At this juncture, a little less than 5 months before the general election, the odds seem to favor Obama. So let's take a minute and speculate on what an Obama presidency will mean for the middle class.
Will Obama raise taxes? The answer is a solid "yes" at least indirectly, and more probably, both directly and in the form of fees, excise taxes, regulatory fees, etc. Obama will lead a surge in growth of government at all levels. All of the interest he has generated in his change movement, although genuinely idealistic, will nonetheless swell the ranks of government bureaucracies. Any government is a drag on private enterprise, so increased government intrusion in commerce will be bad for productivity. The business resources devoted to compliance with government regulation will be less time and assets available for producing goods or services. So, overall economic growth will slow as government intrusion into private enterprise increases.
Think about the countless college kids who have drunk the Obama coolaid. A certain percentage of them will wind up in Washington, D.C., or state capitals. Most of them will eventually get married and have families. Once this happens, their priorities will change from the idealistic to the practical. At that point these one time government reformers become lifelong government parasites, interested only in increasing their salaries and benefits and seeking guaranties of jobs. And how does government find the revenue to pay these parasites? Taxes.
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