Stop the Caterwauling

Mark Steyn did not use those terms, but that was his advice to those who are old enough to know that 'caterwauling' is an archaic term for a shrill complaint.

Steyn was recommending that older people stop complaining about how the Obama administration's fiscal policy has mortgaged the younger generation's future. Link here.

After all, he says this same younger generation attended the Obama rallies en masse, chanted for change, and voted in large number for a new politics.

If they were mortgaging their future, it was a gracious and generous gesture. The rest of us need to respect, and perhaps even revel, in their choice.

Maybe Steyn was preparing us for the moment when people start caterwauling about the fact that New York City's future is being gravely damaged by the new administration.

Obama has been tapping into populist anger and crafting a narrative whereby greedy Wall Street bankers robbed the rest of the country and will now need to be punished.

By the way, is there any specific ethnic group that is most often associated with banking cabals? If there is, did this group vote overwhelmingly for Obama? Just asking.

While Obama keeps his popularity afloat by attacking Wall Street bonuses, we must keep in mind that New York feeds on Wall Street bonuses. They are its tax base; they sustain its real estate market; they fund its cultural institutions; and they pay the salaries of a myriad of service employees.

But, if you wanted to drive a stake through the heart of New York City, you could not do better than the proposed Obama budget.

By limiting the deductibility of mortgage interest, the Obama budget is proposing to undermine the value of New York real estate.

By limiting charitable deductions, it is proposing an attack on New York medical and cultural institutions.

And by increasing the maximum income subject to the payroll tax, it is hurting locales where a lot of people make over $100,000. No question but that New York is on that list.

But don't caterwaul about the diminished future of a once great financial colossus. New Yorkers happily voted for it.