August 6th, 2008
IBD continues its editorials in “The Audacity of Socialism” series.
An excerpt from “Young Obama’s Red Mentor”:
A careful reading of Obama’s first memoir, “Dreams From My Father,” reveals that his childhood mentor up to the age of 18 — a man he refers to only as “Frank” — was none other than the late communist Frank Marshall Davis, who fled Chicago after the FBI and Congress opened investigations into his “subversive,” “un-American activities.”
In a belated story on the relationship, the Associated Press describes Davis as “left-leaning.”
In fact, Davis was a member of the Moscow-controlled Communist Party USA, according to the 1953 report of the Commission on Subversive Activities of the Territory of Hawaii, which labeled him “a bitter opponent of capitalism.” The report was introduced as evidence in the U.S. Senate Internal Security Subcommittee hearings probing the “Scope of Soviet Activity in the United States.”
Also, on the subject of “Obamanomics”:
President Kennedy understood that a growing economy is like a rising tide that “lifts all boats.” Obama, on the other hand, thinks some are lifted and others lowered, as if the economy were a system of locks operated by a cabal of evil capitalists.
He also fails to understand how taxes change behavior. He thinks raising taxes on the most productive members of society won’t “curb incentives to work or invest.” Even TV news anchor Charlie Gibson knows better.
During a primary debate, the ABC host took Obama to task for proposing a doubling in the capital gains tax. History shows, he pointed out, that raising the cap gains rate actually ends up costing the government revenues.
Obama just didn’t get it. “Well, Charlie,” he argued, “what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.”
Forget growth and revenues. Let’s just punish those “greedy” investors. It’s the same Marxist reasoning behind his plan to repeal the Bush tax cuts: The rich must be made to pay their “fair” share, Obama asserts.
The entire series of op-eds are compelling, and definitely worth reading. Check them out.
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