Big O. is for “fairness,” no matter what it costs us?

A capital gains tax reduces potential rewards of investment, I gather from p. 217 of Jude Wanniski’s 1978 book The Way the World Works.  Why wouldn’t it?  If it reduces rewards enough, the investment is not made.  New business is not started.  Jobs are not created.

Obama doesn’t see it that way.  Hearing the news that tax revenue increased during a certain time of reduced taxation, he was surprised but held his ground, opposing reduction for the sake of “fairness.”  He would rather all made less, for the sake of fewer earning more.

“[T]he idea of fairness is at the heart of his whole economic argument. And he goes back to it in almost every public appearance,” says William McGurn.

He talks about it as a general theme: “It is time for folks like me who make more than $250,000 to pay our fair share.”

He invokes it as a solution for Social Security: “[W]e will save Social Security for future generations by asking the wealthiest Americans to pay their fair share.”

He points to how it guides his energy policy: “The first part of my plan is to tax the windfall profits of oil companies and use some of that money to help you pay the rising price of gas.”

And he stuck to it on capital gains, even after ABC’s Charlie Gibson noted that the record shows increased taxes on capital gains — which would affect 100 million Americans — would likely lead to a decrease in government revenues: “Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.”

In 1969, to continue with Wanniski, in Nixon’s first year, revenues were expected to rise $1.1 billion in 1970.  Instead, Nixon reneged on a tax cut, removed an investment tax credit, and spent on job training — and 1969’s $7.1 billion revenues dropped to an average of $4 billion in the following four years.

Also, hundreds of billions were lost in reduced output — and thus in jobs and overall prosperity.  This was “tax reform” in 1969.

In 1971, Nixon jettisoned his other promise, to balance the budget, and instead purposely unbalanced it for the sake of full employment in 1972 — which didn’t happen.  This gave him (us) a planned deficit to match 1970’s unplanned one. (218) 

Librarians of the world, be alert!

This National Review writer can’t get to Obama-related archives at U. of Ill. at Chicago, he says.  I wrote a letter:

Dear [UIC] Pres. [B. Joseph] White:
 
I am quite exercised over your apparent denying public access to public records in the Stanley Kurtz case, as explained here and here.
 
I can only hope there’s some mistake, which you will correct as soon as possible.  I hadn’t seen my friend the late Bob Adelsperger in years before he died two years ago.  We used to meet at gatherings of the Society of Midland Authors, when he was on the board and I was president.  I can’t imagine Bob the UIC librarian doing what Kurtz reports your people doing. 
 
Thanks much for your prompt response to this potentially devastating problem.
 
Sincerely,
Bad cess to hiders of public info.  Let us hope the writer gets at his material.
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Next day, Tuesday, 1 pm: Just heard R. Limbaugh reporting this UIC cover-up, citing others, as John Kerry’s refusal to reveal military records, until long after the election, and then did he or didn’t he?  It’s the Dem way, he says.
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Yet later: Beltway Clips has links to a half dozen more treatments of this fiasco.  See also Instapundit.

O-talk

I give you this to chew on, as example of Tricky O.’s ways:

Does Barack Hussein Obama want to SILENCE RUSH?

His campaign now says he doesn’t support the so-called “Fairness Doctrine” (a measure that liberals are trying to impose to get rid of the only medium that gives equal time to conservative thoughts and opinions; namely, conservative talk radio) — athough he supported it several months ago.

Michael Ortiz, the Obama campaign’s press secretary, told Broadcasting and Cable:

“Senator Obama does not support re-imposing the Fairness Doctrine on broadcasters.”

But what many liberal media outlets are not reporting is THE REST OF ORTIZ’S STATEMENT!

Ortiz continued:

“He considers this debate to be a distraction from the conversation we should be having about opening up the airwaves and modern communications to as many diverse viewpoints as possible. That is why Sen. Obama supports media-ownership caps, network neutrality, public broadcasting, as well as increasing minority ownership of broadcasting and print outlets.”

Forget about those short-sighted liberal plots to silence Rush Limbaugh and all those other pesky conservative talk-radio hosts.  Obama has a bigger vision!

It’s from Human Events, complete with scary coloring.  We report (what we think is worth reporting), you decide.

As for his support for neutrality, etc., that’s clearly a shot at free speech in a free market, in which he’s no worse than Pelosi, right.

Tags:

Annals of language

Part one, sports:

Just heard a Fox Chi sports commentator pay a compliment to White Sox pitchers, saying Sox had “a lights-out filthy rotation,” which the most avid fan of even ten years ago — not to mention 65, when my day began with feverish turn to Trib sports page gathered up from the porch to see how Sox did — would have made neither hide nor hair of.

