Robin Hood Economics
The San Diego Union-Tribune will not be getting a seat on the Obama campaign plane. They explain – rather succinctly, why Robin Hood politics will not work.
And what’s the cut-off for the tax cuts? No one knows, because Obama and his running mate, Joe Biden, can’t settle on a figure. First, it was said that only wage-earners who earned more than $250,000 annually would have their taxes raised. Then Obama, in an interview, lowered the figure to $200,000. Then Biden, in a speech, lowered it to $150,000. Luckily, this campaign is ending. Or we might be headed for a situation where anyone earning more than poverty level gets a tax increase.
But the real problem with Robin Hood economics isn’t just that it is unfair, but also that it’s harmful to the same people it professes to help. Like any handout, it kills incentive and rewards a lack of achievement. And, in this case, by confiscating the assets of the haves, it also punishes initiative and penalizes success.
That is the real problem in a nutshell. The Obama plans for redistribution of wealth both demean the people taking the money and punish those who are – or hope to be – successful. A perfect system of government would allow an absolute equality in opportunity but would not – could not – guarantee an absolute equality in outcomes. The former should be the ideal of government, the latter is impossible.
By dorf, November 2, 2008 @ 8:44 am
…redistribution of wealth???
Not wealth but income. With lower income the road to wealth is effectively blocked….
By martian, November 2, 2008 @ 12:29 pm
And, just within the last couple of days, Obamessiah worshiper Gov. Bill Richardson dropped it down to $120,000. By the time inauguration rolls around (assuming McCain doesn’t pull off a miracle) if you work at McDonald’s full time you’ll be considered “rich”.
By Quilly Mammoth, November 2, 2008 @ 12:57 pm
We need someone to nail the Constitution to the doors of Congress and proclaim that true, freedom loving government comes only through belief in it as the foundation of our government.
So much of what we do in government is not what the founders would have thought the government authorized. We need out own American Reformation.
By dorf, November 2, 2008 @ 7:47 pm
The O has dropped the bar again. Try 70K…
How long ’til EITC level?
http://macsmind.com/wordpress/2008/11/01/obama-in-2003-middle-class-topped-out-at-70000/