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Theory number two for renouncing one’s citizenship? “There is growing concern, particularly among the wealthy, about the future financial direction of the country,” said Paul L. Caron, Charles Hartsock Professor of Law at the University of Cincinnati College of Law. “This President constantly demonizes the wealthy, who undoubtedly are concerned about the tax policy that would emerge in 2012 if a re-elected Barack Obama, unconstrained by re-election concerns, finally confronts the budgetary train wreck that he has done so much to exacerbate.”
Budgetary train wreck indeed. Despite last Friday’s “rosy” jobs report, the utterly deceptive nature of which is explained here, there are other more important factors to consider. The latest report by the Congressional Budget Office (CBO) projects economic growth of only 1.1 percent in 2013–and an unemployment rate once again climbing to 9.2 percent. Furthermore, the 2012 deficit will break $1 trillion for the fourth consecutive year, the economy’s growth will slow in 2013 as spending cuts take hold, and unemployment will stay above 7 percent through 2015. The housing market is equally dismal. Patrick Newport and Erik Johnson of IHS Global Insight note that home construction numbers over the past three years have been the worst since record-keeping began, declining to the lowest level since World War II. The median price of houses continues to fall, and December marks the 13th straight month of declining values.
Throw in the Federal Reserve’s record low interest rates (lower longer than the Great Depression), the monetary crisis in the EU, and president Barack Obama’s obsessive determination to promote class warfare–including his latest, and rather unseemly, attempt to use Jesus Christ as a rationale for raising taxes on the wealthy–and one can understand why some of those wealthy Americans see a dark picture getting darker.
Why Hollywood director and noted leftist James Cameron is “really” moving to New Zealand is anyone’s guess. But there is no need to guess why this president and his fellow leftists continue to promote class warfare. The alternative is to run for election or re-election based on the dismal results of their agenda over the past three-plus years–including two years when they controlled both chambers of Congress and the White House. Perhaps the most stunning aspect of the left’s continuing attempts to vilify successful Americans is what must surely animate it: leftists apparently believe economic incentives and government coercion are interchangeable terms. They’re not, and successful Americans know it, far better than most. Why are the wealthy abandoning America in ever-greater numbers?
Because they can.
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