All will be poor
but the politicians
The philosophy of our current president and his administration plus the majority of the Democrats in Congress emulate the socialist philosophies, economic policies and practices of many of the European nations. That is, spending more, borrowing more, and taxing more.
But the main problem is that they never know how to say no … they have no economic discipline. Therefore, they will always spend more than they receive in taxes. Therefore, there will be a continuous and growing deficit leading to extreme taxation such as the 74 percent tax rate on the "rich" proposed by the French president.
We are already well along on the same road as Greece, Spain, Italy and France. Another four years under Obama and the Democrats and we will be there. Then there will be no upper class or middle class … virtually everyone except the politicians will be poor. Then there truly be a 1 percent and a 99 percent. We are fulfilling our own prophecies.