Originally Published: February 28, 2012 9:58 p.m.
I do not know where people like W.C. Haas have been the past three years. There's a mass of published economic and financial data that they are ignoring in an attempt to divert blame for our poor economic condition.
Since 2008, under President Obama, the price of gas has doubled, food stamp participation has increased by 50 percent to more than 46 million, our national debt has increased by 50 percent to more than $15 trillion, the median home price has been reduced by 13 percent, the unemployment rate has increased by 50 percent to 16 million, and the rate of poverty has increased by 15 percent to more than 46 million. One cannot blame President G.W. Bush for the last three years of Obama's disaster.
Obama never gave our economy a chance. He wanted to raise the capital gains tax rate, which inhibits the investing of capital. He wanted to raise corporation tax rates, which, along with the threat of raising capital gains, would reduce the production and employment of corporations. He wanted to raise the tax rates on those in the upper income, which inhibits hiring within small businesses. The threat of these increased tax rates reduced the tax revenues of 2009 and 2010 to $2.1 trillion from $2.5 trillion in 2008. Obama has accrued a national debt of $2.7 trillion in two years, while it took Bush eight years to accrue a debt of $2 trillion.
By the way, as a senator, Obama voted for every one of the stimulus packages under Bush. Remember, the House and Senate were under Democratic control for the last two years of Bush's presidency.
Obama's only job proposal was to create more government jobs, which are paid by tax revenues. We are broke and cannot afford to pay for more government jobs!
I do not understand what Haas means to reform and restore fairness to the tax code. The definition of fair is "equitable to all parties." The top 1 percent of income earners pay 40 percent of the federal income tax, the top 10 percent pay 70 percent, and the bottom 47 percent pay nothing! So, what is "fair"?