On Sunday Senator Charles Schumer appeared on Face the Nation and was asked about Obama’s demand that Congress increase tax rates on high income Americans. His response in part was: …we have a big deficit problem. We have a great jobs problem. Better to put the money into deficit reduction creating jobs than give […]
As a “compromise” with Democrats who opposed it, the 2003 legislation that enacted the Bush tax cuts included an expiration date: 12/31/2010. The current, lame duck Congressional session is the last chance for the current Democrat majority to extend the Bush tax rates and prevent a substantial increase on every American who pays income tax. […]
The men and women of the pro-Obama, political-media establishment are in a funk. They and their smartest-President-ever were humiliated by the voters in the mid-term tsunami. They’ve begun to coalesce around an excuse to insulate them from the grim reality: The voters were stupid and misinformed. Typical is Sara Seltzer’s column at AlterNet, “16 of […]
On October 1, the first day of the 2011 fiscal year, Democrats adjourned Congress without passing a budget for 2011, and without holding any votes on the soon-to-expire Bush tax cuts. Thus, taxes, spending and deficits have become central issues in the Congressional campaign. In their desperation Democrats and their media cheer-leaders have revived […]
A proposal to spur job creation On Thursday Congressional Republicans published a campaign document called “A Pledge To America.” Some of the Pledge is typical politics-speak. For example, the forward summarizes all our current economic and political troubles in one assertion, in a bold font: “Washington has not been listening.” Like most of the communication […]
House Speaker Nancy Pelosi was asked about the future of the Bush tax cuts of 2003. Those tax cuts are scheduled to expire at the end of 2010. If Congress doesn’t act tax rates will increase substantially in 2011. Ms. Pelosi’s answer echoed the political-media establishment. She wants to extend the tax cuts for lower […]
After deliberately, adding more than $2 Trillion to the federal debt in his first 18 months in office the President and the Democrats are beginning to feel a sense of foreboding. They have suddenly pivoted from profligate spending to seeking ways to wrench more money out of the private sector into the government till. The […]
We’re watching, in real time, the catastrophic results of the recent, rapid expansion in Government’s power over the private sector. ObamaNomics is killing the goose that lays the golden eggs. Government intervention in business and industry is driving down the tax revenue government needs to fund its own breathtaking surge in spending. The private sector […]
March 12 update . January 21, 2010: Several readers urged us to combine and clarify charts and commentary from previous articles in one, more concise presentation. With our thanks for constructive criticism, here it is: ObamaNomics is built on the assumption that politicians are better stewards of economic resources than the millions of individuals and […]
Urgent Expansion of Government Power Crushes Economic Activity Federal Tax revenues for the first two months of Fiscal 2010 are running 13% below last year. Most government revenue comes from taxing personal incomes and business profits. Declining tax revenues are a warning that businesses are less profitable and therefore less able or willing to hire […]
