Post by jgaffney on Apr 27, 2011 11:27:46 GMT -5
In this morning's PeeDee, Thomas J. Vecchio, of Bodega Bay, offers this solution to our economic malaise:
1. The debt under President Obama has grown, and is projected to grow even further, to levels far beyond anything Clinton could have ever imagined. If nothing is done to cut government spending drastically, even the tax rates that were in effect under Clinton would not save our bacon. Studies have shown that, even if we were successful in confiscating all of the income of the top 5% of earners, it wouldn't be enough! The astute reader will note that Clinton rode the coattails of the Reagan boom, which was so strong that even the tax increases under Bush 1 and Clinton barely slowed it down.
2. The thing we need now is economic growth and jobs. Economic growth results from increased business investment. How will draining even more money out of the private sector by increasing taxes on "the rich" and those evil corporations result in more business investment? It seems to me that Obama is succeeding in villanizing the very sectors of the economy that he needs to save his bacon.
3. The recent nostalgia for the "good old days" under Clinton seems to indicate that even the Democrats are growing tired of the policies of the Obama Administration and its singular failure to improve life in America. I think Obama has cemented his position as the worst president ever, displacing Jimmy Carter even before the 2012 election.
Restoring our finances will require a return to historic tax levels, which the Republican ideology cannot seem to accept, as if it were contrary to their religious beliefs.Ah, yes, the currently-popular progressive mythology that, if we could just return to the good old days under Bill Clinton, things would be rosy again. Let me take this time to explain to our liberal friends why this is so wrong:
1. The debt under President Obama has grown, and is projected to grow even further, to levels far beyond anything Clinton could have ever imagined. If nothing is done to cut government spending drastically, even the tax rates that were in effect under Clinton would not save our bacon. Studies have shown that, even if we were successful in confiscating all of the income of the top 5% of earners, it wouldn't be enough! The astute reader will note that Clinton rode the coattails of the Reagan boom, which was so strong that even the tax increases under Bush 1 and Clinton barely slowed it down.
2. The thing we need now is economic growth and jobs. Economic growth results from increased business investment. How will draining even more money out of the private sector by increasing taxes on "the rich" and those evil corporations result in more business investment? It seems to me that Obama is succeeding in villanizing the very sectors of the economy that he needs to save his bacon.
3. The recent nostalgia for the "good old days" under Clinton seems to indicate that even the Democrats are growing tired of the policies of the Obama Administration and its singular failure to improve life in America. I think Obama has cemented his position as the worst president ever, displacing Jimmy Carter even before the 2012 election.
