The way this usually works, I work out a lot of what I’m going to blog aboot in my head throughout the day, then blast stuff out when I get home. Shows you how deranged I am…most people daydream aboot playing for the Yankees, I daydream aboot being on “Meet the Press.” What I blog aboot during the day most stems from that,
But I have to admit, when it comes to the Obama Economy or the Obama Budget, and trying to wrap my head around it, more often than not the most I come up with is…
“I’m sorry, what?”
Thankfully we have people on our side like Larry Kudlow who are better at this than me…
Raising the marginal tax rate on successful earners, capital, dividends, and all the private funds is a function of Obama’s left-wing social vision, and a repudiation of his economic-recovery statements. Ditto for his sweeping government-planning-and-spending program, which will wind up raising federal outlays as a share of GDP to at least 30 percent, if not more, over the next 10 years…Study after study over the past several decades has shown how countries that spend more produce less, while nations that tax less produce more. Obama is doing it wrong on both counts.
And as far as middle-class tax cuts are concerned, Obama’s cap-and-trade program will be a huge across-the-board tax increase on blue-collar workers, including unionized workers. Industrial production is plunging, but new carbon taxes will prevent production from ever recovering. While the country wants more fuel and power, cap-and-trade will deliver less.
I made the part aboot the middle-class tax cuts in bold because that’s always the Democrat response to criticism of their tax plan…we’re only taxing people who make more money than you do. Let’s set aside the fact that I never had the sense of entitlement where I resent people who are more successful than I am. All of those increased tax rates on that evil top five percent (who account for sixty percent of the current tax revenue) usually also mean an increase in the goods and services they produce. The middle class will be paying for that.
And just today (Sunday), the President’s budget chide Peter Orszag said straight up the cap-and-trade program is going to increase the cost of energy for most Americans. I repeat, THE OBAMA ADMINISTRATION admitted that their policy is going to raise the cost most of us pay for oil and heating.
As for Kudlow, a rumor started this past week at CPAC aboot him strongly considering a senate run against Chris Dodd. If that’s the case, and the two of them hold a debate on the economy, I’m organizing a road trip to New Haven.
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