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Strap on your safety belts, because the anemic economic recovery of 2010 is about to become a government-induced second recession or double-dip in 2011. This outcome is baked in the cake even before any tax increases from the Obama debt commission are enacted.
If they are so greedy as to also try — by passage of a climate control bill — increases in energy taxes then this second recession will likely lead to deflation and a collapse into a government-sponsored depression. The economy cannot afford more money being redirected from investments toward government spending.
Clearly from this evidence alone it is plain to see that Obama isn’t judging his success based on a record of economic growth, but instead he is pursuing a program of economic redistribution. The administration has no focus on expanding the economic pie; instead, they are concerned with devouring every piece of the pie.
Grover Norquist, the president of Americans for Tax Reform, has been watching the Obama debt commission closely, and he concluded after hearing reports of Sen. Gregg’s comments:
It’s been clear from the beginning that the purpose of this Commission was to put GOP fingerprints on a tax hike, likely a VAT… Gregg seems to be giving them all ten fingers… The true agenda of this commission has always been to hide the ball on a tax hike until after the November elections – hence the December reporting date. Gregg’s gaffe today tips their hand.
Higher taxes are never the answer. With the economy so weak, Congress should be making the Bush tax cuts permanent. Taxes on capital formation and investment should be eliminated all together. America should be encouraging small business, individual investors and entrepreneurs to be taking risks to increase economic growth in the private sector. Instead, Obama and the socialists in Congress are embarked on a dangerous expedition to punish success. This will end badly.
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