I really am tired of hearing Leftist commentators and Democrats say the economy boomed after President Clinton raised taxes in the 90s – as though the tax increases caused it – or at least permitted it.
The economy boomed during Clinton’s presidency because of the unprecedented breakthroughs and marketing of new technologies – computers, cell phones, dotcom businesses and communications, Y2K programming and software purchases, and unparalleled free-trade with its flood of cheap, affordable products.
In addition, the Clinton boom followed the Reagan Revolution, the Republican takeover of Congress, and Gingrich’s “Contract with America” – with its related spending cuts and welfare rationalization.
The facts are, higher taxes take money out of the hands of consumers and businesses and reduce their spending and investing. Similarly, an entitlement oriented government – spending more than it can afford – will only inhibit economic growth and job creation.
Obama’s notion that a recovery will be driven from the bottom up is naïve, unproven, and illogical. Without a significant change in his economic, no-growth, entitlement strategy, America is in for four more years of stagnation at best. This is most unfortunate because rapid growth is the only thing that can save the American-Way . . . The American Prosperity Machine.
The slow growth, Obama alternative is higher taxes, more debt and deficits, more borrowing, more printed money, higher inflation, authoritarian centralized government control, and de facto bankruptcy.