By: Jeffrey Klein
Political Buzz Examiner
Even though the mainstream media has been hysterically hyping Barack Obama’s ‘big’ win in the general election last night, after being awarded Ohio, which was the last remaining pathway to The White House for Gov. Mitt Romney, just one ‘thin’ percent in the popular vote separated him from his Republican challenger.
In horse racing this would be described as ‘winning by a nose.’
And, it doesn’t get any better over in Congress, where the Republican’s retain a firm grip on the House of Representatives with a 232 to 191 seat margin, while Democrats still control the Senate with a 53 to 45 seat advantage–pretty much assuring that Nevada Senator Harry Reid will likely retain his majority leader post.
Unfortunately for President Obama, despite all of the Democrat kumbaya in Chicago last night–absolutely nothing has changed in Washington, D.C. in terms of balance of power.
In other words, even with 50 percent of voters yesterday believing that George W. Bush was still responsible for the horrible economy, now in term two, Barack Obama has ‘inherited’ a much worse mess than he did in 2009; however, this time it’s undeniably all his.
Now, using the FOXNews exit poll summary from today, we shall identify what each category of Obama voter can now expect in return for their votes yesterday.
First, the onerous employer cost of Obamacare had already brought hiring to such a slow pace that it was estimated to take 10 years to return to a 5 percent unemployment rate–but, as it is certain that it will be fully implemented by 2014, employers of lower skill and wage workers have already begun to reduce them to the 30 hour per week threshold to ‘escape’ the application of the law.
This will have the most dramatically negative affect on the 93% of Black, 71% of Non-Cuban Hispanic and 60% of ‘Young’ voters who voted for Barack Obama–because they make up the largest portion of the low-skill, low-wage labor pool.
Second, it is, in fact, historically proven that tax rate increases on job creators, who are members of the people making over $250,000 per year category, will put a damper on the largest source of new jobs in the nation.
But, revenue from these tax rates increases will only generate about $80 billion per year–against annual deficits that have been averaging $1.3 TRILLION per year.
This would have a demonstrably devastating impact on everyone across the nation, Democrat and Republican, keeping unemployment rates high, and stifling consumer spending–which, as it represents 70 percent of the U.S. economy–would ‘kill’ any chance for a U.S. economic recovery; perhaps even sending it into a ‘double-dip recession.’
Third, the lack of ‘meaningful’ reforms to Medicare, Medicaid, and especially Social Security–whose income stream was ‘diverted’ for the past two years to ‘fund’ the ‘payroll tax holiday,’ resulting in no ‘stimulative’ affect to the economy whatsoever–will render them insolvent sooner than later.
The burden on the Social Security ‘trust fund’ is growing at an alarming rate, rendering it ‘insolvent’ by 2016, due to the fact that 10,000 ‘baby boomers’ are retiring each and every day. At this ‘growth’ rate, the payroll taxes of two younger workers to support one Social Security beneficiary–for the rest of their lives.
Quickly following that are Medicare and Medicaid, which are estimated to ‘fold’ a decade or so thereafter.
Finally, this all adds up to having to borrowing increasingly larger amounts every month to ‘finance’ our growing deficit, mostly from countries like China–a place which most of President Obama’s constituency listed above cannot point to on a map–threatening the very solvency of our country.
When we can’t borrow any more money, because we have reached our credit limit–the music stops–and it will be the minorities and underclass that disappear first, because their ‘Big Government’ will simply not have the cash flow to support them.
But, where would they go?