DEBT/DEFICIT

May 21, 2013

Republicans Should ‘Raise’ Tax Rates Now

March 10, 2013 by Leave a Comment

2+2=5My article as originally published in American Thinker:         

It turns out that the Obama Administration is deliberately making these sequestration “cuts” as painful as possible for the American people. And no matter what Bob Woodward says, Obama and the rest of the MSM will continue to blame the sequestration and any subsequent unrelated negative economic news on Republicans. So perhaps Republicans should just throw in the towel and hold a press conference to announce that they are now all in favor of Obama’s “balanced” approach which includes more tax revenue. Please hear me out before throwing the nearest heavy object at your computer screen.

Those who get their “news” from NBC, ABC, CNN, NPR and the rest of the administration’s propaganda wing may think (“feel” would be a better word) that sequestration has brought about actual cuts in government spending. But these so-called “cuts” are nothing more than reductions in the rate of spending growth. If some department was going to receive a 10% increase in spending but will now only get a 3% increase, this is called a 7% “cut” (by axe no less) in Washington-speak. In other words, all this “misery” is being manufactured over the government spending more money than was spent in the previous year but just not quite as much more as was originally anticipated.

By that same token, Republicans should first propose a plan amongst themselves for an across-the-board tax rate cut of 30% but then ultimately settle for just a 15% rate cut. This is where Republicans would need to grow a pair and use the Left’s own tactics against them. Using the very same logic as the Democrats, this plan would then be presented to the American people as a 15% tax rate increase and not a cut at all. If Republicans announced that they would be proposing a tax rate “increase,” with details to follow, they would surely have the full attention of an elated news media.

So how could anyone possibly present this kind of plan with a straight face as it would clearly constitute an actual tax rate cut? The truth is, thanks to the Democrat/media spin machine, much of America already believes the exact equivalent when it comes to these so-called budget “cuts,” so we already know it can be done. The very same people who believe what the Democrats and MSM are telling them about budget “cuts” would also believe the exact same thing about so-called tax “increases” if the Democrat Party and MSM were to suddenly change its tune on taxes. Of course I don’t really expect the Democrats or the MSM to do this.

The whole point of this exercise would be to place fictional budget “cuts” side by side with fictional tax rate “increases” in order to bring attention to the Left’s own demagoguery. If Republicans were really feeling brave they could even point out the enormous spending increases under Obama and the fact that 2013 is projected to yield a record bumper crop of tax revenue for the Treasury, proving that we have a spending problem and not a revenue problem.

And if the Republicans were really, really feeling brave, while they have the media’s attention, they could attempt to articulate the historical fact that real tax rate cuts coupled with real spending restraint (cuts) would create real prosperity for the American people. After all, Democrats do claim that they want more revenue.


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Obama’s Pirate Politics

February 18, 2013 by Leave a Comment

Continuing the plunder: 

Everything in this column will be established by logical proof, as in geometry. There will be no name calling, or mere assertion.

You probably heard again last night that President Obama still thinks “the rich,” a crass term implying low class social envy, do not pay their “fair share.” He has been barnstorming America saying precisely that for his more than four years in office now. But the indisputable facts from official government sources say otherwise.

[snip]

President Obama’s belief that “the rich” still do not pay their fair share can only be explained on the basis of Marxist principles. To a Marxist, the top 1% earning anything more than the middle class is not fair, no matter how they earned it, fairly or not. So “the rich” are not paying their fair share as long as they are left with more than they “need,” as in a true communist system. This is the only logical explanation of Obama’s rhetoric, and it is fully consistent with Obama’s entire background, and his own published writings.

Notice that Obama kept saying that “the rich” don’t need the Bush tax cuts. That rhetoric follows the most basic Marxist principle, “From each according to his ability, to each according to his need.”

Read the rest at The American Spectator:         

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Obamacare Recession?

February 18, 2013 by Leave a Comment

Should we all be surprised?

To the shock of many, U.S. GDP shrank in the fourth quarter of 2012 by 0.1%. Immediately, however, economists and commentators flooded the media with reassuring explanations. Super Storm Sandy reduced economic activity in the areas it ravaged; worries about the fiscal cliff and sequestration dampened business spending and government defense spending; businesses let inventory levels dwindle. Even the Federal Reserve commented that the GDP drop was the result of “weather-related disruptions and other transitory factors.” All this is true, to some extent. But none of the reporting I saw even mentioned the elephant in the room that not only depressed economic activity in the fourth quarter of 2012, but will continue to depress economic activity through 2013 and beyond. That elephant is the “Affordable Care Act,” aka “Obamacare.”

