Please visit www.BeltwayBlowhards.com for more conservative commentary by Jim Dandy

 

 On Fox News Sunday with Chris Wallace, Austan Goolsbee, senior economic policy adviser for Obama, was asked by Mr. Wallace about two quotes on page 5 from the President's "Blue Book" A New Era of (ir)Responsibility:

1. "While middle-class families have been playing by the rules, living up to their responsibilities as neighbors and citizens, those at the commanding heights of our economy have not."

2. "There's nothing wrong with making money, but there is something wong when we allow the playing field to be tilted so far in the favor of the few."

Goolsbee then went on a Robin Hood-like defense of Bankrupt Blankcheck Obama's War on Wealth agenda. He blamed the Bush tax cuts for our economic malaise by saying:  ..."that squeeze on the middle class is what got us into this crisis." 

Tax cuts got us into this mess, Mr. Goolsbee? I thought it had to do with such events as the sub-prime mortgage meltdown, 30X leverage on Wall Street, cheap money fueled by the Federal Reserve,  lax federal regulation by inept regulators like the SEC and the two headed congressional monster Frank-en-Dodd, greedy and stupid house buyers who bought houses they couldn't afford, and federal spending that was out of control. 

He then went on an irrational defense of Obama's expansionist federal programs like renewable clean energy and reforms in education and health care, the same tired old liberal agenda that we have been hearing for decades. And he said these programs "will relieve the squeeze on the middle class so we don't get into this crisis again."

I was waiting for a renewed plea to continue fighting American's longest war -- the War on Poverty. At this spending rate we will all be poor, even those corrupt people at the "commanding heights of our economy".

Mr. Goolsbee, your argument for a War on Wealth may win you plaudits from the hard left. The assumptions, like higher tax revenues and lower deficits, the Bankrupt Obama administration makes for its New Era of (Ir)Responsibility are a blueprint for failure. WIth logic like Mr. Goolsbee's and the "Spending Bill of the Day" mentality of the Bankrupt Blankcheck Obama administration, no wonder China is concerned about our ability to pay our future bond obligations.

How sad that China is turning more capitalistic while the U.S. A. heads down the path to a socialistic society.