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'Bam's legacy

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Wednesday, April 14, 2010

Yet another litmus test on Obamanomics is in and, as anyone with an ounce of sense predicted, the results are not good.

The U.S. Commerce Department says real personal income has dropped by 3.2 percent since President Change took office.

"It is proof that the government can't spend its way to prosperity," Douglas Holtz-Eakin, the former director of the Congressional Budget Office, told The Washington Times.

And given all the capital this president has plans to Hoover out of the economy over the next decade, expect that trend to continue. After all, these cats never seem to learn from history.

The health-care "reform" bill alone is expected to siphon half-a-trillion dollars from the pockets of taxpayers in the next 10 years. And that's really only the beginning. But we know what the end result will be.

With less money, "the rich" won't invest as much money in capital expansion and jobs. In fact, they'll struggle even more to hold on to the capacity and employment levels they now have. Even the specter of higher taxes will traduce investment. Why invest when the heavy hand of government will make such investment unsustainable?

Falling wages. Higher taxes. Less investment. Fewer jobs. That will be the legacy of Obamanomics. And we're only 15 months into this mess.

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