Obama, in love with government like so many of his supporters, thinks that the only thing that can lift our ailing economy is massive government spending. It failed in Hoover’s/FDR’s Great Depression and it will fail now.
I read recently that the federal government takes in $160 billion per month in taxes. The new President is suggesting a “stimulus package” that could go over $1 trilllion. I would argue that we should have a temporary break in federal income/payroll taxes, we could all pay no taxes for 5 months and still spend slightly less than what Obama wants to spend. The economy would go crazy! Go look at your paystub right now and add back in the federal taxes taken out. What could you do with that money? I remind you that it is your money.
And didn’t candidate Obama talk of improving the economy from the bottom up? Let the people keep their money and let that happen, Barry!
Stephen Moore, of the WSJ, took it even further when speaking at the Metropolitan Club recently:
‘We need alternatives to the Obama stimulus plan,” said Moore. “We need to call for a one-year suspension of the income tax. If we want to see this economy recover, bring tax rates down to zero. We will get jobs.”
I am reading Amity Shlaes’ The Forgotten Man right now so perhaps I am over-cognizant of how these same people (with a fetish for government) screwed it up last time.