Did you hear the big news from the world of small business? Jewish delis are closing in both Los Angeles, and New York City.
Obama consulted with his chief economist, talk-show host David Letterman, and promised that he wouldn’t try to pay down the deficit “solely on the backs of the middle class.” Well promise kept: Not only has Obama raised taxes on everyone, from every income spectrum- poor, middle class and rich- he also has made clear that he won’t make any attempt to pay down the deficit. Who said Letterman wasn't funny anymore?
I almost feel sorry for the Obama Administration’s spin doctors. Every month, they probably wait for the unemployment numbers from the Bureau of Labor Statistics with the same level of excitement that people on death row wait for their execution date.
Politicians should be complying with Mitchell’s Golden Rule, which means reducing government spending as a share of GDP (to put it in terms that make economists feel warm and fuzzy, gov’t exp/GDP should be decreasing).
Obama has already succeeded in fundamentally transforming America, from a prosperous nation that draws people the world over, voting with their feet, to a rapidly declining former superpower on the fast track to a third-world status similar to Argentina or Venezuela.
Some of the best evidence about high tax rates vs. low tax rates comes from inside America. Art Laffer (yes, that Art Laffer) and Steve Moore have a great column in today’s Wall Street Journal.
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