The title of this post if from a comment Jim Cramer of Mad Money recently made about Obama’s budget being one of the great wealth destroyers of all time.
I’m not a supporter of Obama’s agenda. Personally I think it’s mostly aimed at greater dependence on the government and as a result is stripping away our liberties, freedoms and free market capitalist system. The current administrations policies are the complete opposite of what history shows us would really stimulate the economy.
What’s interesting to me about Jim Cramer’s comments is that they are coming from a financial guy who’s been a life long Democrat and a big supporter of Obama.
Actually, Cramer claims he still supports most of Obama’s agenda but he thinks it’s radical to try to get this agenda through in the current economic climate.
But these are issues that we have no time for now, on the verge of a second Great Depression. This is an agenda that must be held back for better times. It is an agenda that at this moment is radical vs. what is called for. I am proud to have voted for the Obama who I thought understood the need to get us on the right path, and create jobs and wealth before taxing it and making moves that hurt job creation — certainly ones that will outweigh the meager number of jobs he’s creating.
Most important, I believe his agenda is crushing nest eggs around the nation in loud ways, like the decline in the averages, and in soft but dangerous ways, like in the annuities that can’t be paid and the insurance benefits that will be challenging to deliver on.
So I will fight the fight against that agenda. I will stand up for what I believe and for what I have always believed: Every person has a right to be rich in this country and I want to help them get there. And when they get there, if times are good, we can have them give back or pay higher taxes. Until they get there, I don’t want them shackled or scared or paralyzed. That’s what I see now.
– [Jim Cramer response to White House - full article]
The full article is definitely worth a read.