You don’t hear the president talking about Detroit. Maybe the reason Detroit is bankrupt today is because for decades it was governed, in large part, by the Obama playbook: Soak the rich, choke small businesses, and squeeze the middle class with high taxes (in the case of Detroit that included sky high property, commercial and industrial taxes). Out of control taxing and spending by government in Detroit was one reason a staggering 25 percent of the city’s population moved out between 2000 and 2010. A study by the Lincoln Institute of Land Policy in 2011 found that Detroit had the highest property taxes among the 50 largest U.S. cities on homes, apartment buildings, commercial buildings, and industrial buildings. Yet President Obama keeps saying that he wants to tax the wealthy and businesses much more across the country to redistribute income to the middle class, the poor, and government. Detroit tried that (with most of the money going down the government spending rat hole instead of to its citizens). Detroit stands as an extreme example of how an Obama tax system of “spreading the wealth” (actually, confiscating it) inevitably means that since there is not enough rich and business people’s money to create a utopia of income equality -- government must inevitably tax middle income people, too. Worse, most of the money ends up in government’s coffers where it gets misspent and siphoned to special interests—instead of in the pockets of citizens whose spending and investing stimulates economic and job growth. Shortly before President Obama delivered his nearly 8,000-word “economic success” speech at Knox College in Galesburg, Illinois last week (without once mentioning the word “Detroit”) Moody’s downgraded the credit rating of Obama’s home city of Chicago, Illinois by three notches. This was largely because Moody’s calculated Chicago’s unfunded liabilities at $36-billion—nearly double of what the Windy City reported. Looking at other cities across the country, Moody’s estimates that cities are using accounting gimmicks to disguise their true unfunded government pension liabilities, which Moody’s says are three times as bad as those cities are reporting. foxnews/opinion/2013/07/29/why-obama-doesnt-dare-speak-about-detroit/ Read more: foxnews/opinion/2013/07/29/why-obama-doesnt-dare-speak-about-detroit/#ixzz2bcy4Iscg
Posted on: Sun, 11 Aug 2013 03:28:52 +0000
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