Republicans need to break out of their rhetorical preoccupation with debt and deficits, focusing their political aim instead on spending and above all on reviving economic growth. They should hold the line against all tax increases and begin to consider a menu of tax cuts to make the U.S. more competitive, especially if the economy continues to underperform.
Mr. Obama's strategy of spending our way to prosperity clearly hasn't worked, as the voters are coming to understand. But if the GOP policy response is merely to bemoan deficits, they will soon find themselves back at their historic stand as tax collectors for the welfare state. To avoid Mr. Obama's tax trap, Republicans also need a growth agenda.
The Obama Tax Trap - WSJ.com
Friday, July 2, 2010
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2 comments:
Since you are using another one of what can only be referred to as Newscorp's propaganda papers your argument and the quote from WSJ is less than relevant. Given that everyone else is reporting that we are headed in the right direction, http://bostonbravery.wordpress.com/2010/07/02/we-are-headed-in-the-right-direction-president-obama/
Non-Keynesian economists have never been of the view that government can spend the economy into a recovery.
All historical evidence points to the exact opposite. We've had experience of the correct prescription, reduced non-military spending and significantly decreased taxation--during the administration of Ronald Reagan.
Also occurred during Kennedy's administration.
Morganthal, FDR's Treasury Secretary, a man who's been quoted on this blog, has noted how FDR spent and spent, but accomplished nothing but an increased debt and and extended depression that really didn't end until after the Republicans started to repeal the New Deal during Truman's term.
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