President Obama came to downtown New York today to warn us "not to fight him" as he does a Hugo Chavez on Wall Street. Yes, the gangsta from Chicago whose party acts like a thug, and fights, smears, and destroys America in General Sherman style, is telling the serfs to just go quietly into the dark night.
Wild.
His marxist plans for Wall Street will destroy this city. Wall Street is the engine of the world's capital. Unlike in the old days, when you have many sectors (i.e., manufacturing) supporting the economy of this town, before those sectors were decimated by unions, today Wall Street and Social Services are the big employers and economic drivers of the city. And what supports social services? Head slap!
I ran this back in September 2005: by Steven
Malanga in City Journal
A big chunk of what has passed for private-sector job growth in New York has also occurred in industries that are nominally private but are actually supported by tax revenues and therefore don’t create wealth but at best merely redistribute it. These industries—health care and social services—have accounted for nearly half the city’s job growth in the past 12 months and now represent 18 percent of all “private”-sector jobs in the city. Moreover, concentrated in areas like nonprofit social-services agencies, home health-care services, and nursing homes, these are mostly low-wage jobs. The typical home health-care job in the city, for instance, pays about $25,000 a year. New York will never earn back its title as one of the country’s leading entrepreneurial centers when tax-supported low-wage jobs account for so much of its economic growth.
Anyone who has watched the long decline of New York’s economy—which today employs nearly 200,000 fewer people than 35 years ago—will understand what’s happening, because it has happened before, repeatedly. The city’s economic slide began in the mid-1960s, when city and state pols began sharply raising taxes to pay for an expanded social agenda—saddling New York with the heaviest tax burden among U.S. cities. Today, Gotham taxes residents and businesses at about 75 percent more than the average of the next ten largest American cities—and that startling percentage is growing. Over the past 35 years, those high taxes have sucked billions out of the private sector, depriving it of needed capital for expansion and ultimately driving away thousands of businesses, including around a hundred Fortune 500 firms, and leaving fewer quality jobs for New Yorkers. A 1997 City Journal study concluded that if New York’s taxes had been in line with those of other old industrial cities, Gotham would have 1 million more jobs than it actually has.
The city’s Giuliani-era economic revival should have provided a blueprint for how to address Gotham’s post-9/11 challenges, for the 1990s was the one period in last 35 years when the city’s economy outperformed the nation’s, growing by 440,000 jobs and bringing New York back to its 1969 job peak shortly before the terrorists struck. Faced with budget deficits when he took office in 1993, Mayor Giuliani refused to raise taxes but instead shrank the size of government and slowly began cutting taxes. When Wall Street boomed and poured tax dollars into the city’s coffers, Giuliani used the resultant budget surpluses to cut taxes further, reducing the overall tax rate by about 10 percent, still much higher than most major cities. Even so, the cuts sent a message that New York no longer viewed the business community as a gigantic revenue source to be shaken down at every opportunity. Spurred by Giuliani, New York went ten years without a tax increase, although rising profits and property values propelled by economic revival still boosted tax collections and helped fill the city’s coffers.
Read it all. It's the only lesson in capitalism vs socialism you will ever need.
Bleak indeed. Doesn't help the situation when non-profit organizations, designed to assist poor children and elderly, steal from those non-profit/non-taxed coffers to fill the coffers of the very people who have the radio air power to influence voters into believing that rich people are evil (especially Repugs), or school principals who encourage parents to lie about their income in order to garner receive additional milk-money funds. I have no doubt that these are just a few examples in the vast wasteland of corruption called Socialism.
The tragedy is that NYer's will look upon Clinton as being the one who brought about NYC's economic expansion during the 1990's, rather than giving credit to Giuliani's 'low taxation' influence.
Why is it so difficult to comprehend the simple fact that taxing people to death causes poverty?
Obama will rout this town.
He dares preach to us about a "license to steal," when that is all the government is in the business of doing. It's all the government does -- steal. Government = force. I am drowning in irony over here.
Wait, it gets better worse.
While I was hurrying about -- Atlas readers will correct me if I am wrong -- the only 'Jews' I saw protesting Obama's anti-semitic policies in israel and his insistence on ethnic cleansing Israel and Jerusalem of its Jews were the nazis in Kosher clothing.
Yes the vampires of the disgusting Neturei Karta, shunned and despised in Israel and by menschen everywhere, never miss an opportunity to stand with Islamic anti-semites and against the Jewish people. Hashem has a very special place for this cancer on our people.
Evil always exists. No surprise there. But where were the Jews standing for Israel? Why were these morally ill and soulless bastards the only Jews on the front in the informational battlespace, where the wars that lead to wars are fought?
