How Bad Could it Get?

Here is a look at the potential results of Obama’s tax policy. The subject is the Obama Tax Hikes that will take place January 1, 2011 if congress does not act. From the article:

“Absent action on Capitol Hill, those increases will take $4 trillion out of the economy over the next ten years — and even if the lower tax bracket reductions get extended, $700 billion of capital will get redirected from the private sector to Washington. How will that impact economic growth in the US? Peter Ferrara argues that it will create not just a double-dip recession, but a second economic collapse — one worse than what we experienced in 2008. (Emphasis mine).

Extremely interesting article.

Obama and the Democrats are playing politics with this tax hike, because of the upcoming elections. Let’s be clear about one thing, though; the Democrats have had control of the House and the Senate since 2006; and control of he White House since 2008; and whatever they do, or do not do, is to their account. Trying to blame conservatives or the GOP for their non-performance is ludicrous.


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