Obama’s Fascist Economy

Barack Obama and his minions in the administration as well as many Democrats in the Congress are often described as Socialists, or in the extreme as Marxists. However, their actions and strategy are straight out of the fascist economic playbook. They have become the modern reincarnation of the fascist mindset, without the militarism of Italy and Germany, that dominated Europe in the 1920s and ’30s.

Over the past seventy years, the left and their allies in the media have succeeded in labeling fascism as a right-wing or conservative philosophy when it in reality was an offshoot of socialism. Socialism/Marxism seeks the total control of a society’s economy through complete state control of the means of production and income. Fascism seeks that same control, indirectly by the state domination of private ownership, as well as controlling individual income and wealth through taxation and regulation. Jonah Goldberg’s masterpiece Liberal Fascism convincingly demonstrates the progressive roots of fascism.

Per Sheldon Richman in the Concise Encyclopedia of Economics:

As an economic system, fascism is socialism with a capitalistic veneer. In its day (the 1920’s and 1930’s), fascism was seen as the happy medium between boom-and-bust-prone capitalism, with its alleged class conflict, wasteful competition, and profit-oriented egoism, and Marxism, with its violent socially divisive prosecution of the bourgeoisie.

Where socialism abolished all market relations outright, fascism left the appearance of market relations while planning all economic activities. Where socialism abolished money and prices; fascism controlled the monetary system and set all prices and wages politically. [Emphasis added.]

Under fascism, the state, through official agencies, controlled all aspects of manufacturing, commerce, finance, and agriculture. Licensing was ubiquitous; no economic activity could be undertaken without government permission. Levels of consumption were dictated by the state, and “excess” incomes had to be surrendered as taxes or “loans”.

To maintain high employment and minimize popular discontent, fascist governments also undertook massive public-works programs financed by steep taxes, borrowing and fiat money creation. [Emphasis added.]

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Read More at American Thinker  By Steve McCann, American Thinker