Michael LeMieux: OBAMA TO HASTEN THE DESTRUCTION OF THE MIDDLE CLASS

"It was announced today (Jan 14) that President Obama wants to levy a fee against the largest banks in the country with a 'crisis responsibility fee' to be applied to financial organizations with assets greater than $50 Billion. This fee will be in effect for the next ten years and can be extended beyond that if necessary.

"The expectation is that this will raise $90 Billion dollars over the ten years in an attempt to repay some of the money used to bail out the financial industry.

"My immediate question is; does this administration and this President think we are stupid or is this administration and this President so inept that they think this is good for the American people?

"I say that because they are either trying to totally bankrupt the middle class in this country or our ‘leaders’ are completely ignorant of the economy of this nation.

"Simply put businesses do not pay taxes/fees the government assesses them with. As an example; if you own a burger joint and you have a 5% profit margin and the government levies a 5% tax increase on your business. Do you A) suck it up and decide you are going to run your business at a 0% profit margin or B) do you increase your prices by 5% to pay for your increased cost of doing business?

"Anyone who has spent 10 minutes in a business class would be able to tell you that in order to maintain a business you MUST have a minimum profit margin in order to survive and at least a marginal percentage in order to expand. Obviously the answer is B you increase your costs to the consumer to make up the difference. It becomes a cost of doing business and all costs of doing business are paid by those that purchase your product or service.

"Now, the vast majority of banking users are the middle class therefore the vast majority of people that will be affected by this new fee will be the middle class.

"To carry this to the logical conclusion we have to see this for what it really is and that is another attack on the true wealth and future of this nation the middle class. The majority of small business creation is initiated by the middle class. The more money taken out of the system directly affects the ability of the system to prosper."