{"id":3515,"date":"2008-10-22T06:00:30","date_gmt":"2008-10-22T11:00:30","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=3515"},"modified":"2008-10-22T11:52:48","modified_gmt":"2008-10-22T16:52:48","slug":"obamas-economic-plan-starts-with-j-o-b-s","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=3515","title":{"rendered":"Obama’s Economic Plan Starts with J-O-B-S"},"content":{"rendered":"

…and ends with L-O-S-T.<\/p>\n

Barack Obama declared last week<\/a> that his economic plan begins with “one word that’s on everyone’s mind and it’s spelled J-O-B-S.” This raises the stubborn question that Senator Obama has never satisfactorily answered: How do you create more jobs when you want to levy higher tax rates on the small business owners who are the nation’s primary employers? <\/strong>(emphasis mine)<\/p><\/blockquote>\n

The answer is “you don’t.” Don’t believe it?<\/p>\n

How about a word from an expert. A Democrat at that (emphasis mine).<\/p>\n

Democratic Senate Finance Chairman Max Baucus of Montana. Here is what Mr. Baucus wrote in a joint press release with Iowa Republican Charles Grassley on August 20, 2001, when they supported the income tax rate cuts that Mr. Obama wants to repeal:<\/strong><\/p>\n

“. . . when the new tax relief law is fully phased in, entrepreneurs and small businesses — owners of sole proprietorships, partnerships, S corporations, and farms — will <\/em>receive 80 percent of the tax relief associated with reducing the top income tax rates of 36 percent to 33 percent and 39.6 percent to 35 percent.”<\/p>\n

Then they continued with a useful economics tutorial:<\/p>\n

“Experts agree that lower taxes increase a business’ cash flow, which helps with liquidity constraints during an economic slowdown and could increase the demand for investment and labor.”<\/strong><\/em><\/p>\n

Twelve Senate Democrats voted for those same tax cuts. And just to be clear on one point: An increase in “the demand for investment and labor” translates into an increase in J-O-B-S. So if lowering these tax rates creates jobs, then it stands to reason that raising these taxes will mean fewer jobs. From 2003 to 2007 with the lower tax rates in place, the U.S. economy added eight million jobs, or about 125,000 per month. The Small Business Administration says small business wrote the paychecks for up to 80% of new jobs in 2005, for example.<\/strong><\/p><\/blockquote>\n

Apparently there are\u00a0thirteen Democrats that know what is good for the economy.<\/p>\n

Sadly, Barack Obama doesn’t happen to be one of them.<\/p>\n

Tax “cuts” for people that don’t pay taxes in the first place coupled with tax increases for those that already bear most of the burden is a tax hike, net\/net.<\/p>\n

Tax increases of any sort for anyone is a bad idea right now and will further undermine an economy that is about to get a lot <\/em>worse, with or without Obama’s “help.” Don’t believe it? Does history offer a clue<\/a>?<\/p>\n

In 1932, Democrat Franklin Delano Roosevelt was elected president as the nation was heading into a severe recession<\/strong>. The stock market had crashed in 1929, the world’s economy was slowing down, and all economic indicators in the U.S. showed signs of trouble.<\/p>\n

The new president’s response was to restructure the economy with the New Deal — an expansion of the role of government once unimaginable in America. We now know that FDR’s policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s<\/strong>, and actually got worse in the latter half of the decade. And we know that FDR got away with it (winning election four times) by blaming his predecessor, Herbert Hoover, for crashing the economy in the first place.<\/p><\/blockquote>\n

Change the names, and what is about to happen doesn’t seem so far fetched. Eight more years of hearing about the failed policies of the Bush administration, who pushed the same ineffective stimuless button that Pelosi is proposing. Obama and his Liberal Flunkies have blamed George Bush for everything so far, why stop now?<\/p>\n","protected":false},"excerpt":{"rendered":"

…and ends with L-O-S-T. Barack Obama declared last week that his economic plan begins with “one word that’s on everyone’s mind and it’s spelled J-O-B-S.” This raises the stubborn question that Senator Obama has never satisfactorily answered: How do you create more jobs when you want to levy higher tax rates on the small business […]<\/p>\n","protected":false},"author":228,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,12],"tags":[],"class_list":["post-3515","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market","category-campaign-08"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/3515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/228"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3515"}],"version-history":[{"count":0,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/3515\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3515"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}