Tags: obama | depression | economy | 1929

Obama's Depression Bigger Than Great Depression

Friday, 12 August 2011 02:28 PM Current | Bio | Archive

America is in shambles from sea to shining sea. Unemployment is at Great Depression levels. Real estate is collapsing. The stock market is crumbling. Retail sales are vanishing. Consumer confidence is plummeting. Inflation is skyrocketing (on the products that matter: energy and food prices). And of course, our U.S. triple-A credit rating is gone for the first time in history.

America is staring at economic disaster — Obamageddon.

Even delusional 500-point up days on Wall Street will not change the frightening long-term picture. The iceberg is straight ahead.

Obama and his socialist cabal have channeled Hoover and FDR, who turned an ordinary bust into the Great Depression with a toxic strategy of more government, more spending, more debt, more entitlements, more rules and regulations strangling business, higher minimum wages, more power to unions, higher taxes, more printing of money by Fed, and trade tariffs. This is the Obama blueprint.

Here's where the story gets downright frightening. This time the results are going to be dramatically worse than 1929. This time we are facing The Greatest Depression ever.

Why? Because The Great Depression had NONE of problems and obligations we are now facing:
  • In 1929 America was not $100 trillion in debt and unfunded liabilities.
  • In 1929, most of our states were not bankrupt, insolvent, and dependent on the federal government to survive. Entering the last Great Depression, California was not imitating Greece.
  • In 1929, we had far fewer government employees living off taxpayers. Today there are over 21 million federal, state and local government employees. Government employees retire at age 50 with $100,000 pensions for life. The postal service, without competition, loses billions annually. Protected by their unions and the politicians they elect, government employees are bankrupting America.
  • In 1929, Social Security, Medicare, and Medicaid didn’t exist. The federal government had no such obligations threatening to consume the entire federal budget within a few years.
  • In 1929, there was no such thing as welfare, food stamps, aid to dependent children, or English as a second language programs. American’s didn’t consider it the responsibility of government to pay for breakfast and lunch for school students — let alone illegal immigrants.
  • In 1929, we didn’t have millions of illegal immigrants and their children collecting billions of dollars in entitlements from U.S. taxpayers.
  • In 1929, we had an education system that was the envy of the world. Today our public schools are in shambles. We spend the most in the world, and get among the worst results. The difference today? Teachers unions are in charge, instead of parents.

Our dumbed-down students are taught socialism and the great benefits of big government. They graduate with few skills, qualified only for low paying manufacturing jobs that no longer exist — they've been shipped to China and India. How will this hopeless, helpless, clueless workforce earn a living for the rest of their lives?

In 1929 taxes were much lower. Forget the tax rates — they were meaningless. In those days we had a cash economy, so most businesses paid little or no taxes. Sales and FICA taxes didn’t exist. Today the combined local, state, property, gas, sales, FICA and federal taxes are the highest burden in history. This stifles entrepreneurship and hinders the financial risk-taking necessary to create jobs and get out of a Great Depression.

Yet in the face of this unprecedented carnage from sea to shining sea, government bureaucrats think it's a priority to shut down lemonade stands run by 4-year-olds. And have SWAT teams raid farms for selling raw milk. And clamp down on Americans sitting in their own bedrooms, on their own computers, playing online poker with their own money. Insanity reigns.

There is no easy way out. The economy is crumbling. All of this is caused by big government. Yet Obama's solution is bigger government. 

The solution is simple: cut government, cut spending, cut entitlements, cut the debt, cut taxes, stop the wars, end the Fed, term limit politicians, back the dollar with a gold standard, and most importantly, send Obama packing.

Wayne Allyn Root is a former Libertarian vice presidential nominee. He now serves as chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His web site: www.ROOTforAmerica.com

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America is in shambles from sea to shining sea. Unemployment is at Great Depression levels. Real estate is collapsing. The stock market is crumbling. Retail sales are vanishing. Consumer confidence is plummeting. Inflation is skyrocketing (on the products that matter:...
Friday, 12 August 2011 02:28 PM
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