Democrats are gambling that they can get away with slapping the rich with a big tax hike to pay for a health care overhaul. If they do, it will most certainly hurt an already struggling economy. The health bill proposed by House democrats includes a 5.4% tax on top incomes, along with other tax increases. Add to the mix a nearly $1.1 trillion deficit along with cap and tax and what we get is the recipe for economic disaster.
President Obama and the democrats in congress dangerously irresponsible. Obama himself must know it on some level. This morning he all but promised unemployment will only get worse.
“How employment numbers are going to respond is not year clear,” the president said on a day when he was headed to Michigan, home of a particularly battered economy. “My expectation is that we will probably continue to see unemployment tick up for several months.”
The unemployment rate stands at 9.5 percent, the highest in 26 years. [..]
More than 2 million jobs have been lost since Congress passed Obama’s $787 billion economic stimulus package. Without that government intervention, Obama said, states like Michigan would be even worse shape because they would have had to lay off more teachers, firefighters and other workers. [...]
The president said the creation of jobs that pay good wages is the “single biggest challenge” in the recovery for the U.S. and governments worldwide. He defended his multi-pronged agenda of trying to revamp health care, energy, science innovation and infrastructure as the key to real economic growth.
“Those foundations are so critical because we’ve got to find new models of economic growth,” Obama said.
Tick up!? Two million jobs lost and he talks about it “ticking up”. Easy for him to say with the lavish lifestyle he’s living. He “defended his multi-pronged agenda” which is nothing more but spending and higher taxes, which will lead to a larger deficit and more unemployment. That’s no foundation for economic growth. It’s a foundation for economic destruction.