Lights-out used to mean dumb.  Filthy was no compliment at all.  Rotation might be the spin on a fast ball.

Not now.  A lights-out performance is when you punch someone’s lights out, knock him or them out, make a big splash, succeed admirably.  Filthy is a pitch that is near impossible to hit.  Rotation means your four or five starting pitchers.

Part two, politics:

The mayor of Detroit, Kwame Kilpatrick, shoved a subpoena server, yelling, “Get the f— off my family’s porch,” the subpoena server, Sheriff’s Detective Brian White, testified.

White also said Kilpatrick berated his partner, Investigator JoAnn Kinney, and told her she should be ashamed of herself for being a black woman and working on this case, an apparent reference to the conspiracy, perjury, misconduct in office and obstruction of justice charges against the mayor. He added that the mayor asked her how she could work with a white man and a man named White.

Wait.  Aren’t there black men named White?  And whites named Kilpatrick, for that matter?  But that’s not the point.  I would like to know when the mayor does his sensitivity training so as to expunge such racial references from his vocabulary. 

To sum up, was his performance on this occasion both lights-out and filthy in the old meanings?  And when does he rotate out of office?

Here he is:

Mayor of Detroit

Helpmate to the podium

I share Tom Roeser’s skepticism about Mrs. O. as convention speaker:

[I]t will take formidable image-making cosmetology . . .  She has done almost irreparable harm to herself by allowing her words to make her a symbol of black grievance and anti-whitey figure… when she has been a remarkably coddled black woman at that.

Imagine someone who got to Princeton not through academic excellence but through other means who lamented that she felt alone and discriminated against there. Her [undergraduate] thesis . . . smacks of hot grievance.

Or someone who graduates from . . . Harvard Law school who continues the grievance until when her husband was winning primaries… while she was in her 40s… announced that for the first time she was felt proud to be an American.

Who earned $300,000 from the University of Chicago based on her connection with [superlatively well-connected] Valerie Jarrett and who still has the temerity to tell young black women that [they] should forego . . . big bucks [and instead choose careers of] community service where they would earn far less . . . 

Will she help him with the undecided?  That is the question.

Movement on the Russian front

In the Rose Garden, Bush told Russia to go home from Georgia:

“The United States stands with the democratically elected government of Georgia and insists that the sovereignty and territorial integrity of Georgia be respected,” Bush said sternly during brief remarks . . .

He is sending C. Rice to Paris and Tbilisi to show “solidarity” with Georgia.  Soldiers are already in Georgia, part of “a massive U.S. humanitarian effort . . . already in progress” that will “involve U.S. aircraft [and] naval forces.”

A military cargo plane has landed, and Russia must ensure that “all lines of communication and transport, including seaports, roads and airports,” remain open to let food and medical deliveries and civilians through, he further said.

Another is due to arrive tomorrow, plus “an assessment team . . . to determine other needs.” A hospital ship too, if needed, in a few weeks.

Last but not least in this listing:

The administration also will review what military help is needed for Georgia’s now-shattered armed forces, Whitman said.

McCain has said, “We are all Georgians now.”  Obama’s foreign-policy spokesperson, S. Rice, has accused him of “shooting from the hip.”  We should not approach with “preconceived notions,” she said.

Now that’s a true liberal for you right there.  No preconceived notions.  Come as if there’s no history here.  We have to be a regular tabula rasa about it all.  O. sure knows how to pick his advisors.

What would the Daily Worker say?

He’s their guy, apparently:

The Communist Party USA’s newspaper is defending Democratic presidential candidate Barack Obama against potential defectors on the left, saying his candidacy represents a “broad multi-class, multicultural movement.”

In a July editorial, “Eye on the Prize,” the People’s Weekly World, the official newspaper of the Communist Party USA, admonished anyone on the left who might consider abandoning Obama.

OK, he’s not one of us, they say, but so what?

“Barack Obama is not a left candidate,” the editorial said. “This fact has seemingly surprised a number of progressive people who are bemoaning Obama’s ‘shift to the center.’ It’s sad that some who seek progressive change are missing the forest for the trees.

It’s called bucking up the troops.

“But they will not dampen the wide and deep enthusiasm for blocking a third Bush term represented by John McCain, or for bringing Obama by a landslide into the White House with a large Democratic congressional majority,” it added.

Now this makes sense.  Liberal Dems have always represented the camel’s nose under the tent flap.

“The struggle to defeat the ultra-right and turn our country on a positive path will not end with Obama’s election,” the editorial said. “But that step will shift the ground for successful struggles going forward.
 
“One thing is clear. None of the people’s struggles — from peace to universal health care to an economy that puts Main Street before Wall Street — will advance if McCain wins in November. Let’s keep our eyes on the prize,” it added.

There they go, sounding like Democrats.