Things are moving fast. So let's stand back and gaze upon this situation for a moment.
Mr. Obama's treasury is headed by a secretary who was fortunate not to have been indicted for tax evasion..... his economic team comes up with the largest non-war-related spending plans in U.S. history--would that also be world history? In the spirit of the Bush bail outs of 2008, their primary purpose is to lavish untold, hard-earned taxpayer dollars on the very individuals and institutions whose misjudgments and greed precipitated the present crisis.
Mr. Obama speaks of his desire to ensure that the Wall Street crowd no longer abuses the system--but with a wink and a nod....(after all, they're the foundation of his White House economic team and campaign finance apparatus).....
Mr. Obama says that no CEO of a firm getting bailout dollars should make more than the president--but dispatches his aides to tinker with the language behind the scenes....
Mr. Obama says he's against the lobbying culture in Washington (that is, except for his appointees)--but his proposed tax adjustments will spawn a new swarm of lobbyists seeking to influence tax rates and deductions....
Mr. Obama suggests that his new multi-trillion dollar budget proposal will be built on getting more money from those who abused the system in the past--but he knows that taking everything such people have would not come near the amount needed for his vast government proposals.....
So Mr. Obama turns to tax the daylights out of families who manage to earn $250,000 in a given year (or much less if unmarried)--referring to them as making "$250,000 per year"--as if they're in permanent positions making that much.
In fact, such people are likely to be independent business people. Their income may swing dramatically. More to the point in the midst of a recession, they're the locus of innovation and job-creation.
If you're in such a business and deciding your future plans, do you decide to earn less--and spend more time serving your family or community in other ways? Do you spend time with your lawyer and accountant seeking ways to shelter more? If you're making $25,000 or $50,000 or $100,000 do you decide not to take the risks to get to the next level?
Mr. Obama implies his budget would take from people like Ponzi-schemer Bernard Madoff.... (where is he, by the way, still at his luxurious home, or in the tank at Riker's?... just asking.....)...
In reality, Mr. Obama is going after the Millionaire Next Door. This notion, from the book of the same title, refers not only to actual millionaires, but to the much greater number of people who make life decisions that could well move them--or their children--into that category over time.
They tend to be "self-made." The people who strive and save. Who work day by day, hour by hour to build value and live their values.... Who live below their means.... Who build their own businesses. .... Who struggle to keep their kids from being infected with the hyper-materialism running rampant through popular culture...Who, in fact, do just about everything the way we need the country to return to.....
The people who live this way are not the problem--they're a big part of the solution to the problem. We need more people to live this way, not fewer. To the extent they're serving everyone they should be rewarded by Washington, not penalized.
Instead, the Millionaire Next Door--and those who seek to make their way there--are being asked to carry the weight of all those--from Washington to Wall Street, to those just down the street who used an equity loan to slap down granite counter tops--who did the taking while the taking was good.
Something tells me they're soon going to find their voice. And they will be heard.