Aggregator • Hyscience • ID=79190
President Obama told the nation in his June 14 economic policy address in Cleveland that his economic policy plans for a second term would "create strong sustained growth, pay down our long term debt, and most of all, generate good, middle-class jobs." However, as Peter Ferrara points out today over at American Spectator, Obama then spent almost an hour describing policies that would do just the opposite. Perpetual increases in taxes, perpetual increases in government spending, and perpetual increases in regulatory burdens, are all that he has on his agenda.
[...] He has been President for almost four years, and has done nothing to generate strong sustained growth, pay down our long term debt, and most of all generate good middle class jobs.
sed in the speech as all sides bemoaned was just more of the same. But apparently he thinks we are too stupid to recognize that these are the same left-wing extremist policies that have failed us throughout his presidency, and, indeed, throughout world history. Certainly that seems to be true of his continued supporters.
[...] Under President Obama's plan, on January 1 the top tax rates of virtually every major federal tax will increase sharply, as he has already enacted under current law. That is because the tax increases of Obamacare would go into effect, and the Bush tax cuts would expire, which Obama refuses to renew for singles making over $200,000 a year, and couples making over $250,000. The English translation of that target for the tax increases is the nation's small businesses, job creators and investors.
[...] A second component of Obama's plan is a blizzard of increased regulatory costs and barriers. The chief rainmaker here is the EPA, which is effectively imposing through regulation the cap and trade legislation that even an overwhelmingly Democrat Congress refused to pass. That is just brewing up, but will effectively be another tax increase of trillions on the economy through higher electricity, gasoline, and other energy costs. Further EPA regulatory storms are forcing the shutdown of coal fired power plants all across the country, and preventing the construction of new ones, exactly the opposite of China. Interior and other regulatory authorities have set over 90% of available federal onshore and offshore jurisdictions off limits for oil and gas exploration and production. Obama's regulatory minions have also refused to allow construction of the Keystone XL pipeline to bring Canadian oil to Gulf refineries.
Another storm front is building through hundreds of new regulations in process under the Dodd-Frank legislation. Those added costs and barriers threaten the availability of business and consumer credit essential for economic recovery and new jobs. Further storm clouds arise from the Obamacare takeover of the entire health care sector, just starting to increase the costs of health insurance and care. The Obamacare employer mandate is already killing jobs before it even becomes effective, as potential employers know they will be required to buy the most expensive health coverage for each of their employees.
These added regulatory costs are all effective additional tax increases on the economy.
[...] In his Cleveland speech, President Obama continued to propound his fundamental economic theory that what drives economic recovery, jobs, and growth is increased government spending. That is why his 2013 budget proposes the highest government spending in world history, following an $800 billion, 27% increase in federal spending from 2008 to 2012, with a proposed 53% increase in annual federal spending from $3.8 trillion today to a record shattering $5.8 trillion by 2022. This President Obama budget proposes a very grand total of $47 trillion in spending over the next 10 years, another all-time world record.
Is draining all of that money out of the private sector really going to create strong sustained growth, pay down our long term debt, and generate good, middle-class jobs? Or is it going to bring the chaos of Greece and Western Europe to America?It's well worth your time to read the whole thing.
Ferrara goes on to suggest that if Obama's perverse policies are not reversed, his soaring tax rate increases next year on top of his skyrocketing regulatory burdens and runaway federal spending, deficits, and debt will just throw America back into recession, before there was even any real recovery from the last recession. Then unemployment will soar back into double digits, the deficit will soar to new records over $2 trillion, and President Obama will have added more to the national debt than all prior U.S. Presidents combined, from George Washington to George Bush. The entire period will then look just like a historical reenactment of the 1930s. That should be no surprise that Obama in modeling his Administration after FDR is getting the same results as FDR. That is not fighting for the middle class, that is trashing the middle class.
Based upon what we've seen from Obama's first four years, is there any real reason to expect other than what Ferrara predicts?