I just love these statistics posted by CNBC yesterday:
In an election that often focused on debates about class warfare, President Barack Obama was favored over multimillionaire businessman Mitt Romney in eight of the nation’s 10 wealthiest counties.
For a guy that supposedly wants to redistribute wealth, the wealthiest people sure do seem to like him. The sad truth of the matter is that Obama is doing one simple thing. He is paying off the poor via food stamps and disability checks so that they stay in line while the oligarchs steal everything in sight. The middle class is squeezed in the process and is rapidly disappearing. So in a way he is a wealth distributor, just not in the way the pundits would have you believe. He is funneling the wealth or the middle class and non-oligarch rich to the super rich oligarchs. The poor just get paid off to shut-up as usual. I am once again reminded of Keynes’ famous quote:
Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but at confidence in the equity of the existing distribution of wealth.
So there we have it. Obama the socialist? No. Obama the crony capitalist coddler? Most definitely.
Read the CNBC article here.