>Due to Washington’s stranglehold on good government since January 20, 2009, America has been on the verge of losing its status as the most prosperous nation in the history of the world. Why?
Since the early 1980s, the United States has experienced a wave of prosperity, unprecedented in history in terms of wealth creation, new jobs, and improved living standards for all.
Under the leadership of Ronald Reagan, Newt Gringrich, and, reluctantly, Bill Clinton, America really became dynamic. This leadership changed the incentive structure on taxes, inflation, and regulation. It rebounded mightily from the high-inflation, anti-growth economy of one-term president Jimmy Carter of the 1970s.
Most people believe our financial meltdown and housing crisis was caused more by the Democrats than Republicans.
Democrats had a gun to George W. Bush’s head and he totally blanked out under pressure. The Dems said they wouldn’t authorize military funding until Bush agreed with Barney (Fife) Frank, Charles Schumer, Chris Dodd, and Nancy Pelosi to loosen up Fannie and Freddy requirements so that even people who couldn’t afford houses — the poor — were given the okay to buy a house — which extension of credit ultimately caused the housing crisis.
But today, Americans are turning away from the all-mighty Democrats because of their over-spending. They’re also turning away from Republicans because they often look too much like Democrats. People are becoming more independent and conservative. They don’t want to have anything to do with progressives like Hillary, Barak, Nancy, and Barney.
One poll says only 21 percent of Today’s Americans are liberal and 42 percent are conservatives. How about that? A minority is now ruling the majority in America. Is it any wonder their ideas seem so foreign, anti-American and European?
Barak Obama’s popularity has fallen almost as fast as that of his policies, which has been an attempt to eat up vast amounts of future taxpayers’ money and wastefully spend our way out of this financial mess by unconstitutionally buying up companies. Obama’s excuse is, “Hey, man, we’re in a crisis here and anything goes.”Really!
Now we hear that Japan is joining America in this nonsense. Japan? I can’t believe it. Yes, Japan is now changing fiscal and tax policy, becoming the little brother of the mighty Americans who just can’t fail. But the problem with this is that the U.S. can and is failing. The Obama tactics won’t create net increases in jobs for another five years, according to both the FED and the CBO.
Only Washington and Japan believe raising taxes during a recession will work. Not China, not Europe, not the rest of the world. To wit, Europe seems to be coming out of this recession and America is still mired in the spending fiasco which is taking us nowhere fast.
We’re talking about The End of Prosperty, which is title of a book written by three wise men: Arthur Laffer, Stephen Moore, and Peter J. Tanous. This 336-page book examins how we achieved prosperity and how policies of the current Democratic leadership — Barak Obama, Hillary Clinton, and Nancy Pelosi — is “causing America to lose its status as the world’s growth and job-creating machine.
It explains how higher taxes will doom the economy if we let it happen.
This book explains that only tax decreases on small business, not the increases Obama wants, will help create more jobs. It tells how the Democrats are proposing exactly the wrong things to quickly crate jobs and turn the economy around.
Remember, Art Laffer was Ronald Reagan’s chief economic adviser and author of the “trickle down effect” of tax cuts. Democrats poo-poo this economic theory that has proven to work, so don’t listen to them. I strongly suggest you read this fine book if you want to discover why taxing America’s small businesses to death is exactly the wrong thing to do. If you don’t have enough horse sense to realize that punishing small businesses, which create three-quarters of the nation’s jobs, is exactly the wrong thing to do at any time, then you are missing something.
Sadly, Obama didn’t listen to Bill Clinton who in his 1995 State of the Union address said “the era of big government is over.”
Conversely, George W. Bush listened to Democratic Governor Bill Richardson of New Mexico — or was it the other way around — who cut his state’s capital gains tax and the top income tax rate in half. Clinton had dropped the capital gains tax down from 28 percent to 20 percent and Bush moved it even lower, to 15 percent. Bush also eliminated capital gains for people selling their house who had lived in it two years or more. All of this helped Americans and increased jobs.
Where was Barak Obama when fellow Democrat Richardson said: “We Democrats have to end our knee-jerk opposition to tax cuts. We have to be the party of growth and the American Dream, not the party of redistribution.
Why did President George W. H. Bush raise taxes against his infamous “Read my lips” mantra, and “No new taxes promise?” Newt Gringrich led the opposition to the Bush tax hike and called it a supreme act of stupidity.
End of Prosperity is a must-read for loyal Americans who want to stop the Obama steamroller which can only lead to his infamous call for redistribution of wealth and rationing of health care (which is in his 1,000-page health bill because I’ve read it). Laffer’s book was written for our perilous times and I would highly recommend it to everyone.