Thursday, October 04, 2012

"The Chickens Come Home to Roost"



Paul Rahe explains a big part of the reason why the debate went the way it went...
Obama inherited a recession and, without bothering to disguise what he was up to, dedicated himself to exploiting it for the purpose of jamming through a radical program, dear to his party, that never had public support. About the recession, he did nothing, assuming that the economy would bounce back quickly, as it usually does, and that he would get the credit for the recovery. In fact, everything that he did do when he and his party were fully in control -- the looting bill thinly disguised as a stimulus bill, Obamacare, and Dodd-Frank -- retarded the recovery by running up the deficit, loading on new taxes, and making it more expensive to do business. To this the President added the threat of further tax increases -- targeted on the investing class: those especially apt, when future developments are exceedingly unclear, to be hesitant to risk their hard-earned capital in funding new ventures or in expanding old ones. The truth is that the programs passed by the Democrats, when they had the initiative, produced stagnation and prolonged and deepened the downturn.
Truth.

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