Another component featured in the Obama plan is tax cuts for small business with a side order of fairness. This would impel the wealthiest among us to chip in just a little itty bit more to bring down the deficit. Here we are faced with two problems:
If you believe that Obama would use the extra $80 billion in revenue extracted from the rich to reduce the deficit, I have an 11-page glossy jobs pamphlet for you. And Obama's tax on the rich would hit more than 1 million small businesses, according to the Internal Revenue Service, which would make his tepid supply-side policy item -- the kind of policy he regularly mocks, incidentally -- useless.
Still, according to a Bloomberg survey of selected economists, under Obama's plan, "13,000 jobs would be created in 2013, bringing the total to 288,000 over two years." That's hundreds of billion in spending -- deficit spending -- aimed at creating a few unsustainable jobs without the benefit of any real private-sector growth.
Do the math, as they say.
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