From Rich Band of Investorplace regarding the plans to let the Bush tax cuts expire in 2010 (this doesn't even touch on the tax increases the RePO team - Reid-Pelosi-Obama - will enact):
According to the most recent Heritage Foundation Report, the results will be shocking…
- One million jobs lost each year from 2010 – 2014
- More than $100 billion lost in economic output during the same time period
- An epic slowdown in wage and salary growth, and along with it the…
- Evaporation of consumer spending
These are but a few of the dire predictions coming out from the financial pundits. We know for a fact that a lower tax rate stimulates the economy (look at the Irish miracle for proof) but against this Obama wants to cut off tax breaks for oil companies and those companies that export jobs overseas. If only it were that simple. Those added costs of doing business will be passed on to the consumer, so instead of trickle down economics we will have trickle up poverty. Those who can least afford increases in energy costs will be affected the worst...of course phase two is to take money from the people who are successful and give it to those people who are most affected by the manufactured spike in prices. That's right - Obama wants to punish companies for being successful, and when the poor get hit by the backlash, he'll penalize individuals for being successful. Jeremiah Wright called it the US of KKK A. We may as well call it the USSA - the United Socialist States of America.
I realize this is melodramatic, and I hope these predictions are wrong, but if they're right no one can say we didn't see it coming and no one that voted for Obama - that's you Mom and Dad - can complain about it. You all knew these issues were out there and chose to ignore them, so play the hand you're dealt. You heard it here first!
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