Read the rest at The American Spectator:         

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America Gets ‘Te’o'd’ by Obama

February 5, 2013 by Leave a Comment

obama-forwardMy article as originally published in American Thinker:

It’s easy to understand why the mainstream media ran with the heart wrenching story about Notre Dame football player Manti Te’o's “dead girlfriend” as well as the other conflicting stories about the couple’s “relationship” without engaging in actual journalism. The story happened to fit within the approved media template and didn’t require any further manufacturing. But with President Obama, the MSM must work overtime to positively spin everything he says or does before it is passed on to the public as objective “news.”

It finally took a member of the new media — Deadspin — to do some actual investigative reporting on the Te’o story.

The bottom line according to Deadspin:

There was no Lennay Kekua. Lennay Kekua did not meet Manti Te’o after the Stanford game in 2009. Lennay Kekua did not attend Stanford. Lennay Kekua never visited Manti Te’o in Hawaii. Lennay Kekua was not in a car accident. Lennay Kekua did not talk to Manti Te’o every night on the telephone. She was not diagnosed with cancer, did not spend time in the hospital, did not engage in a lengthy battle with leukemia. She never had a bone marrow transplant. She was not released from the hospital on Sept. 10, nor did Brian Te’o congratulate her for this over the telephone. She did not insist that Manti Te’o play in the Michigan State or Michigan games, and did not request he send white flowers to her funeral. Her favorite color was not white. Her brother, Koa, did not inform Manti Te’o that she was dead. Koa did not exist. Her funeral did not take place in Carson, Calif., and her casket was not closed at 9 a.m. exactly. She was not laid to rest.

Lennay Kekua’s last words to Manti Te’o were not “I love you.”

Te’o claims that he was a victim of this hoax as well:

This is incredibly embarrassing to talk about, but over an extended period of time, I developed an emotional relationship with a woman I met online. We maintained what I thought to be an authentic relationship by communicating frequently online and on the phone, and I grew to care deeply about her. To realize that I was the victim of what was apparently someone’s sick joke and constant lies was, and is, painful and humiliating.

When will the American people wake up to the incredible hoax that is currently being perpetrated upon them? Much like Te’o, Americans are involved in an emotional relationship with an individual despite most having never met him face to face. That individual is President Obama. But unlike Te’o's relatively harmless “girlfriend” hoax, President Obama’s hoax, thanks to the help of the MSM, is a threat to every American and threatens the survival of the republic as we know it.

Fortunately, the new media is willing to step up and do the job the ideologically driven MSM refuses to do.

So just to be clear on a few of the crazy things we’ve been told:

Ambassador Stevens was not murdered because of a dim-witted amateur video. Food stamps are not economic stimulus. This current economic mess is not George Bush’s fault. Obama’s mother was not denied health insurance coverage as claimed. America is not safer under Obama. Raising tax rates does not create jobs. Disagreeing with President Obama does not make one a racist. The cost of health care will not be lowered under ObamaCare. President Obama is not suddenly a Second Amendment advocate.

The science of man-caused global warming is not settled. The economy is not getting better. The Tea Party is not an extremist hate group. Paying off crony donors with green energy loans does not lower energy prices. Reducing the rate of spending growth is not a spending cut. Beyoncé did not actually sing at Obama’s inauguration. Kids do not like Mrs. Obama’s new school lunch program. Trillion dollar deficits and skyrocketing debt does not create prosperity and is not sustainable.

QE 1-3 did not work. QE 4 will not work. The President does not have the power to bypass the Constitution. Rising unemployment is not positive economic news. Gun control does not control criminals. Freedom is not “preserved” by violating the First Amendment rights of religious institutions. Demonizing the rich does not put the poor and middle class back to work. The economy did not tank in the fourth quarter due to a lack of federal spending. So-called “assault weapons” are not more deadly than semi-auto hunting rifles. Just calling something a stimulus does not mean it will stimulate. The mainstream media is not interested in truthfully reporting any of this.

