NO DOUBT OBAMA MOST ANTI BUSINESS IN HISTORY
By; Edward P. Shallow
In my recent editorial, Obama the Cause of Economic Collapse I indicated Obama is destroying the nation piece by piece, excessive regulations are crushing and eliminating industry from advancing the economy. Corporate CEO’s are sitting on 1.8 trillion in cash and will not invest in new jobs due to the uncertainty of over regulations and taxes.
A recent Wall Street Journal editorial reflects on my contention and I quote in part:
The economy does not suffer from a shortage of money. It is suffering from a shortage of confidence and animal spirits. Banks have plenty of reserves to lend, while U. S. corporations have something close to $2 trillion in cash on hand. Even the U.S. consumer is saving more. The problem is that Americans will not invest more or take more risks amid Washington policies that are hostile to private markets and have created only greater uncertainty and higher costs for doing business.
Regular readers of these columns know the litany: Taxes on capital and incomes are set to rise sharply next January (I gave a detailed account of each tax bracket in my editorial mentioned here). Taxes will rise again in 2013 to finance ObamaCare; record levels of government spending have created the expectation of still higher taxes and borrowing in the future; the health-care and financial industries are being turned upside down by new rules to be written in the coming months; politically directed credit and subsidies have distorted the energy, automobile and other markets, favoring some companies and business models over others; antitrust policy is punishing successful companies like Intel; and now the FCC is proposing to rewrite the rules for Internet and telecom investment.
Amid such a political assault, it is a tribute to American business that it is willing to take any risks at all.
This is the real root of our current economic malaise–the conceit of Congress, the White House that more government spending, taxing, and rule making can force-feed economic expansion. Now that this great government experiment is so obviously failing, the politicians and the Wall Street Keynesians who cheered the stimulus are asking the Federal Reserve to save the day. Mr. Bernanke should tell them politely but firmly that his job is to maintain a stable price level, not to turn bad policy into wine.
I REST MY CASE: CAN THERE BE ANY DOUBT NOW!