January 27, 2010

MICHAEL LEDEEN: The Real State Of The Union: Fear. “This fear is extremely broad-based. It is not limited to social class nor to domestic or foreign policies. Banks are not lending, companies are not hiring, because they are afraid of what Obama will do next. Both are afraid of onerous taxes, including new health care burdens, and the banks fear new regulations and the consequences of the recently declared war on evil bankers by the president. Seniors are afraid they will be deprived of medical treatment. Juniors are afraid they are going to be forced to buy health insurance they don’t think they need. Across the board, Americans are afraid they’re not going to find work, and won’t be able to afford a house. And, as the Massachusetts vote showed, Americans are worried about threats from abroad, worried about Iran, afraid of terrorist attacks, and afraid the Obama Administration doesn’t take all this seriously enough.”

Related: “The drop in individual income tax revenue in fiscal 2009 was the steepest since 1939. As the chart shows revenue continues to plummet in fiscal 2010.” John Galt was unavailable for comment.