Obama and “The End of Prosperity”
Prepare for the Worst: Putting the new book The End of Prosperity
[O]ne of the insights of the book is that a major factor already tanking the stock market and leading foreign capital to flee America is the threat of the economic policies promised by Obama. Obama proposes increases in every major federal tax, on savers, investors, employers, small business, big business, and anyone who would start a business. Obama also promises to add additional federal spending of almost $1.5 trillion over the next four years, including a new global war on poverty in which Obama would tax Americans and send the money to the UN to spend worldwide (already introduced by Obama in legislation). That would be on top of all the spending increases already scheduled for our exploding entitlements and other programs. Obama also promises a massive increase in regulatory controls, even though government regulation is already estimated to cost America over $1 trillion per year, about $8,000 in lost output for every U.S. household. Then there is Obama’s attack on free trade and promises of protectionist trade policies that contributed so much to the Great Depression.
Scary stuff, but you should give it a read.
