Obama's Tax Policy Will Revive the Jimmy Carter Economy
Markets are made up of animal spirits that Obama just doesn't know how to harness
But America is not just Chicago writ large. The Obama tax plan, combined with major state tax plans, puts not a three in front of the high earners' tax rate as the Clinton plan did; it puts a four or a five in front of them. And at that point, I fear, the animal spirits of high earners are going to be directed away from productive investment and toward tax avoidance and tax shelters. Away from creating new enterprises that can provide avenues upward for any and all and toward gaming the system for the well-connected and shrewd insiders. Away from an economy that grows more than anyone imagined and toward an economy where system-gamers take shares of a static pie away from the rest of us. Is that where we really want to go?
- Read more by Michael Barone.
- Read more about Barack Obama.
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Reader Comments
Wrong Again?
So you were wrong before and you want us to believe you now? You haven't established a good track record.
You have to wonder for how long!
You all know Carter's tactics led to higher interest rates to stem the dollars worthlessness. If you look at Barry Soetoro's (aka Barack Obama) spending in just the first months, the dollar has to be near the breaking point. Then we will see inflation and hopefully not the hyper kind.
Besides, who knew Justice Roberts would accept the briefs filed on the Taitz eligibility challenge to Barry this past Thursday in Montana. Maybe we will be looking at a president Biden in the near future and the economy will be his mess.
The Carter economy
was not so bad. Up and down cycles, yes.
But manufacturing was still here then, unions were alive, and CEOs only made 25 times the average worker's salary (BECAUSE we had high taxes at the high end.)
Truth be known, if Carter had only bombed the heck out of Iranian oil fields in response to the hostage crisis, he would have been re-elected with Mondale probably following. We could have skipped Reagan and all the destruction wrought since by errant Republican philosophy, including the unfortunate bubbles in stocks and homes.
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