The Obama Jobs Plan further extends what has been another central fallacy of Obamanomics.
FORBES: Instead Of Obama's Jobs Plan, Pass Something That Will Work
That is the standard by which the performance of Obamanomics is to be judged.
In February, 2009, I wrote for the Wall Street Journal an article entitled Reaganomics versus Obamanomics.
Obamanomics may, on net, permit an increase in the number of really incompetent, dependent, and socially immobile individuals.
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By contrast, between the beginning of Obamanomics with the passage of his stimulus bill in March 2009 and August, employment fell by 1.3 million.
Meanwhile, the non-provable claim by the advocates of Obamanomics, that the increased spending saved jobs, is belied by what has happened since the policy was stopped.
Obamanomics, which has thoroughly pursued the opposite of every one of these four Reagan principles, has resulted in a stunted recovery that is way too little, way too late.
The article explained that the emerging Obamanomics was pursuing exactly the opposite of every policy of the enormously successful Reaganomics, and predicted that it would produce exactly the opposite results.
There are other less obvious regional winners from Obamanomics.
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Just as crucial for rosy growth and tax-receipt projections, Obamanomics assumes that top marginal tax rates will rise--hammering one of the most sensitive drivers of the private-sector incentive structure--but with no subsequent decline in work effort, innovation or growth rates.
As with Obamanomics, the unspoken understanding, or desire, of the technocrats is to fund additional incentives, as well as to pay for the welfare state, by raising the consumption tax (national sales tax) from the current 5 percent to something much higher.
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Moreover, as I argue in my new publication, Obama and the Crash of 2013, unless the policies of Obamanomics are changed, the result will be another severe recession in 2013 that will make the results overall of the Obama years look similar to the 1930s.
But Obamanomics, from the new and expanded tax credits of the 2009 stimulus, to the green energy tax loopholes that left GE paying no income taxes on billions in corporate profits, to the proposed new tax credits of the Jobs Plan, to the 2013 tax rate increases, involves just the opposite, creating numerous new tax loopholes in return for higher tax rates.
FORBES: Instead Of Obama's Jobs Plan, Pass Something That Will Work
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