(FOX NEWS) -- Does President Obama dare take the latest version of his revive-the-economy-and-boost-the-middle-class speech to the poster city for the bankruptcy of his ideas: Detroit?
Don’t bet on it.
You don’t hear the president talking about Detroit. Maybe the reason Detroit is bankrupt today is because for decades it was governed, in large part, by the Obama playbook: Soak the rich, choke small businesses, and squeeze the middle class with high taxes (in the case of Detroit that included sky high property, commercial and industrial taxes).
Out of control taxing and spending by government in Detroit was one reason a staggering 25 percent of the city’s population moved out between 2000 and 2010.
A study by the Lincoln Institute of Land Policy in 2011 found that Detroit had the highest property taxes among the 50 largest U.S. cities on homes, apartment buildings, commercial buildings, and industrial buildings.
Yet President Obama keeps saying that he wants to tax the wealthy and businesses much more across the country to redistribute income to the middle class, the poor, and government.
Detroit tried that (with most of the money going down the government spending rat hole instead of to its citizens).
Maybe the reason Detroit is bankrupt is because for decades it was governed, in large part, by the Obama playbook.
Detroit stands as an extreme example of how an Obama tax system of “spreading the wealth” (actually, confiscating it) inevitably means that since there is not enough rich and business people’s money to create a utopia of income equality -- government must inevitably tax middle income people, too.
Worse, most of the money ends up in government’s coffers where it gets misspent and siphoned to special interests—instead of in the pockets of citizens whose spending and investing stimulates economic and job growth.
Here's how that works: Insure that unions and government workers get generous pension, health and other benefit packages that government can’t fund, long-term, in exchange for their votes and political activism. Read more via Fox News...