Obama today celebrated the progress in congress of the financial "reform" package which may make major changes in the US financial system (although the people in Congress are not really sure what those changes will be). Another 2000 page mystery law is not enough for Obama, however. Now he is pushing for a tax on the largest banks and hedge funds. The tax will serve well to lower the pace of economic growth through reduced lending and investment. It is another move by the Obamacrats which will have the likely effect of reducing job growth, hurting the private sector and slowing any recovery from the recession.
It never fails to amaze me that the Obamacrats do exactly the wrong thing. They want to raise taxes. So do they levy a broad based tax? NO! They push for a tax which will most directly and exclusively hit the engines of economic growth in this country. Sometimes I think that Obama's economic team used to work for Ringling Brothers, Barnum and Bailey Circus.
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