Obama is no ogre.........

‘The Democrats are the party that says government can make you richer, smarter, taller, and get the chickweed out of your lawn. The Republicans are the party that says government doesn’t work and then get elected and prove it’.

Fareed had another riveting show on Sunday. Of particular interest was his interview with former Treasury Secretaries Robert Rubin and Paul O'Neill. Although representing different political factions, these two men agreed on all major points and on 90% of how to achieve them. Very interestingly, O'Neill seriously put forward the notion that a form of VAT should replace our current tax system. Some refer to this as the Fair Tax which is a tax on consumption rather than income. It has phenomenal potential including the capacity to dramatically aid in correcting our current budget deficit.

The down side is that there are far too many vested interests in our current tax system to allow the Fair Tax to be legislated into law. Such legislation would mean the redundancy of thousands of Internal Revenue Service workers, tax lawyers, income tax filing assistance firms, and tax preparation software designers. It would also work against companies that, because of current tax loopholes, pay little or no personal or corporate taxes. The collective power of these would-be victims is far too great to expect any common sense relief from our burdensome and incomprehensible tax system.

The ultimate victims of the tax code and the incapacity of Washington to take sensible corrective measures are the American people. The prevailing moribund political atmosphere offers no hope for change albeit hope and change loomed large in O's campaign priorities. I doubt, however, that O is for Ogre. The man is complex, introspective and concerned, but at the same time vain, remote and vindictive.

Neither he, nor any of his current line-up of republican competitors have sufficient power to do much of anything constructive. So, we the people continue to watch petrol prices climb, to remain anxious over the future of health care costs, and to be both confused and perplexed over the falling dollar, rising inflation, lagging growth and serious joblessness.