Martin Feldstein was the chairman of the Council of Economic Advisers under President Reagan. Today, he is a professor at Harvard and a member of The Wall Street Journal's board of contributors.
Mr Feldstein just posted this:
"The barrage of tax increases proposed in President Barack Obama's budget could, if enacted by Congress, kill any chance of an early and sustained recovery." (Tax Increases Could Kill the Recovery )
He goes on to review the US in the 1930's and recent Japan:
"Historians and economists who've studied the 1930s conclude that the tax increases passed during that decade derailed the recovery and slowed the decline in unemployment.
That was true of the 1935 tax on corporate earnings and of the 1937 introduction of the payroll tax.
Japan did the same destructive thing by raising its value-added tax rate in 1997."
Why do we want Obama's policies to fail? Because they are bad for the US and specially your pocketbook.
Ed has a good summary of the future:
"Obamanomics is a disaster, and it couldn’t come at a worse time.
Four years ago, the country may have been resilient enough to shake off the worst effects of Obama’s policies, but with our economy already reeling, his taxes will kill any chance at recovery.
We will spend years running up massive deficits — which will prompt Obama to impose higher and broader taxes.
Do we want Obama to fail?
Yes. Obama's success is a failure for the rest of us!
