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July 19, 2011

Re: 'Uncle Sam, sugar daddy'

Topics: Political News and commentaries

Michael Walsh poses a simple question that cuts to the quick of the debt fight: "When did it become the primary function of the federal government to send millions of Americans. checks?":

For this, in essence, is what the debt-ceiling fight is all about -- the inexorable and ultimately fatal growth of the welfare state. If you don't believe it, just look at President Obama's veiled threat to withhold Grandma's Social Security benefits if Congress doesn't let him borrow another $2 trillion or so to get himself safely past the 2012 election.

The feds now borrow 43 cents of every dollar they spend. Under Obama, outlays have soared to nearly a quarter of GDP (the historical average is just under 20 percent) -- and once ObamaCare starts to fully kick in around 2014, it will only rise.

Read it all.

Meanwhile, as Steve Wynn, the CEO of casino company Wynn Resorts, said on his company's quarterly conference call yesterday ... in so many words more or less: It's only going to get worse as long as Obama is in office:

... I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems, that keeps using that word redistribution. Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration. And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America.

You bet and until we change the tempo and the conversation from Washington, it's not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don't want to say that. They'll say, God, don't be attacking Obama. Well, this is Obama's deal and it's Obama that's responsible for this fear in America.

The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don't invest, their holding too much money. We haven't heard that kind of talk except from pure socialists. Everybody's afraid of the government and there's no need soft peddling it, it's the truth. It is the truth. And that's true of Democratic businessman and Republican businessman, and I am a Democratic businessman ...

And like he points out, this is coming from a Democrat.

Posted by Richard at July 19, 2011 8:15 AM

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