October 7 2008 by Chief Executive
Forget Obama. Forget McCain. In a few weeks time Democrats are on track to gain a filibuster-proof majority in the Senate, something that has not happened in 28 years. Ten Republican seats are in play this year, compared with just one Democratic seat. If this happens, the most powerful person in
Among other goals, Nancy Pelosi wants to put a windfall tax on all stock market profits (including retirement funds, 401(k)s and mutual funds. In the name of punishing the “rich,” the Bush tax cuts will expire. Pelosi said trillions of dollars in new funds are needed to rebuild roads, bridges, sewer and water systems, mass transit and even Internet broadband networks. (see above editorial.) To do this she aims to create an infrastructure development bank, another huge bureaucracy to finance the spending. Apparently the government’s experience with bankrupt Fannie & Freddie isn’t giving Nationalization Nancy any cause for second thoughts.
Pelosi resists calls for offshore oil drilling, saying it will take a decade for such drilling to have an impact on supplies and even then would bring down high prices by just a negligible amount. She told CNN’s Larry King that “If they want to drill, we have 68 million acres in the Lower 48 that they can drill in that are permitted and all the rest.” The only problem is that there’s no point drilling where the geological experts say the prospect of finding oil is slim.With Pelosi at the helm we’ve already seen government spending escalate; in July, Congress’s approval rating had dropped to an all-time low of 14 percent. Unfazed, the Pelosi Democrats are pushing ahead and expect to see faster results if Obama reaches the Oval Office. When George Bush vacates the White House he will no longer serve as the whipping boy when it all goes pear-shaped. But the American people will nonetheless be faced with the bill.