President Obama is definitely not to be compared with Ronald Reagan. .

How painful and humiliating does this hoax have to get before a majority of the American people finally take notice and do something?


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The Dark Side of the Cliff

January 1, 2013 by Leave a Comment

cliffhangerMy article as originally published in American Thinker:

All of the media hype leading up to the “fiscal cliff” deadline reminds me a bit of the doom and gloom surrounding the Y2K bug back in 1999.  I spent my final hours of the millennium at a fairly large New Years Eve party in the South Bay Area. Being a bit of a prankster, I decided to help dispel one of the Y2K myths in a simple way that was guaranteed to get peoples’ attention.  Nearly everyone was watching the TV as Dick Clark was counting down the final seconds of the twentieth century. I snuck outside and ran over to the main electrical panel and at the exact moment of Y2K, threw the main breaker shutting down power to the entire house. You could have heard a pin drop but for a few gasps.

Once the power was restored it was time to face reality — Armageddon hadn’t struck and almost all of the hype leading up to the event was just that — hype.

Similarly, if no deal is struck and we go over this so-called “fiscal cliff” we’ll wake up fully intact on 1/1/2013 but will also be faced with a new reality. Americans will realize that it wasn’t the real cliff at all, but they will still need to face the reality that paychecks will be smaller and life will get much tougher once the economy worsens as a result of ObamaCare and the new tax rate increases. But who is to blame for all of this?

After reconvening in 2013, Republicans should throw the switch and shut down power to the narratives of Obama and the Democrats by holding a press conference on Jan 8th. They should begin the presser by asking a few simple questions to really get America’s attention. Here are a few possibilities:

• Why did President Obama and Democrats hold the middle class hostage over a tax increase on the “rich” (the job creators) when, if implemented, would have only raised enough revenue to run the federal government up until today — just eight short days into the New Year?

• If Democrats were truly serious about getting the national debt under control and creating a sustainable future for Americans, what plans did they have for getting us beyond these eight days in a fiscally responsible manner if they had gotten their wish of increased tax rates on only the rich?

• What are the Democrat’s plans to deal with the fact that there still won’t be enough money to fully pay for this enormous federal government; even with the now higher tax rates on both the middle class and “rich” combined?

• It’s good to see that Democrats now agree with Republicans that the middle class tax rates should have stayed at the levels signed by Bush in 2001 and 2003, giving individuals and families more than a decade of tax relief. But why did Democrats overwhelmingly oppose those tax cuts at the time they were first implemented by George Bush and the Republicans?

• Why did President Obama claim that ObamaCare would not raise taxes on those earning less than $250,000 when this is a provable lie? Or is it just that Obama did not fully understand what he signed into law?

• Since taxing the rich at 100% would yield no where near enough revenue to pay for the current size of the federal government and because no real cuts were implemented (just reductions in the rate of growth) other than for the military (putting the country — not to mention our children — more at risk), what are the Democrat’s plans to gain control of Washington’s spending problem that will eventually send us over the real fiscal cliff — the debt cliff?

• Why should we take President Obama seriously when his last proposed budget received zero votes from the House and Senate showing that his own party doesn’t even take his proposals seriously?

• Do Democrats even understand or take seriously the enormity of our problems?

• Are you as Americans ready for another four years of fiscal pain and increased debt or are you finally ready for a Republican plan, a serious plan which uses sound economic principals that will actually allow the creation of jobs, grow the economy and finally begin to gain control over this enormous debt?

The Republicans should then post an easy to understand plan online that would provide a blueprint to prosperity. Examples of past successes using the same proven economic principals could be given. Rebuttals to Democrat talking points should be posted in a timely fashion.

Communicating to the American people in this manner should be as easy as throwing a switch, but given the Republican Party’s history of poor communication, I’m sure we’ll just be left waiting in the dark.


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Starving the Beast

December 23, 2012 by Leave a Comment

My article as originally published in American Thinker:

With the failure of Boehner’s “Plan B” it’s looking more and more like we’re going over this so-called “fiscal cliff,” although it’s nothing of the sort when compared to what lies ahead in our near future. Because we have a spending problem and not a revenue problem, worthless “solutions” that raise taxes without any real spending cuts will only send us over the looming debt cliff at a slightly different point in time, but over it none the less.

