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Monday, August 30, 2010

BRENT MCCARTHY: OBAMA, CONRAD, PELOSI, AND POMEEROY SPENDING US INTO DEPRESSION?

Democrats including Kent Conrad and Earl Pomeroy voted against the Bush tax cuts. They claimed they were bad for our economy. They blamed our current economic mess on them. While campaigning for President Obama and the Democrats, the mainstream media echoed these lies. Now out of fear of losing their jobs because of a pending economic disaster, a couple Democrats like Conrad want to extend these very same tax cuts.

 

When people can keep more of what they earn, they work harder. They buy more goods and services. Businesses hire to keep up with demand. Investors invest. The Bush tax cuts ended a recession and we enjoyed 52 consecutive months of job growth. The unemployment rate hit 4.7%. Tax revenue increased as the unemployment rate decreased.

 

When government takes more from businesses and corporations, they have less money. Some cannot hire, others must lay off employees. Businesses have spent the last couple years preparing for the tax cuts to expire.

  

Democrats loath tax cuts because they make people self reliant. Demand for their entitlement programs drops. People other than politicians and the ruling class become wealthy.

 

Kennedy’s tax cuts increased tax revenue. Reagan’s tax cuts doubled tax revenue. The Bush tax cuts generated record tax revenue and when they expire, tax revenue will likely decrease as the unemployment rate increases.

 

Spending is our problem. Since tax hikes will decrease tax revenue, no tax hike can cover our budget deficit. On top of this we have politicians like Pomeroy and Conrad who actually believe that creating massive new spending programs (like socialized medicine) actually cuts spending.

 

These economic policies are nothing new. It’s not change. The Great depression was caused by massive tax hikes and government trying to spend us out of a recession. It’s these failed policies of the past that Obama, Conrad, Pelosi and Pomeroy are trying today. The economic policies of Karl Marx have failed every time they have ever been tried because they were designed to fail.

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