By Glen Meakem
Published in the Pittsburgh Tribune Review
April 19, 2009

Tens of thousands of Americans protested at “Tax-Day Tea Parties” last week. The message was clear — the left-wing agenda of President Obama and his allies must be stopped.

In just three months, President Obama has acted to more than double the national debt, increasing it from $5.8 trillion in 2008 ($50,000 per American family) to a projected $13.3 trillion in 2016 ($120,000 per family).

Over the past eight years, Democrats lambasted President Bush for increasing our national debt by $2.5 trillion. Now, in less than 100 days, Barack Obama has increased the debt by $7.5 trillion and the same Democrats are cheering.

Does the word “hypocrisy” come to mind?

Tragically, this spending and debt imperils our future without even starting to deal with trillions of unfunded liabilities for Medicare and Social Security.

Obama and Democrats in Congress will not say this out loud but to pay for their spending, they will raise everyone’s taxes. They will start with “the rich.”

Couples who make more than $250,000 per year will see tax increases totaling more than $1 trillion (an average increase of $300,000 per family over the next 10 years).

At a minimum, these folks’ income tax rates will increase from 35 percent to 40 percent. Capital gains and dividend tax rates will increase from 15 percent to 20 percent. And tax deductions from charitable giving will be reduced.

When you add up all taxes at the federal, state and local levels, the average higher-income American (the vast majority grew up in modest families and have achieved through education and hard work) will now be paying more than 50 percent of what he or she earns to the government in taxes. In some states they will pay more than 60 percent.

Is this fair?

Those “nasty rich Americans” will have less money to spend and invest. But if your job depends upon investments in new businesses, the purchase of durable goods like cars and trucks, spending on discretionary items like vacations and eating at restaurants, the construction of new homes and buildings or charitable giving by others, then watch out. Your job might be in jeopardy.

Every American will experience a huge new tax on energy if Obama’s “cap-and-trade” proposal becomes law. Under this policy, gasoline, electricity, natural gas and heating oil prices are forecasted to increase by 20 percent to 60 percent. The White House sees “cap and trade” as a new trillion-dollar source of tax revenue. But it will devastate many Americans.

The American Council for Capital Formation predicts that under “cap and trade,” 4 million Americans will lose their jobs by 2030.

New scientific evidence suggests that CO2 levels have little or no impact on the Earth’s temperature. But even if there is a correlation, for all the pain of “cap and trade” we gain nothing in environmental improvement because, according to the president’s own economic report issued this winter, any American reduction in CO2 emissions will be more than offset by increased emissions from other countries like India and China.

America became strong and successful based on a culture of individual freedom and responsibility, hard work and innovation. We must rebuild and preserve this culture and pass this legacy on to future generations. This is the key to our future liberty, security and success.

Let’s say no to Obama’s left-wing agenda and give liberty a chance.

Glen Meakem was the founder, chairman and CEO of FreeMarkets Inc. He is currently co-founder and managing director of Meakem Becker Venture Capital in Pittsburgh.