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Economic Policy: The U.S. economy seems to be undergoing a "pause," according to former Fed maestro Alan Greenspan. But is it the pause that refreshes â?? or one that leads to an inevitable second downturn?
While we can't pretend to know all the answers, we can say this: The mischief, malfeasance and just plain incompetence by our government leaves us with a sick feeling in our stomach when it comes to next year.
Today, there's no shortage of head-scratching over the weak, jobless recovery we're in, and the failure of the economy to catch fire and start growing again. But really, it's no mystery at all.
As poll after poll shows, businesses and individuals are just plain scared. They see massive new government initiatives and taxes either passed or in the pipeline, and wonder what room will be left for the private economy. The answer is: Not much.
According to Wall Street Journal columnist John Fund, Democrats plan to push through still more regulations and expansions of government even if they lose the November elections.
During a lame-duck session between the election and the swearing-in of the new Congress in January, Democrats hope to pass a "card-check" bill for Big Labor, an economy-busting cap-and-trade law and perhaps new tax hikes on all Americans after President Obama's Deficit Commission issues its report in December.
Think about it. Democrats could be massively repudiated at the polls, yet still ram through more of their big government agenda.
If you're still wondering, as many clueless economists are, why businesses in America are sitting on more than $1 trillion in cash but refuse to invest it, please re-read the previous two paragraphs.
Fact is, they're terrified of how far the current Democrat-run government will take us down the path of socialism.
Worse, Congress seems set to let the Bush tax cuts of 2003 expire at year-end â?? leading to what the nonpartisan Americans for Tax Reform calls "the largest tax hikes in the history of America."
If no changes are made, Americans at all income levels will see tax hikes ranging from 12% to 50%. Even if Congress jacks up taxes only on the highest earners, the economy will still take a huge hit.
Top earners will not only see their income-tax rate rise to 39.6% from 35%, but will also face a 33% rise in the cap-gains tax. And the death tax will soar from zero to 55% on any estate over $1 million.
Health Reform: Key provisions of the president's health care reform are about to take effect. Don't expect any of it to be pretty. It turns out that â?? as predicted by health experts, and reported on this page â?? ObamaCare will make health insurance premiums rise rather than fall. ...
It's odd how little we've heard lately from the skeptics who deny that climate change is real. What's the matter, people? Heat stroke? The Venus-like heat that much of the country has been suffering this summer is almost enough to make anybody a believer in global warming. ...
Nanny State: Liberalism is about big things, socialized medicine, nationalized industries, etc. So what about personal choices? For that, let's revisit San Francisco. The progressive paradise by the Bay, where the left's still-beating heart never left, lately has whipped up a whirlwind of ...
Responsibility: Media mogul Mort Zuckerman warned a gathering of trendy luminaries that Washington's policies are hostile to what made America great. Funny he didn't see that coming. The owner of U.S. News & World Report and New York Daily News was featured at the Aspen Institute's sixth ...
Why haven't national media outlets reported on the vile and violent rants of the New Black Panther Party (NBPP) thugs whose 2008 voter intimidation tactics got a pass from the Obama administration? Simple: Radical black racism doesn't fit the Hope and Change narrative. There's no way to shoehorn ...
Posted By: Serfdumb(2480) on 7/10/2010 | 2:13 AM ET
"Recovery Summer" is sounding more Orwellian every day. It is a slap in the face of every tax-paying american, especially after they forced the $787 billion 'Recovery & Reinv. Act' down our throats along w/GM, Chrysler (UAW) bailouts, healthcare ... I hope dumb and dumber go all out promoting 'recovery summer'. People are finally noticing the politicians & media have been lying to us - who woulda guessed?
Posted By: dwdrury(1925) on 7/10/2010 | 1:45 AM ET
Actually, expiration of the Bush tax cuts, though painful, might not be entirely bad. The problem is that those cuts removed a whole boatload of people from the income tax rolls, pushing the number up near 44% of voters. Now, if you've not got any skin in the game, not paying income taxes, of course you're going to vote for more largess, at someone else's expense. Which is why a flatter tax structure is necessary. Alas, that's not the Dim-o-crats' agenda, however.
Posted By: niteski(950) on 7/9/2010 | 10:44 PM ET
I'm convinced that there is no one willing to risk everything in DC. That's why they are trying to still start and create companies that create jobs.
Posted By: jpdwn(955) on 7/9/2010 | 8:57 PM ET
I will not support or vote for a candidate that is not pledged to repeal PPACA and to block cap'n trade and card check independent of what they are attached to or how watered down they are. If a mealy mouthed Republican goes soft on these issues, he or she is in for trouble. And unless Congress impeaches Obama, there will not be an extension of the Bush tax cuts, so count on a market crash and double digit unemployment next year. Obama will veto any attempt at extension.
Posted By: lannertcito(55) on 7/9/2010 | 8:30 PM ET
If Senate Pubs hold firm their 41 votes, the Dems' lame-duck gambits should fail...And if Obama wants any chance for re-election - assuming he is the nominee - he will extend Bush tax cuts...
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