Barack Obama,  economics,  Jimmy Carter

Obama Ready To Budget – Here Come the Tax Increases

February 21, 2009 /
obama-budget

It was just a matter of time.

President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on business and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.

In addition to tackling a deficit swollen by the $787 billion stimulus package and other efforts to ease the nation’s economic crisis, the budget blueprint will press aggressively for progress on the domestic agenda Obama outlined during the presidential campaign. This would include key changes to environmental policies and a major expansion of health coverage that Obama hopes to enact later this year.

Sounds like an economic prescription of the Jimmy Carter years – overregulation, taxation and more domestic, wasteful spending.

America knows the result of these policies – inflation and slow/negligible economic growth.

Wasn’t it called STAGFLATION?

3 Comments

  • chris

    February 21, 2009 at 4:19 pm

    I knew it , knew it, knew it, just told several friends over the last few days, he still has his budget to deal with and here comes the taxes. grrrr..

    Chris

  • Richard

    March 2, 2009 at 2:28 pm

    Inflation and slow/negligible economic growth logically follow a period of wasteful spending and poor decisions (like Nixon/Ford before Carter and like GWB before Obama). The fact remains that the economy did better under Carter than it did under Nixon, and likely will do better under Obama than it did under GWB. It’s just that when the times are good, people forget what made them good again, go back into tax-lowering and military-strengthening mode, and the whole process starts over again. It is well documented that the economy has done better under the Dems than the GOP for the past several decades.

  • Flap

    March 2, 2009 at 3:01 pm

    The past several decades?

    Hardly.

    The good time Clinton years in the 90’s were a result of the end of the Cold War and tax cuts in place during Reagan.

    The economy was a disaster during Carter and remember who controlled the House for over 40 years until 1994.