Once again, the guy I didn't vote for has won. The Democrats appear to have been given even greater control of both houses of Congress. I consider myself more of an independent with conservative leanings than a Republican, but I didn't want this. Especially with regard to economic/fiscal policy and taxation, my feeling is that the Democrats still don't get it. They may never get it.
It's not the end of the world, though. If it were, then I'd be overestimating the president's ability to change my life. Yes, I may get higher taxes and more social programs. I may get greater regulation and overall bigger government. The president and Congress, however, cannot take away my hard work, my resolve, or my desire for all of us to rely more on ourselves and less on the government.
I guess it's time for us to learn what all that "change" and "hope" that Obama's been yapping about are really about. I'm curious, if nothing else.
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wisdom in 140 characters or less
Wednesday, November 5, 2008
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I don't get how you can pin problems on the economy on Democrats. The Clinton years had a budget SURPLUS and great growth and new businesses and new technologies and the stock market typically performs better under Democrats, contrary to popular belief.
ReplyDeleteI didn't say I blamed Democrats for problems in our current economy, but I should have. While banks share the blame in this, relaxed lending standards were put into place during the Clinton years that allowed many underqualified home buyers to get loans they couldn't afford. The mortgage problem was then exacerbated by all the derivatives that were being traded on the mortgages. Obviously, the derivatives market needs some government oversight. It hasn't really had any.
ReplyDeleteAs the above example illustrates, I wouldn't be so quick to attribute good economic performance to Democratic economic policy. It often takes years for tax and economic policy changes to show their effects. And some things are going to happen (e-commerce, for example) that are largely independent of who's in power. And some presidents have wars to contend with. Others don't.
Finally, my comments on the Democrats and economic policy were really related to heavier taxation of businesses and wealthy individuals. America already has some of the highest corporate tax rates in the industrialized world. Increasing those taxes isn't going to create jobs or spur investment, foreign or otherwise--not a good thing when our country is faced with a weakened economy and increasing unemployment. I also have fundamental problems with the progressive tax system, and the tax system in general. Ethically, it does not make a lot of sense to me that those who earn more should pay a greater percentage of what they have. I'd like to see everyone treated equally under the tax code. This makes more sense when you remove the loopholes from the code, of course.