'Joe the Plumber' and the Depression of 2009

McCain Gives 'Joe the Plumber' Prominent Billing in Debate - FOXNews.com Elections:

"Earlier this week, when Wurzelbacher got a chance to speak with Obama during a campaign appearance in Toledo, he told Obama that his tax plan would keep him from buying the business that currently employs him."

The person asking the question of Obama is Joe Wurzelbacher. He has become a media darling for both sides - but he's not the story, he's a distraction. The real story is in Obama's answer, and his penchant for socialism. Obama's answer was, "Spread the wealth."

But the ramifications of Obama's taxes get even worse than a business simply paying higher taxes. Other small business owners doing construction-related trades make considerably more money than the $250K Obama threshold - like $2M plus. And their intent, after an Obama win, will be to lay off all their employees, putting them onto unemployment assistance. Then, the businesses will go underground, rehiring the workers under the table and transacting all business in cash. Seriously, this is the plan of one plumbing business owner - who currently does more than $2M per year in business - who called in to talk radio this afternoon.

Democratic politicians just don't get it about taxes. Here in Maryland, our new governor, Martin O'Moron, was faced with a deficit. Not a real one, mind you, but what he termed a "'structural" deficit - meaning that it will roll around in the future if something is not done. So he did something. he raised the sales tax, and pushed some other taxes off onto counties.

It should come as no surprise that this week, he announced that he will be cutting the budget and services because tax revenue is down. Well, duh, this is, once again, Econ 101: if you raise the tax rate, the tax revenue will go down. Always does, because people react to not having enough money.

So imagine Maryland's situation - tax revenues down because tax rates are up - multiplied by all 50 states, then further multiplied by the literal millions of people in construction trades no longer paying taxes because they're working "off the grid." It's not sustainable to have such low revenues with so many demands on our government, such as Iraq, Afghanistan, the banking crisis, the Wall street bailout, FannieMae/FreddieMac debacle, and on... I haven't even mentioned the tax cuts and increased health care burden that Obama has proposed. There's not enough money in the world for all that.

So the tax situation is once again a mess. Adding it up, when people say an economic depression is possible, believe it. Brought to you by Obama and the Dems.

Just wait for 2009, and this time forget holding onto your wallet, you might have trouble holding onto your job, because it won't be there. Hope that at least the breadlines will.