Down, down, down

Of course, it is going to take quite a while for the rock star adoration phase to run its course. Obama is an eloquent speaker and, as someone said, “there is a seduction to eloquence,” so it will take some time before the public awakens. My worry is that, by the time that happens it will be too late to save us from a deep depression; many Americans have already lost their savings. When Obama said he would “change the face and fabric of the nation,” he meant it. Our new president is dismantling our economy piece by piece by doing the wrong things step by step. His every new declaration knocks down the stock market another 200 points. Trillion-dollar spending bill – down goes the market. Trillions of dollars on the new budget – down goes the market. Cap and trade fees on carbon users, which is a tax increase on every car owner – down goes the market. Tax increases on capital gains and small business – down goes the market. Increasing the payroll tax for all income instead of just the 15.3 percent Social Security tax on the first $106,800 of income. Well, you get the point. The market was at 13,500 when Obama became the front-runner in May, 9,000 on Election Day; it is now 6,000. Regarding tax increases and the other blunders that Obama is committing in the name of recovery, House Republican leader John Boehner of Ohio said, "Herbert Hoover tried it, and we all know where that led."