Monday, November 03, 2008
LAST DITCH EFFORT TO WARN ABOUT OBAMANOMICS
Okay, here goes. Read over Obama's Economic Plan and answer this one question: Did you see anything in there that personally directly benefits you?

Chances are that you see zero, one, or maybe two things that will have an impact on you. The rest of what might appeal to you about his plan are altruistic things -- things for the benefit of others. And I have no problem with that. Anyone who knows me knows that I devote a lot to altruistic causes. Doing so is a big part of my life.

But now, think about this ... what really has an impact on you and your life? What could make the next four years better for you or worse for you? Most of you will give an answer that has something to do with your employer -- the company or organization you work for. If they have a good next four years, then so will you. If they have a rough next four years, then so will you.

Now, let's look at what is happening in the economy. Most economists agree that we're entering a period of deflation. We might be able to control how long it lasts but most agree it is unavoidable and is much bigger than just a US thing. We are entering a period when prices will drop because consumers will have no money to pay for things. And business expansion and growth will drop because their profits will be down because prices are down. Again, most experts agree this is where we're headed and it is unavoidable.

So, looking at this, the next four years for you and the organization you work for will not be so bright.

Enter Obama-nomics. Rather than try to bolster business, encourage the growth of markets, and get things back on a track of growth, Obama's plan indicates that bigger government can do a better job of creating jobs than business can. And where will government get their money to do this? From businesses and anyone earning, now apparently, over $100,000 per year. The ones who will already be struggling just to retain jobs (your job perhaps!) and keep their organizations going and hopefully even growing again as soon as possible.

Let's look at the business I work for because I know it well. My company, when you look at downstream distribution, sales and installation of our products, is responsible for the employment of about 800 people. 800 families. Again, there is nothing in the Obama plan that encourages growth of that number. In fact, higher taxes and FMLA expansion encourage a decline in that number.

On the other hand, if government encourages my company to grow through tax incentives and perhaps even promotion and development of markets for the "green" products we manufacture, you could easily see that 800 number grow to 1200 or even more over the next four years.

Now, look at your community. Who are the "movers and shakers" if you will ... who are the ones who make things happen as far as supporting, encouraging, and even caring for the disadvantaged and struggling? In so many cases, the ones who are doing that are the ones who own and lead businesses and other organizations. They are often the key individuals who, through their time and monetary support, make things happen in your local community for the common good -- all those altruistic causes that Obama-nomics thinks it can do better by instead taking money from your employer and perhaps even from you and re-distributing it.

Does that really make sense? Do you really think that bigger federal government, the thing we all rail against but yet Obama's plan clearly creates, will do a better job of caring for you and your community than your local and usually very hard working business owners and leaders (your employers) can do?

The choice is ours ... tomorrow. Are there "bad apples" out there amongst businesses? Absolutely, just as there are always bad apples in any group. But by and large the businesses that employ you are the ones that drive the economy and also care for your community.

Tomorrow, the question with your vote is this: Do you really think big government will be better at caring for you and your community ... and, even if you say "yes" to that ... do you really think it is sustainable? By Obama's own plan, bigger government will be built by burdening businesses and those earning over $100,000 per year. At what point do you burden them to the place of where they decide it's easier to not own businesses, lead organizations, and create grassroots efforts to build up and support local communities? As a business owner, I can tell you, we're not that far away from the straw that will break the camel's back. Not that far away at all.

  posted at 6:37 AM  
  4 comments



4 Comments:
At 4:42 PM, Blogger Michael K said...

Hi Todd-

From where are you getting the $100,000 number?

 
At 6:22 PM, Blogger Todd M said...

Thanks for asking that, Mike.

Last week, I heard a couple of conservative pundits bandying about figures of $150,000 and $100,000. I really, though, have not found any recent confirmation of those numbers. For that reason, the first time I used the $100,000 number in this post, I preceded it with "apparently". I apologize if I have misled anyone.

However, that said, back in August the American Enterprise Institute on Public Policy studied Obama's plan and actually came up with figures even less than $100,000. You can read that article here:

http://www.american.com/archive/2008/august-08-08/the-folly-of-obama2019s-tax-plan

Additionally, early this year Obama was stating that part of his plan included lifting the cap on taxable Social Security wages. This would effectively create a tax increase for anyone with an income over $100,000. While this idea is not on his website and he has not talked about it recently, I have yet to see where he has totally shut off this idea. I do not want to be assumptive but I suspect that, if elected, this idea will come up again with him.

I also want to mention something else. I have also used the $100,000 figure as what it takes for a business to create a new job. This is a rule of thumb figured used by manufacturers in the past. Obviously, though, it varies greatly based upon the industry and the business.

 
At 3:41 PM, Blogger Michael K said...

Hi Todd,

Your link doesn't work.

As for social security:

"As part of a bipartisan plan that would be phased in over many years, they will ask those making over $250,000 to contribute a bit more to Social Security to keep it sound.
Obama does not support uncapping the full payroll tax of 12.4 percent rate. Instead, he and Joe Biden are considering plans that would ask those making over $250,000 to pay in the range of 2 to 4 percent more in total (combined employer and employee)."

And taxes:
"Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s."

-Both listed on www.barackobama.com

-MK

 
At 4:34 PM, Blogger Todd M said...

Thanks Mike. Sorry I cannot get the link to work but you can cut and paste the URL.

 

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