That said, now may be a good time to get your affairs in order?

It’s clear that the burden of higher taxes will ultimately fall upon all taxpayers as there simply aren’t enough “rich” to satisfy the enormous appetite of Obamanomics. Whatever the outcome of current negotiations, it may be time to try a variation of “starve the beast” as a way to force politicians to deal with this out-of-control government spending problem sooner rather than later.

There is a way to do this that would actually help individuals in the process and it could be done without an act of Congress. Critics may point out that this method won’t halt the growth of government as the “beast” will still find other ways to satisfy its appetite, but its level of consumption under President Obama is now so gargantuan that it will only lead to further deterioration of its health and an even earlier death if not altered soon.

To help “starve the beast,” perhaps more small business and middle class taxpayers should heed the advice of progressive judge Learned Hand:

Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.

The “rich” already understand this, which is why they move their money into tax shelters or take other tax-reducing measures, just as progressive CEO Eric Schmidt does by sheltering Googles and Googles of dollars in no-tax Bermuda. This is but one reason why higher taxes on the wealthy often result in less revenue to the Treasury. Much of Obama’s campaign was based upon the demonization of Mitt Romney for utilizing this very same strategy which just shows that one must be a liberal to be given a free pass for its usage. And trust me; wealthy liberals use it in order to retain every penny possible despite what they say publically.

But there are also tax-saving options available for small businesses and middle class workers which are often not utilized to their full potential. Opening an IRA retirement account, buying a health insurance policy and donating unused items to charity are just a few examples of ways to help “starve the beast” and offset some of the would-be gains to the Treasury when taxes go up (please retain the advice of a CPA though, as I am not one).

Many small businesses and middle class taxpayers currently miss out on these and other potential tax saving measures because, even though they would ultimately benefit financially from such options, extra money (which may or may not be available) needs to be spent up front to gain these deductions. But if much of this money is now going to be lost to the black hole of government anyway, why not arrange your affairs so as to make sure more of this money stays in your own coffers?

It’s time for all producers to take full advantage of every legal tax-saving measure possible in order to help “starve” this enormous beast. This would have the added societal benefits of individuals being better prepared for the real fiscal cliff as well as being less dependent upon government.

There is talk of politicians confiscating our retirement plans but fortunately — for now — the U.S. government is unable to move quite as quickly as the communist government of China is and “get it done,” as General Electric CEO and Obama Jobs Council Chairman Jeffrey Immelt seems to long for.


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Reagan’s 25 Year Boom

December 14, 2012 by Leave a Comment

 Reagan

Mark Levin read from these two excellent articles on his show yesterday.  History shows what really works.  Please take the time to read both:

When President Reagan entered office in 1981, he faced actually much worse economic problems than President Obama faced in 2009. Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-1982, with unemployment soaring into double digits at a peak of 10.8%. At the same time America suffered roaring double-digit inflation, with the CPI registering at 11.3% in 1979 and 13.5% in 1980 (25% in two years).

And the result of Reagan’s policies:

These economic policies amounted to the most successful economic experiment in world history. The Reagan recovery started in official records in November 1982, and lasted 92 months without a recession until July 1990, when the tax increases of the 1990 budget deal killed it. This set a new record for the longest peacetime expansion ever, the previous high in peacetime being 58 months.

During this seven-year recovery, the economy grew by almost one-third, the equivalent of adding the entire economy of West Germany, the third-largest in the world at the time, to the U.S. economy. In 1984 alone real economic growth boomed by 6.8%, the highest in 50 years. Nearly 20 million new jobs were created during the recovery, increasing U.S. civilian employment by almost 20%. Unemployment fell to 5.3% by 1989.

There is so much more so read the rest at Forbes:     

Setting the record straight on the Clinton tax increases and the Bush tax cuts:

Despite evidence to the contrary, President Obama and his supporters insist that a tax increase will not impede economic recovery. They claim that the Clinton tax hikes spurred the boom of the 1990s and that the subsequent Bush tax cuts hurt the economy. Members of Congress must reject this faulty notion—and reject the President’s call for burdening Americans with higher taxes and an even slower economy. 

