Category Archives: Economics

Fiscal Cliff Notes II

Economist Thomas Sowell has written another informative column titled “Fiscal Cliff Notes: Part II” which appeared on The American Spectator web site.

This column shows in detail the lie in Obama’s repeated statements that President Bush’s “tax cuts for the rich” cost the government so much lost tax revenue, that they added to the budget deficit, so must be eliminated.

In fact, the “Bush” tax cuts for all taxpayers increased tax revenue. The graph shown below clearly demonstrates that federal spending is the main culprit of Obama’s massive budget deficits. In his first year in office Obama’s outlays increased by over $530 billion, and have continued for four years. Continue reading

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Posted in Budget, Economics, Federal, Federal, Politics | Tagged , , ,

Fiscal Cliff Notes

Economist Thomas Sowell has written an informative column titled “Fiscal Cliff Notes” which appeared on The American Spectator web site.

Sowell describes some facts about Obama’s increasing taxes on the “rich.” It will run the government for 10 days, and will do nothing to offset Obama’s last four years of trillion dollar deficits.

Sowell also discusses the Federal Reserve’s “quantitative easing” that is supposed to “stimulate” investing to improve economic growth. In fact “quantitative easing” will only debase the value of money, which will “take people’s wealth from them without having to openly raise taxes.” Continue reading

Posted in Budget, Economics, Federal, Federal, Politics | Tagged , , ,