It looks like Barack will be the 44th president of the United States. Coupled with Democratic wins in the Congress this presents a very scary scenario. We are in the midst of an economic recession, and I have a hard time believing that a Democratic controlled Washington can in any way alleviate the economic situation. So far the Democrats have talked about raising corporate taxes and taxes for wealthy individuals, increasing the capital gains tax, coupled with a ridiculous amount of new programs. This spells nothing short of disaster. Raising taxes does nothing to improve the economy, especially during a recession, and will hamper investment during a period that needs an economic resurgence as well as increase our record budget deficit.
The policy of sound economics has been ignored by the Bush administration and will be further avoided by the Democrats for the next 8 years. Why do I say 8 years? That's right I believe Obama will be re-elected for a second term.
I'm confident that Barack Obama regardless of his actual abilities will go down as one of the greatest American presidents of all time. Do I agree with this? Absolutely Not. But I have a sense that Barack Obama's ability to BS will allow him to escape any responsibility for anything that goes wrong during his administration. As he has done throughout the campaign he will point back to George Bush as the source of all problems, and of course Obama will be the source of all solutions. With time the economy will recover and go through an upward cycle, just as it did under Clinton, and the uneducated ignorant masses will attribute this prosperity to Mr. Obama, ignoring the fact that the President can't really take much credit for the performance of the economy.
On a lighter note: http://www.youtube.com/watch?v=P36x8rTb3jI
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