Obama's no tax left behind plan
No Child Left Behind was the name of the education program proposed by President Bush, and written by Senator Kennedy. Obama's plan to increase our taxes should be called No Tax Left Behind according to Deroy Murdoch.
Posting a long litany of numbers would be confusing, and frankly, you can read the linked article and get the point easily enough. I doubt that I can explain it any better than Mr. Murdoch.
What I will say is this, the historical example of lower taxes increasing economic growth, and increasing individual income levels is proven. Yet, Obama and the Democrats are already planning how to run the country into ruin. The failed policies of the Carter Era will seem like a cakewalk if Obama and the Democrats have their way.
On assuming office in 1977, President Carter inherited an economy that was slowly emerging from a recession. He had severely criticized former President Ford for his failures to control inflation and relieve unemployment, but after four years of the Carter presidency, both inflation and unemployment were considerably worse than at the time of his inauguration. The annual inflation rate rose from 4.8% in 1976 to 6.8% in 1977, 9% in 1978, 11% in 1979, and hovered around 12% at the time of the 1980 election campaign. Although Carter had pledged to eliminate federal deficits, the deficit for the fiscal year 1979 totaled $27.7 billion, and that for 1980 was nearly $59 billion. With approximately 8 million people out of work, the unemployment rate had leveled off to a nationwide average of about 7.7% by the time of the election campaign, but it was considerably higher in some industrial states.
This was with only moderately socialist policies that were enacted under President Carter. Now imagine what will happen with the Socialism that Obama and the Democrats are proposing, Recession will be the least of our worries economically then.
Small Business's will suffer under the Obama Economic plan. That is not something that most Americans want to see, but according to Obama, it's what we need to do to spread the wealth around. So far, I don't see any plan on spreading wealth, but I do see a lot of misery about to be spread around. That's the secret of Socialism, everyone is equal, equally miserable.
Obama will tax only the rich. Of course, we know that's a lie. His own supporters admit that there are more than just the rich that will suffer. The plan Obama says will help the unemployed is a planned $3,000 tax break for new hires. Anyone here want to work for $3 grand a year?
Finally, we have the Wall Street Journal's comments on the Obama Economic Plan, which as I said above, will likely cause more suffering to the nation than President Carter's ill conceived policies.
The election is still two weeks away, but we are already living in the world of Obamanomics. In fact, on fiscal policy we've been living in that world at least since February when the Bush Administration conceded to the Congressional priority of Keynesian fiscal "stimulus." That didn't work very well, but no matter. Spurred on by Barack Obama, Democrats in Congress are preparing Round Two, this time in the form of $150 billion to $300 billion in new spending.
So the Liberal answer of throwing money at problems never makes the problems go away, instead the problems just get worse. Obama would pay to make the problem worse, by taxing us all more.
The sad truth is that Liberals don't live in the real world, they have no clue how money is made, and no idea what you do to earn your money. They think that power, and money, is owed to them because of the purity of their thought. The Socialist ideology may be appropriate for Government, but just not the Government of the United States. Perhaps the Liberals could go to Venezuela. I understand that Chavez has managed to Socialized a third of the Gross National Product out the window there. With a little help from Pelosi, Reid, and Obama, I bet he could have the entire nation of Venezuela sleeping over steam grates this winter.