The headline is from USA Today:
Quarterly economic forecast takes a turn for the worse
And what is the Obama administration’s policy plan? Let the the Bush tax cuts expire, which will increase taxes on the very people who create jobs, provide capital, and account for a big chunk of consumer spending.
No need to wonder why we continue to be in such a terrible economic mess. Policies DO have consequences and, so far, the current administration refuses to acknowledge that its economic policies have failed. It has gotten so bad that even some liberal members of Congress are getting very nervous. From the Wall Street Journal’s editorial page: (emphasis is mine)
Over in the House, Bobby Bright of Alabama even dared to defend the rich Americans who Democrats have been pounding for years. “I don’t care if it’s the wealthiest of the wealthy. You don’t raise their taxes,” he told The Hill newspaper. “In a recession you don’t tax, burden and restrict.” Better don the body armor on your next visit to the Speaker’s office, Bobby.
