Monday, August 18, 2008

Obama will cost you

This image summarises Obama's economic policy. His plans to double the tax on invested capital and to push up the top tax bracket to an effective 60%, will cripple the economy. His proposal to raise capital gains tax to 28% could trigger a stock market crash and will hit middle income earners very hard. He intends to increase spending by €1000 billion over four years. This is voodoo economics.

His policies of higher taxation and redistribution of wealth are akin to those of the French Communist Party. They are certainly to the left even of most European Socialist Parties. They are a recipe for economic stagnation and increased poverty. So deeply embedded are such policies in European countries such as France and Germany that conservative governments when elected to power can only tinker at the edges. To introduce the radical reform necessary is to court political destruction.
Will the American voters learn from the mistakes of their European friends?

No comments: