Best of the Week
Most Popular
1.Scottish Independence YES Vote Panic - Scotland Committing Suicide and Terminating the UK? - Nadeem_Walayat
2.Independent Scotland Will Disintegrate as Unionist Regions Demand Referendum's to Rejoin UK - Nadeem_Walayat
3.Bank of England Panic! Scottish Independence Bank Run Already Underway! - Nadeem_Walayat
4.Gold and Silver Price Ready To Go BOOM - Austin_Galt
5.Gold and Silver Potential Price Meltdown Scenario - Rambus_Chartology
6.Scottish Independence UK Catastrophe - The Balkanisation of Britain - Video - Nadeem_Walayat
7.The Price Of Gold And The Art Of War Part I - Darryl_R_Schoon
8.Main Reason Why Scotland Will Vote NO to Independence, 70% Probability - Nadeem_Walayat
9.Heavy Gold and Silver Shorting is Bullish - Zeal_LLC
10.10 Year U.S. Treasury Short Best Place to be Remainder of 2014 - EconMatters
Last 5 days
Scotland Independence Result NO Win 55% to Yes on 45% - 18th Sept 14
Silver Price: A Collapse and a Rally - 18th Sept 14
Here's Why Trendlines are Your New Trading Best Friend - 18th Sept 14
Silver Buyers Keep Stacking And Demand Higher Despite Falling Prices - 18th Sept 14
The "Hidden" Billions in the Alibaba IPO - 18th Sept 14
Russian Union Of Engineers Accuses Ukraine Airforce In MH17 Crash - 18th Sept 14
Monetary Policy Weighs on Gold and Silver - 18th Sept 14
Global Currencies Analysis...The World According to Chartology - 18th Sept 14
Gold Price Hammered by Strong U.S. Dollar - 18th Sept 14
Is Citigroup the Dumbest Bank Ever? - 18th Sept 14
Scotland Must Vote Yes! For All Of Us - 18th Sept 14
Scottish Independence Referendum Result NO 55%, YES 45% - Vote Forecast - 18th Sept 14
A Public Bank Option for and Independent Scotland - 17th Sept 14
The Charade of Independence for Scotland and UKIP - 17th Sept 14
Gold Report - U.S. National Debt Surges $1 Trillion In Just 12 Months - 17th Sept 14
How to Find Trading Opportunities in ANY Market Using Fibonacci Analysis - 17th Sept 14
Why Money Is Worse Than Debt - 17th Sept 14
Can Gold Price Finally Recover? - 17th Sept 14
Scotland Independence - Europe Holds Its Breath - 17th Sept 14
The Energy Prices at Risk with Scottish Independence - 17th Sept 14
Scottish Independence SNP Lies on NHS, Economy, Debt, Oil and Currency - 17th Sept 14
The Truth Behind the Dangerous "Helicopter Money" Delusion - 16th Sept 14
Central Bank Balance Bullying: Investor Implications - 16th Sept 14
U.S. Dollar and Gold Elliott Wave Projection - 16th Sept 14
The Origins and Implications of the Scottish Referendum - 16th Sept 14
The Collapse Of U.S. Silver Stocks As Public Debt Skyrockets - 16th Sept 14
Emerging Markets Are Set Up for a Crisis, What’s on Your Radar Screen? - 16th Sept 14
Scottish Independence Bank Run Already Underway - Video - 16th Sept 14
The Emergence of the US Petro-Dollar - 16th Sept 14
Economic GDP Drives Stock Prices Inestment Myth - 16th Sept 14
Don't Miss This Gold Buying Opportunity - 16th Sept 14
Why ECB QE Is Bearish For Gold Prices - 15th Sept 14
Property Rights and Property Taxes—and Countries That Don’t Have Them - 15th Sept 14
Junior Miners Breaking Out Higher Forecasting Gold and Silver Price Bottom? - 15th Sept 14
Stock Market Patiently Waiting for Mean Reversion - 15th Sept 14
A Closer Look at the US Dollar - 15th Sept 14
The Silver Price Sentiment Cycle - 15th Sept 14
Stock Market Correction Underway - 15th Sept 14
Marc Faber - “I Want To Be Diversified, I Want To Own Some Gold” - 15th Sept 14
The Myth of Nuclear Weapons - 15th Sept 14
US Dollar Forecast to Go Much Higher - 15th Sept 14
Analysis And Price Projection Of The Uranium Market - 15th Sept 14
Bank of England Panic! Scottish Independence Bank Run Already Underway! - 15th Sept 14
The Ethics of Entrepreneurship and Profit - 14th Sept 14
The Big Investor Opportunity in the Orbital Space Junkyard - 14th Sept 14
Kohl's and The Rest of The Retailers are in Deep Doo Doo - 14th Sept 14
Independent Scotland Will Disintegrate as Unionist Regions Demand Referendum's to Rejoin UK - 14th Sept 14
Stock Market Pullback Continues - 13th Sept 14
SNP Fanatics Warn of Day of Reckoning for Scottish Independence No Campaigners - 13th Sept 14
Scottish Independence Would Shake Up the Global System - 13th Sept 14
The World Order Becomes Disorder - 13th Sept 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Huge Stocks Bear Market

The 47%, Could Romney Be Right?

