Here are a couple useful tidbits on the economy that you’ll find useful.
First, the Wall Street Journal issues a corrective to the years of biased and/or ignorant MSM reporting to give a measured accounting of the economy Bush administration. In the end, he got one big thing right and one big thing wrong. The wrong was holding loose-money policies too long which, combined with the Clinton administration-pushed subprime mortgage glut, got us most of the way to the economic mess we’re in today.
The big right thing was his 2003 tax cut package that is still paying benefits to our economy and kept unemployment low enough that our new President can panic over a rate of 7.2 percent instead of 11.
Now, of the two – loose money or low taxes – guess which one Nancy Pelosi wants to get rid of right away? Ah, says the progressives, but it’s just big tax increases on the rich. The rest of us will be just fine!
Yes, well, tell that to California and New York, who have seen their tax base evaoprate because the rich people they had been soaking aren’t nearly as rich or as numerous as they used to be (via Instapundit). Now the bill for the big-government nanny states are coming due and guess who’s going to be paying that bill? I’ll give you a hint. It won’t be the people who aren’t paying taxes nor will it be the politicians who used the people’s money like a bribe to buy their way into office.
And now Nancy Pelosi wants to do the very same thing, only nationwide. Yeah, that’s likely to go well.
Category: The Economy and Your Money