Interesting article by Peter Ferrera on Reaganomics vs. Obamanomics: quick summary below:
Reaganomics brought us the greatest period of wealth creation in the history of the country. How?
1) Reductions in tax rates to restore incentives for economic growth,
2) Spending Reductions
3) Anti-inflation monetary policy to restrain money supply growth
4) Deregulation
Obamanomics, on the other hand, is currently accomplishing the greatest wealth destruction in the history of the country (and this, from Jim Cramer, liberal democrat and host of Mad Money). How? By doing EXACTLY the OPPOSITE of what Ronald Reagan did. From the article:
"–He is still promising tax rate increases, at least by letting the Bush tax cuts expire.
–He just passed the greatest increase in government spending in the history of the planet.
–He is promising massive increases in regulatory burdens, including global warming cap and trade regulation that would cost the economy another trillion dollars a year.
–The Fed is already furiously reinflating the money supply, sowing seeds of further havoc in the future."
What I'm having trouble understanding is why the American people haven't figured this out yet? It doesn't take a rocket scientist; this is common sense.
We should -- ALL of us -- be demanding that Obama retract the economic policies and "transformative" agenda that is tanking the economy. The radical Obama agenda is a sinking ship; let's not wait until the last minute to get off. Wake up, America, before its too late.
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