by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Doing the same thing over and over again and expecting different results, when in fact the results never change, is one definition of insanity. That definition works for economic insanity, too.
Over the past seven-and-a-half years, President Obama has maintained a steady course of burdensome new regulations, significant tax increases, and massive federal spending on so-called infrastructure. He has unconstitutionally ordered executive actions, favored labor over business, attacked banks, insulted successful corporate leaders, and backed federal-government mandates on business.
And with all this, strong economic recovery from a deep recession — which has been an American tradition — never came to pass.
A recent Wall Street Journal news headline proclaimed: “The Worst Expansion Since World War II.” The story noted that this lackluster economic expansion is actually getting weaker. …
… Yet Obama has continued to do the same thing over and over again.
And now comes Hillary Clinton’s economic plan, which will deliver more stagnant growth, falling wages, dropping productivity, and depressed investment.
Her program would raise taxes on so-called rich people, corporations, capital gains, death, and stock transactions. She would spend massively on infrastructure and again mandate rules for private businesses. Remarkably, she has no corporate tax reform (even Obama had a plan) to revive corporate investment and boost productivity, wages, and living standards.
Now here’s the question: By repeating Obama’s policies, how does she expect the economy to do any better than it did during Obama’s presidency?