I now believe that, when it comes time to vote whether to increase the marginal tax rate on “millionaires and billionaires” (those making over $250K per year in Obamaspeak) to 39.5%, the Republicans in the House and Senate should vote present. Let Obama and the Democrats have their way on this issue.
I now believe that, when it comes time to vote on whether to increase the debt ceiling by $2T, the Republicans in the House and Senate should vote present. Let Obama and the Democrats have their way on this issue.
For years the Democrats and their allies in the media have accused Republicans of being “obstructionists,” opposing all Mr Obama’s enlightened policies out of, say, racial animus. If only the evil Republicans had not always stood in the way, it is claimed, prosperity would have returned, unemployment would be down, the deficit would have been closed, and the national debt would have been retired. Well, it’s now time to find out if all these claims are true.
Mr Obama ran on a platform. The American people voted in favor of that platform. So, it’s time to see whether that platform actually works. Give Mr Obama and the Democrats everything they want and let’s see what happens.
[Just so I get due credit when the time comes, here is what I predict will happen. By the end of 2014, the annual deficit will still be over $1T a year and we will have added another couple of trillion dollars to our overall national debt; entitlement spending will still be out of control and threatening the long-term welfare of the nation; unemployment will still be above the post-WWII average of 5.77%; the growth rate of GDP will still be scraping along below the post-WWII average of 3.2%. Finally, interest rates on Treasuries will have soared because the financial markets will panic when they realize there no longer is any brake whatsoever on Democratic spending and borrowing; not even QE IV, V, VI, ... will be able to hold interest rates down.]
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