Obama's No Plan, Plan

By Rob Janicki
[...]  On Monday, the U.S. Senate will vote on President Obama's Buffett tax. The bill is a political gimmick that's supposed to distract Americans from the president's miserable record instead of solving problems.

Americans know by now that the bill won't create a single job and it won't ease the pain at the pump. And President Obama and the White House have finally given up pretending that his new tax will balance the budget.  [...]

No one with a third grade education or higher in math can argue with a straight face that the Buffett rule will do anything toward reducing the deficit now or any time going forward.  Even the Obama administration has backed off the claim that initiation of the Buffett Rule would materially contribute to a deficit reduction.  A simple analysis indicates that the Buffett Rule would bring in less than $5 billion dollars annually and then only if the wealthy didn't rearrange their tax avoidance practices, which is doubtful at best.  Historically, wealthy individuals have managed to rearrange their wealth investment practices to overcome any tax impositions placed in their way by government.  So, in reality it is even improbable that the Obama claim that $4.7 billion dollars can be saved annually with the imposition of the Buffett Rule.

From Mark Steyn's article, "Obama Has No Real Plan Other Than Class Warfare",  come these comments, which makes his entire article worth reading.

[...]   According to the Congressional Budget Office (the same nonpartisan bean-counters who project that on Obama's current spending proposals the entire U.S. economy will cease to exist in 2027) Obama's Buffett Rule will raise — stand well back — $3.2 billion per year. Or what the United States government currently borrows every 17 hours.

So in 514 years it will have raised enough additional revenue to pay off the 2011 federal budget deficit. If you want to mark it on your calendar, 514 years is the year 2526. There's a sporting chance Joe Biden will have retired from public life by then, but other than that I'm not making any bets. 

Mr. Buffett is worth $44 billion. If he donated the entire lot to the Government of the United States, they would blow through it within 4 1/2 days.  

He (Obama) thinks you're stupid. Warren Buffett thinks you're stupid. Maybe you are. But not everyone is.

And America's foreign debtors understand that "the Buffett Rule" is just another pathetic sleight-of-hand en route to the collapse of the U.S. dollar, and of American society shortly thereafter.  [...]