We like change. We believed that change would flow from the fountain of Barack Obama's audacity and hopefulness. Then we realized change would be flowing from our back pocket. With one hand, Obama picks our pocket through higher taxes. With the other, he offers us back "change." We reduced Obama's fancy rhetoric to one phrase:
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The thought that our money was the change Obama wanted to dispense to the world initially increased our sense of importance. We are taxpayer celebrities! Then we felt vaguely insulted. Does Obama believe we will continue to work long hours if 62.3% of each additional dollar we earn goes to the government?*
Would Obama continue to fundraise if 62.3% of his new contributions went to John McCain? Are we so much dumber than Obama? We realized Obama's most audacious promise was not change, but continuity. He believes we will continue to work as hard as we do today, even if we keep less of the money that we earn. Before he imposes this theory on the whole country, we invite Obama to try it out at the local tavern with some bar stool economics.
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*See http://online.wsj.com/article/SB121728762442091427.html?mod=opinion_main_commentaries, finding that Obama's tax increases would raise the top marginal rate to 62.3%. The marginal tax rate is the amount of money the taxpayer pays to the government for each additional dollar earned. Since the taxpayer keeps less of each additional dollar earned, the taxpayer has less of an incentive to earn those additional dollars.
