By Karl Gotthardt Canadian and Military Issues Editor
Fueled by a poor economy and an unemployment rate of 9.1%, a President that is intent on dividing the country, unions and as of late the Democratic Campaign Committee, the “Block Wallstreet” movement is gaining momentum. While the messages are confusing, one thing that is clear is that the protestors want the rich to share more of their income with the masses. This appears to be a page out of Karl Marx’s “Das Kapital”. Be careful what you wish for.
Interestingly enough is the fact that in 2007, about 38 percent of households paid no federal income tax, a figure that jumped to 49 percent in 2008, according to estimates by the Tax Policy Center. The fact is that close to 50% receive a tax payout, rather than owing income tax. The US tax code exempts almost half of the population from paying for programs that benefit everyone. This includes, national defense, public safety, infrastructure and education. 10% of American households, those making $366,400 or more paid 73% of income taxes in 2006. With Obama’s enacted tax credits, this number has even grown higher.
Despite this inequality, the Wall Street protestors want more. Finding sympathy from President Obama, Nancy Pelosi and other so called fat cats (Michael Moore), who benefited from capitialism, the movement is growing. This weekend the movement spread to cities across the United States, including, Boston, Los Angeles, Chicago and Washington, D.C.
While the movement seems unorganized, there is no doubt that it is fueled by some of President Obama’s rhetoric, whose Jobs Act and campaign like speeches to get it passed, make it sound more like class warfare than a job creator. Obama has been pitching a line about the rich to start paying their fair share and this seems to be resonating with the far left.
Based on the statements coming from participants of the movement, it seems that the protestors want to share in the wealth of America’s successful. It boils down to income redistribution, which is already happening for almost 50% of the population. The protestors should be careful what they wish for. Socialism, a utopia created by Karl Marx, has been a dismal failure where it has been implemented. In almost every case, it resulted in the emergence of a dictator or a political governing class. The end result was a poor economy and, oh yes, protests were no longer condoned.
Socialism takes away the incentive and innovation. The emergence of a Steve Jobs, Gates and Zuckerberg would not have happened. Would there have been a moon landing? Probably not. While America seems to be working toward shared income, even communist China, although not abolishing communism, has moved to a capitalist, market based economy.
As the movement grows, with protests occurring in cities across Canada on October 15,th, one only has to ask what is in store. If the Left succeeds with the “Block Wall Street” movement, America will be on the verge of a social revolution. The President’s rhetoric has worked and the Left is embracing the movement to realize its dreams. Instead of creating jobs, the President continues to fuel emotions that are non-conducive to improving the economy.