Monday, August 30, 2010

The Economy: Things Will Get Worse Before They Get Better

The Washington Examiner's editorial of August 27 states that the economy will be getting worse, and soon.

The editorial states that almost all major economic indicators are pointing downward; that unemployment is close to 20% (counting those who have given up or fall off the unemployment roles), which is the same as the Great Depression.  Worse, the economy is expected to take a dive when the Democrats raise taxes:
The really bad news, however, is that things are going to get worse before they get better unless President Obama and the Democratic Congress reverse course and abandon their plan to impose a huge tax increase on Jan. 1, 2011. That's the day the 2001 and 2003 Bush tax cuts are scheduled to expire. Tax rates on all five income brackets, not just those paid by "the rich," will increase by 2 to 4 percentage points, thereby blowing a $921 billion hole in the nation's ailing economy. Obama, Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi, have sent federal spending skyrocketing, from 20 percent of the gross domestic product to 25 percent. The coming tax increase will drive the cost of government even further into the stratosphere, which will deprive the private sector of nearly a trillion dollars that could have gone to job creation.
 Aren't you glad you vote DEMOCRAT?  Don't you wish everybody did?

Read it all here.  Hat tip:  Protein Wisdom

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