I keep meeting these dumb*** kids who are all agog about Obama and I try to reason with them (I majored in economics in college and have an M.B.A. in Finance)that their lives will be considerably worse off under the Euro-socialist economic “ideas” of Obama and his party. Most of these kids never studied economics or history in any classical sense, so they truly do not know any better. They have been indoctrinated rather than educated by their teachers and professors. It’s scary and it’s tragic. Converts to rationality and responsibility are few and far between.
As an investment professional I can attest to the veracity of what Mr. Poole has written here. Doubling the capital gains tax is incredibly foolish, since most Americans who have retirement funds are exposed to the negative effects of this idiocy. Young people will find fewer jobs and economic stagnation awaiting them after graduation. I remember what the 1970′s were like. I was a teenager and young adult during that time. Jobs were hard to find, and unemployment was higher than it is today. Inflation (take a look at Obama’s energy proposals and think of how higher energy costs will harm the economy further)was trending higher, eventually forcing the Fed to put on the brakes real hard. It was not a fun time to be young and trying to get started.
However, I fear that the only way to get socialism out of our system here in the U.S. is to endure its painful consequences again and learn the lesson we learned thirty years ago (I am a former Leftist who left the Left in 1987). Most of Obama’s support is from the under-40 crowd, the education unions, and the last-hurrah Older Boomer Cohort (I’m one of the Younger Boomers). And it is primarily female. Well, ladies, how are you going to be able to hitch up with young guys and start families if yours and your men’s economic prospects are considerably more dim than they now are?