Read the rest at Heritage 

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Fiscal Cliff Causes Hostage Crisis

December 8, 2012 by Leave a Comment

My article as originally published in American Thinker:

During the campaign I subscribed to the Obama for America email list. I occasionally skim through the messages (but never while eating) to see what the opposition is saying. The email I received (which read more like a ransom note) from my new “friend” Stephanie Cutter the other day was especially nauseating. Here are a few excerpts:

Friend –

I hope you had a lovely holiday and all is well. I’m writing with a quick update on the “fiscal cliff” and how you can get involved.

Right now, President Obama is asking you to think about what $2,000 a year means to you and your family — because Congress needs to hear it.

Thanks for the note, but the so-called “fiscal cliff” that has everyone so paralyzed with fear is really just a politically-constructed illusion designed to scare Americans into handing over more money and power to politicians. It’s the same type of con job that the California electorate just fell for and isn’t a cliff at all but merely a steeper slope toward the real fiscal cliff. The real “fiscal cliff” is our national debt which is projected to grow to a staggering $20 trillion by the end of Obama’s second term if the borrowing and spending continues at the same unsustainable pace of the past four years.

President Obama is holding the middle class hostage and is demanding that the “rich” need to pay up if said middle class ever wants to see their $2,000 again. Republicans (our negotiating team) should respond by asking the middle class what those thousands of extra dollars have done for their families over the last decade and what their lives would be like today if the Bush tax cuts had never been implemented in the first place? I say this because when I look back at the congressional record I see that only ten Democrats voted for the 2001 Bush tax cuts and only seven voted for the 2003 version.

A centerpiece of his platform, and the campaign you built, was that income taxes should not go up on the middle class — that the responsible way to pay down the deficit, while investing in education, job training, research, and science, is to ask the wealthiest Americans to pay a little more.

None of this is a surprise to anyone in Washington. They heard the same arguments we did — they paid attention to the campaign, and then they saw a clear majority of voters deliver a verdict on November 6th.

If President Obama was reelected by a “clear majority” based upon the “centerpiece” of his campaign that “income taxes should not go up on the middle class” then those (working Americans) who trusted Obama and thought they would be released will be in for a bit of a shock. Had the electorate paid closer attention it would have understood that while ObamaCare is not an “income tax,” its implementation will result in higher taxes, higher health care costs, and fewer economic opportunities for this very same middle class Obama claimed to be trying to protect. And did you catch the other deception in the first paragraph? Isn’t paying down the “deficit” (not the debt) just a different way of saying you still plan on overspending?

For more than 19 months, President Obama campaigned on the idea that if we’re going to be successful, every American has to do their part and pay their fair share.

The Administration claims that the “responsible” way to pay down the deficit is to ask the wealthiest Americans (the ones who already pay the most) to “pay a little more,” but the projected revenue from letting the tax cuts expire for the “wealthy” amounts to less than $90 billion a year. This ransom demand won’t make the slightest dent in the deficit let alone the debt cliff and would only satisfy the hostage takers for about eight days. Even if the government were to demand 100% of the $1.7 trillion in wealth held by the wealthiest 400 in the U.S., there would only be enough to pay for a little more than one year of Obama’s average yearly deficits. A new group of hostages would soon be rounded up again.

The question then becomes: why hold the middle class hostage for a tax increase on the “rich” that will not only fail to make a dent in future deficits, but will further damage the economy and bring us even closer to the looming debt cliff?

Oh, I almost forgot, spending “cuts” are to be part of this “balanced approach.” The problem is that in Washington, the phrase “budget cuts” really just translate into a reduction in the rate of spending growth and doesn’t mean real cuts at all. Maybe it should be called less-more budgeting. In other words, the debt cliff will continue to gain in elevation and we will eventually go over it.

Any truly “balanced” bipartisan approach to these hostage negotiations would include actual spending cuts (not less-more budgeting) coupled with increased revenue. And the best way to increase revenue is to grow the economy by cutting tax rates and reducing regulations. You only have to go back to the Kennedy, Reagan, Clinton and Bush tax cuts to see that revenue (what Democrats claim to want and need) increases as a result of the economic growth that is created by such cuts. Couple tax cuts with actual spending cuts (what Republicans never get) and we just might survive this thing. Why was it said that everything was hunky-dory when the federal government consumed around 18% of GDP (still too much) under Clinton but we are now suddenly unable to survive with one penny less than about 26% of GDP being consumed under Obama?

