~Bravo to Forbes for having the cajones to publish this! The President isn’t exactly a socialist. So what’s driving his hostility to private enterprise? Look to his roots.
~ Links are provided by JP .
Barack Obama is the most antibusiness president in a generation, perhaps in American history. Thanks to him the era of big government is back. Obama runs up taxpayer debt not in the billions but in the trillions. He has expanded the federal government’s control over home mortgages, investment banking, health care, autos and energy. The Weekly Standard summarizes Obama’s approach as omnipotence at home, impotence abroad.
The President’s actions are so bizarre that they mystify his critics and supporters alike. Consider this headline from the Aug. 18, 2009 issue of the Wall Street Journal: “Obama Underwrites Offshore Drilling.” Did you read that correctly? You did. The Administration supports offshore drilling–but drilling off the shores of Brazil. With Obama’s backing, the U.S. Export-Import Bank offered $2 billion in loans and guarantees to Brazil’s state-owned oil company Petrobras to finance exploration in the Santos Basin near Rio de Janeiro–not so the oil ends up in the U.S. He is funding Brazilian exploration so that the oil can stay in Brazil.
More strange behavior: Obama’s June 15, 2010 speech in response to the Gulf oil spill focused not on cleanup strategies but rather on the fact that Americans “consume more than 20% of the world’s oil but have less than 2% of the world’s resources.” Obama railed on about “America’s century-long addiction to fossil fuels.” What does any of this have to do with the oil spill? Would the calamity have been less of a problem if America consumed a mere 10% of the world’s resources?
The oddities go on and on. Obama’s Administration has declared that even banks that want to repay their bailout money may be refused permission to do so. Only after the Obama team cleared a bank through the Fed’s “stress test” was it eligible to give taxpayers their money back. Even then, declared Treasury Secretary Tim Geithner, the Administration might force banks to keep the money.
The President continues to push for stimulus even though hundreds of billions of dollars in such funds seem to have done little. The unemployment rate when Obama took office in January 2009 was 7.7%; now it is 9.5%. Yet he wants to spend even more and is determined to foist the entire bill on Americans making $250,000 a year or more. The rich, Obama insists, aren’t paying their “fair share.” This by itself seems odd given that the top 1% of Americans pay 40% of all federal income taxes; the next 9% of income earners pay another 30%. So the top 10% pays 70% of the taxes; the bottom 40% pays close to nothing. This does indeed seem unfair–to the rich.
Obama’s foreign policy is no less strange. He supports a $100 million mosque scheduled to be built near the site where terrorists in the name of Islam brought down the World Trade Center. Obama’s rationale, that “our commitment to religious freedom must be unshakable,” seems utterly irrelevant to the issue of why the proposed Cordoba House should be constructed at Ground Zero.
Recently the London Times reported that the Obama Administration supported the conditional release of Abdel Baset al-Megrahi, the Lockerbie bomber convicted in connection with the deaths of 270 people, mostly Americans. This was an eye-opener because when Scotland released Megrahi from prison and sent him home to Libya in August 2009, the Obama Administration publicly and appropriately complained. The Times, however, obtained a letter the Obama Administration sent to Scotland a week before the event in which it said that releasing Megrahi on “compassionate grounds” was acceptable as long as he was kept in Scotland and would be “far preferable” to sending him back to Libya. Scottish officials interpreted this to mean that U.S. objections to Megrahi’s release were “half-hearted.” They released him to his home country, where he lives today as a free man.
One more anomaly: A few months ago nasa Chief Charles Bolden announced that from now on the primary mission of America’s space agency would be to improve relations with the Muslim world. Come again? Bolden said he got the word directly from the President. “He wanted me to find a way to reach out to the Muslim world and engage much more with dominantly Muslim nations to help them feel good about their historic contribution to science and math and engineering.” Bolden added that the International Space Station was a model for nasa’s future, since it was not just a U.S. operation but included the Russians and the Chinese. Obama’s redirection of the agency caused consternation among former astronauts like Neil Armstrong and John Glenn, and even among the President’s supporters: Most people think of nasa’s job as one of landing on the moon and Mars and exploring other faraway destinations. Sure, we are for Islamic self-esteem, but what on earth was Obama up to here?
Theories abound to explain the President’s goals and actions. Critics in the business community–including some Obama voters who now have buyer’s remorse–tend to focus on two main themes. The first is that Obama is clueless about business. The second is that Obama is a socialist–not an out-and-out Marxist, but something of a European-style socialist, with a penchant for leveling and government redistribution.