SEEMS THE WORD OF THE YEAR SO FOR FROM THE DEMS IS “FAIR”
Dan Pfeiffer (sound familiar now) an adviser was asked what would constitute success in 2013 for the White House. One of his answers was making headway to “rebalance our economy” the goal, he said, is an economy that’s not top down.
The translation—the adm will continue to pursue redistribution of wealth and income, taking from the well to do and giving to the poor and middle class or at least lower class.
“FAIR” redistribution, in his state of the union, he insisted economic growth requires “everybody doing their FAR share”. In his inaugural speech a free market “only thrives when there are rules to ensure competition and FAIR play. The most effective tool in spurring growth is private investing. Rather than encourage them to invest in growth and jobs. Obama does the opposite. By raising their taxes and leaving a strong impression he’d like to raise them even more, he discourages investment.
The fiscal cliff deal, hiked the top rate on individual income, the tax rates on two incentives to invest, capital gains on dividends. And in obamacare there is a new tax specifically on investment income.
Instead of wiping out tax preferences and loopholes to broaden the base and lower tax rates, obama wants to get rid of special breaks as w way to jack up tax revenues. Incentives for growth, forget it!
The president has also endorsed entitlement reform, Pfeiffer boasted of “chained-CPI” it would recalculate the rate of inflation and slightly restrain annual cost of living adjustement6 in entitlements notably social security. The well off would be expected to pay higher premiums for Medicare. SS and Medicare are projected to spend more that $18 trillion over the decade. According to Holtz-Eakin chained CPI would trim that by $280 billion, which he call no more that rounding error. Obama is bent on pursuing the same policies that have produced the slowest economic recovery since WWII,
Since 2008 those employed or looking for jobs—has increased by 12.2 million. But in 5 years the number of jobs has grown only 1.4 million. Participation in the labor force actually shrank form 6602% of the civilian population in Jan. 2008 to 63.5% in Feb. 2013.
The road and bridge panacea has never led to robust growth. It didn’t when the president and dems made it part of th34 $800 billion stimulus in 2009. one more part to Obama’s plan is to increase growth, a punitive one. He would eliminate tax breaks for companies that send jobs overseas.
Meanwhile spending on food stamps and disability payments has soared. And late this year Obamacare is to arrive in full force——
Sources—weekly standard, fred barnes, fortune, politico