Your story matters and Congress needs to hear it.

Think about what $2,000 a year can do for you, or your family, or someone you know, and submit it here:

http://my.barackobama.com/Share-Your-2k-Story

Your story does matter and Congress should hear your plea for release. Think about the fact that you are being held hostage over a symbolic tax hike on the “rich” that will only further slow down the economy, have no real impact on deficit spending and only increase the size of the real debt cliff. Tell Congress where would you be today if the Democrats had gotten their way more than a decade ago and you didn’t have the benefit of keeping those thousands of extra hard-earned dollars that the Bush tax cuts afforded you?

I wish I could be more optimistic but the media is helping the hostage takers by providing the blindfolds, the Chief Keystone Cop (Boehner) is totally botching negotiations and judging from the election results, millions of middle class voters are clearly suffering from an extreme case of Stockholm syndrome.


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Is Thirty the new Fifty?

November 21, 2012 by Leave a Comment

My article as originally published in American Thinker:     

With ObamaCare in the wings, the traditional forty- or fifty-hour work week will soon be replaced with a less than thirty-hour week for many American workers. To wit: many businesses, including ones that previously received ObamaCare waivers, are trying to avoid paying onerous fines for not providing employees with health coverage as mandated by the new law.

President Obama recently said that he won’t allow the budget to be “balanced on the backs of the middle class.” He sure did give the appearance of truly caring about these “folks,” but he failed to disclose the fact that, even if taxed at 100%, there simply aren’t enough rich people to pay for all of his big-government plans. But as Thomas Sowell points out, even at a rate much lower than 100%, higher tax rates don’t necessarily translate into higher tax revenues. So where will all this needed money come from? While Obama is targeting the group of Americans who already pay the most in taxes, the burden of his policies will ultimately break the backs of those he claims to be trying to protect.

The Obamacare mandate is just one example of how the middle class will be forced to shoulder a heaver burden, which flies in the face what Obama had promised to the American people. But in addition to this mandate (now officially a tax), a reduced work week will in essence have the same effect as a huge tax increase for those affected. Take-home pay is what ultimately matters, and losing 25% of one’s gross pay based upon a forty-hour week or about 45% based on a fifty-hour week when overtime is factored in represents an enormous hit. This hit comes before anything is even earned to tax at regular rates. And there are plenty of other hidden ObamaCare taxes that will also take a huge bite out of Americans’ pocketbooks in one way or another.

And the hits just keep on coming. ObamaCare will also take a bite out of middle-class buying power when it comes to one of America’s most popular foods — pizza — by imposing complicated national menu-labeling standards, the costs of which will no doubt be passed along to the consumer. This added cost will be in addition to any other expenses that businesses will need to add to their products due to the hefty burden of ObamaCare. (Hat tip: KSFO Morning Show with Brian Sussman)

Margaret Thatcher once said: “The problem with socialism is that you eventually run out of other people’s money.” The problem with Obama’s socialism is that we’re already running out of other people’s money — and Obama is just getting started.

By the time Obama and Democrats are finished with us, perhaps thirty will be the new fifty — or maybe even seventy, in terms of age and health. I suppose we can call it Extreme Makeover: Obamacare Edition.


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Mark Steyn on “Wednesday”

November 10, 2012 by Leave a Comment

Mark Steyn discusses the realities of math in this National Review Online piece:

The central question of Wednesday — I mean, After America — is whether the Brokest Nation in History is capable of meaningful course correction. On Tuesday, the American people answered that question. The rest of the world will make its dispositions accordingly.

[Snip]

The good news is that reality (to use a quaint expression) doesn’t need to swing a couple of thousand soccer moms in northern Virginia. Reality doesn’t need to crack 270 in the Electoral College. Reality can get 1.3 percent of the popular vote and still trump everything else. In the course of his first term, Obama increased the federal debt by just shy of $6 trillion and in return grew the economy by $905 billion. So, as Lance Roberts at Street Talk Live pointed out, in order to generate every dollar of economic growth the United States had to borrow about five dollars and 60 cents. There’s no one out there on the planet — whether it’s “the rich” or the Chinese — who can afford to carry on bankrolling that rate of return.

Read the rest at National Review Online:    

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