OMG, what a NIGHTMARE!!!!
MOST INTERESTING PART OF THE ARTICLE:
The End of Prosperity
Laffer et al. explain why they think the end is now near:
[W]e are now witnessing nearly all of the economic policy dials that were once turned toward growth being twisted back towards recession. [O]ur politicians in both parties, but especially the liberal Democrats, are getting everything wrong — tax policy, regulatory policy, monetary policy, spending policy, trade policy. We call this the assault on growth. The political class seems to be almost intentionally steering the United States economy into the abyss — and, to borrow a phrase from P.J. O’Rourke, the American electorate, alas, seems ready and willing to hand them the keys and the bottle of whiskey to do it.
Obama promises across the board tax increases, America’s corporate tax rates are already the second highest in the industrialized world, prices are already rising and the dollar is declining, America is turning its back on free trade, the federal budget is already spiraling out of control and entitlements threaten far worse, regulations already strangle energy production, producing high energy costs for the economy, cap and trade global warming regulations threaten to shut the economy down, unions calling for legal powers to force unionization, the left campaigns for costly but low quality socialized medicine, these are all indicators of a fatal economic heart attack for America. Laffer et al. explain what is behind the current financial crisis:
This list of economic body blows explains why, for the first time in years, hot capital is escaping over the borders out of the United States and flowing into China, India, Europe, and even Japan....[S]tarting in late 2007, foreigners started pulling their money out of the United States, and Americans started investing more abroad. Global investors are losing confidence in the U.S. The result is a falling stock market and a collapse of the dollar.
The threatened left-wing economic policies are all the more dangerous now because the rest of the world has shifted so sharply towards much lower tax rates and free markets, threatening to leave America in the dust as an uncompetitive wasteland mired in nostalgia for socialism. Since Reagan, income tax rates across the industrialized world have been cut by more than one-third, and corporate tax rates have been reduced by one-half. The flat tax has been adopted in 24 countries. Putin adopted a 13% rate for Russia that raises more revenue than the former system with a 50% top rate. From 1978 to 1998, China reduced its tax burden by two-thirds. A recent study found that “supply-side” countries that have cut their tax rates almost in half since the 1990s have grown three times as fast as countries that have raised taxes since that time.
It is, frankly, obvious that lower tax rates increase incentives for economic growth and productive activity, and that higher tax rates reverse such incentives. Nor is it hard to understand that increasing regulatory costs will slow the economy while reducing such costs will expand it. Obviously, ample supplies of low cost energy will help the economy, shortages of high cost energy will kill it. High government spending is clearly not good for the economy, lower government spending is. We know how to create an economic boom, and we know what policies will lead to economic disaster. The Left denies these obvious truths only because it craves more government power. If America does not wake up to what is happening, there will be much suffering through a long dark night.
OMG, what a NIGHTMARE!!!!
Not for William Ayers, Osama bin Laden, Michael Moore, Castro, Hugo Chavez and the rest of America's enemies...........
At the Palin rally in Greenville, NC last night Senator Dole spoke and told the crowd that in order to achieve the 60 member Senate needed to stop all filibusters and ensure that Dems can pass anything they want, Chuck Shumer of NY is pumping 10 million a month into the campaign of Kay Hagan to defeat Dole! 10 million a month—where does that come from?? There are 24 Republicans up for reelection and only 12 Democrats. I wonder if they are pumping that much in all the campaigns against Republicans or just in NC.
Dole is particularly and enemy because it was the Hagel, Sensennbrenner, Dole bill that McCain supported to reform FannieMae which proves Republicans tried to stop the crisis early on.