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Must Read List Details How Obama Is Decimating American Economy & Middle Class
Thursday, April 23, 2015 14:37
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And bravo to former Senator Phil Gramm, (who was also an economist himself) for outlining in succinct and easily understood terms the road-map the Obama administration has used to bring such great harm to the once-mighty U.S. economy and pillage the foundational strength of the American Middle Class.
This information must be shared with others, readers. This is not a war of left vs right, Democrat vs Republican. Rather it is a war of right and wrong. A living, breathing, strong and viable America, or a nation pushed further and further toward the abyss of insolvency and loss of personal freedom and opportunity.
Here is what I am simply calling the Obama Destruction of America Outline. These statistics are factual, irrefutable evidence of national politics gone horribly wrong in this country:
(H/T to White House Dossier)
Marginal tax rates on ordinary income are up 24%, a burden that falls directly on small businesses.
Tax rates on capital gains and dividends are up 59%, and the estate-tax rate is up 14%.
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—While tax reform has languished in the U.S., other nations have cut corporate tax rates.
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—The U.S. now has the highest corporate rate in the world and the most punitive treatment of foreign earnings.
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—Federal debt held by the public has doubled, so a return of interest rates to their postwar norms, roughly 5% on a five-year Treasury note, will send the cost of servicing the debt up by $439 billion, almost doubling the current deficit.
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–Large banks, under aggressive interpretation of the 2010 Dodd-Frank financial law, are regulated as if they were public utilities.
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—Across the financial sector the rule of law is in tatters as tens of billions of dollars are extorted from large banks in legal settlements; insurance companies and money managers are subject to regulations set by international bodies; and the Consumer Financial Protection Bureau, formed in 2011, faces few checks, balances or restraints.
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—With ObamaCare the government now effectively controls the health-care market—one seventh of the economy.
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—The administration’s anti-carbon policies hamstring the energy market, distort investment and lower efficiency.
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—During Mr. Obama’s presidency, the number of Americans receiving food stamps has risen by two-thirds and the number of people drawing disability insurance is up more than 20%. Not surprisingly, labor-force participation has plummeted.
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—Crony capitalism and artificially low interest rates have distorted the capital markets, misallocating capital, overpricing assets and underpricing debt.
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