you're a bank president or people who took out a mortgage they couldn't afford--the government will bail you out. But if you work hard and ask government for no special favors, you get to pick up the tab. And what a tab it is.
This is truly America's Atlas Shrugged moment--but it is no time for productive Americans to go on strike. We have the potential in Arizona to be an oasis of freedom: a place where enterprise can flourish and where hard work and individual responsibility are rewarded, not punished, thereby providing a bright alternative to the mega-regulatory welfare edifice being constructed in our nation's capitol. It's time to put our noses to the grind-stone, not only to preserve but expand freedom in the land of Goldwater.
Clint Bolick is the director of the Goldwater Institute Scharf-Norton Center for Constitutional Litigation.
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