There they go again. Democrats have controlled the White House and both chambers of Congress for less than six months, yet already their tax-and-spend ways are hurting America’s economy – and taking away jobs.
Their first act of business was to pass a so-called “stimulus” package they promised would save or create 3.5 million jobs and keep the national unemployment rate below eight percent.
Instead, last week the rate jumped to 9.5 percent, its highest level in more than 25 y
Rather than reversing course, however, Democrat leaders continued down this perilous path by forcing through the House a climate change bill that would be properly described as a “cap-and-tax” scheme. Experts say its carbon-trading rules will kill millions of jobs in an economy that desperately needs them.
Of course, this wasn’t enough to convince Democrats of the error of their ways.
Next up is health care, which is in dire need of attention. But – perhaps unsurprisingly – the projected effects of Democratic proposals on business and jobs are dismal.
Take small business, for example. It’s often called the engine of the U.S. economy because it employs approximately one out of six Americans and provides $1.7 trillion in annual wages.
If we leave it to the Democrats, that engine will break down. A national mandate on small business to provide health care would eliminate 1.6 million jobs over a five-year period according to a study by the National Federation of Independent Business Research Foundation. Two out of three of those 1.6 million jobs lost in five years would be shed from small businesses.
Other studies have painted an even more troubling picture of the Democrats’ planned government takeover of our health care system. Based on a model developed by Council of Economic Advisors Chair Christina Romer, it is estimated that some 4.7 million jobs could be lost as a result of taxes on businesses that cannot afford to provide health insurance coverage.
Make no mistake: The Democrats’ proposal is a government-run health program and something that absorbs tax revenue rather than creates it, which will contribute to a prolonged recession.
The plan also will take away the health care plans millions of Americans already have. A June study by the independent Lewin Group found that 114 million Americans would be forced out of their current private health coverage under the House Democratic plan. So much for the President’s assurance that “if you like your health care plan, you’ll be able to keep your health care plan, period.”