Posted by Tina
The president speaks in glowing terms about his plans and proposals but glowing terms and lofty ideas are worthless if they arent grounded in sound economic policy. The following article offers thoughtful expert insight into the effects and miscalculation of Obamas plans for America. The author is a professor of economics at Stanford University and a senior fellow at the Hoover Institute.
** …Instead of combining the best policies of past Democratic presidents — John Kennedy on taxes, Bill Clinton on welfare reform and a balanced budget, for instance — President Obama is returning to Jimmy Carter’s higher taxes and Mr. Clinton’s draconian defense drawdown. *** Mr. Obama’s $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents — from George Washington to George W. Bush — combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs. **
The article is fairly long and covers a variety of topics but is easy to read and understand…it makes absolute sense to me. Hope you enjoy it.
See also this companion article