ElectionOracle / US Presidential Election 2012 Sep 22, 2012 - 11:23 AM GMT

By: LewRockwell

ElectionOracle

Best Financial Markets Analysis ArticleMitt Romney has conceded that his thoughts, expressed at that Boca Raton, Fla., fundraiser, were "not elegantly" stated. Those mocking him might concede he has tabled one of the mega-issues of our time.

Can America continue down the path President Obama is taking us on, to a time soon and certain when a majority of wage-earners pay no income taxes but a majority of citizens receive federal benefits?


"There are 47 percent of the people who will vote for the president no matter what," said Mitt, "the 47 percent who ... are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it. ... These are people who pay no income tax ... ."

What was wrong with this?

One slice of that 47 percent who receive benefits are students who will pay taxes later. A larger slice are retirees on Social Security and Medicare who paid into both programs all their working lives.

But what was right about what Romney said was discerned two centuries ago by that governmental genius John C. Calhoun.

"The necessary result ... of the unequal fiscal action of the government is to divide the community into two great classes; one consisting of those who ... pay the taxes ... and bear exclusively the burden of supporting the government; and the other, of those who are the recipients of their proceeds, through disbursements, and who are, in fact, supported by the government; or, in fewer words, to divide it into taxpayers and tax consumers."

A nation sundered between taxpayers and tax consumers, said Calhoun, "must give rise to two parties and to violent conflicts and struggles between them, to obtain the control of the government."

Is that not a fair description of where we are today?

Sen. Gene McCarthy used to say every citizen has three duties: to bear arms in defense of his country, to vote and to pay taxes. Is it a good thing that this ideal is laughed at, that the draft is abolished, that scores of millions pay nothing in income taxes?

Retired Americans living on Social Security, exempt from taxes because their income is modest, are not the problem.

But in 2010, some 4.4 million Americans were on welfare rolls, 22 million on government payrolls, 23 million were receiving Earned Income Tax Credit checks, 44 million were on food stamps, 50 million were on Medicaid, and 70 million wage-earners were paying no income taxes.

For most of these folks, Obama's Party, which would expand benefits, tax the rich even more and redistribute the wealth, is their party. And understandably so.

By every standard, America is a far more prosperous country than in the 1950s. Yet, then, there were no food stamps. Today, 47 million Americans are on food stamps at an annual cost of $72 billion.

Does it not say something alarming when one in seven Americans cannot rely upon themselves or their families for their daily bread?

During the Chicago school strike, we learned that 86 percent of the 350,000 pupils were getting free or subsidized meals twice a day.

What kind of society have we become when children in a great city cannot rely on mothers or fathers for a bowl of cereal in the morning and a brown bag with a sandwich and apple in it for lunch?

Federal, state and local government together now consume 37 percent of the economy. Can we not see where this is leading us, by looking at Spain or Italy – or California?

In the Golden Land, the state tax burden has been shifted heavily onto the most successful, while state benefits have exploded.

Result: For the first time since California entered the Union, the young and middle class are moving out, not in, heading for Colorado, Arizona, Idaho and Nevada. And California has become the destination of choice for the immigrant poor, legal and illegal.

Yet, the November ballot has a proposal to raise the state income tax on the rich to the highest in the nation, 13.3 percent.

Romney indicated that folks deeply dependent on government are almost impossible for an advocate of smaller government to win over. Is he entirely off base when Washington, D.C., the most government-dependent city in America, went 93-7 for Obama in 2008?

In his 1935 State of the Union, Franklin Roosevelt himself warned about exactly what Mitt Romney is talking about.

"Continued dependence upon relief induces a spiritual and moral disintegration fundamentally destructive to the national fiber. To dole out relief in this way is to administer a narcotic, a subtle destroyer of the human spirit. ... The Federal Government must and shall quit this business of relief."

That greatest generation got off the narcotic of dependency.

Unfortunately, for tens of millions today, that narcotic has become indispensable. And "spiritual and moral disintegration" describes exactly the condition of all too many who have come to rely upon it.

No apologies needed, Mitt.

Patrick J. Buchanan [send him mail] is co-founder and editor of The American Conservative. He is also the author of seven books, including Where the Right Went Wrong, and A Republic Not An Empire. His latest book is Churchill, Hitler, and the Unnecessary War. See his website.

http://www.lewrockwell.com

© 2012 Copyright Patrick J. Buchanan / LewRockwell.com - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014