Financial disaster is coming to America
and why Barack Obama's plan will not work

Commentary from the Editor

(Commentary Archive)

The Daily Manumitter
"Then you will know the truth, and the truth will set you free"

Financial disaster is coming to America and why Barack Obama's plan will not work
Financial disaster is coming to America and the Obama stimulus is not going to help solve this. In fact - it will only make it things worse, because it is not going to create high paying jobs and the tremendous waste of government spending will only increase the national debt. Americans need jobs (high paying ones) and the stimulus will not accomplish this! Let me explain why using a generic example...

Right now the average middle class family is paying - depending on the city- $350 a month in property taxes, $150 a month for car insurance, $150 a month for health insurance, $150 a month in state taxes, $200 a month for gas...

The total comes to $1,000 a month. This estimate is conservative- because in liberal states like New York and California the property taxes would be close to $800 a month alone. And in some states vehicle tag fees can range anywhere from $200 a year to $1,000...

Now - this does not take into account electricity, water, a car payment, food, cell phone....

Lets add those in.... food ($250), electricity and water ($200), car payment ($400), cell phone ($50).. now the total is $1,900.00

Please note that nowhere above is the word rent or mortgage or even miscellaneous necessities for your family- such as tires, oil changes, clothes, birthday presents, Christmas presents, school supplies.....)

So lets add those in - mortgage/ rent ($1,200), clothes ($50), miscellaneous expenses ($50) ...

Now the total comes to $3,200 and this does not include entertainment or vacations...

$3,200 multiplied by 12 months equals- $38,400. This is just to break even... without a vacation or entertainment costs...

After paying for all the monthly expense above- the American family lived on credit. However- there is no more credit available. What caused all this- Read Part II.

As a result - something is not going to be paid- more than likely - rent or mortgage.

Americans need jobs - high paying ones! And the things that will accomplish this liberals are against! Things such as drilling for oil, lowering taxes, smaller government...

They are for raising taxes and income redistribution. This does not help the middle class!

This is liberalism... tax hard working people in order to spend money not on the poor, but also wasteful government programs and wasteful- but using taxes to pay for overseas abortions, wasteful government foreign governments.

Obama wants to create jobs through shovel ready projects. Please note that these jobs are not paying $40,000 per year, they are paying $25,000 per year and this does not create businesses. As a result - Americans will continue to run a deficit on their monthly bills.

Also - what everyone is missing in this whole crises is that food stamps and shovel ready projects are an inefficient method for stimulus. Before the money gets into the economy - people have to process it. There are costs involved - you have to pay people to process redistribution of money, there is rent, paperwork computers, benefits.... By the time - the money gets into the economy it is about 20 cents on the dollar. All Obama is doing is creating greater deficits! However- a tax cut is dollar for dollar- it puts money right in the hands of people.

As a result- Obama's plan will not solve the financial crises in America - only prolong it.

Written by Thomas George