|Obama's Economic Airlines|
So even I have been surprised by the reality that President Obama's economic policies have been so disastrous that they have prevented any real recovery from getting off the ground, at what is now three and a half years since the recession began.
I have previously discussed why this happened. Obamanomics doggedly followed the opposite of Reaganomics in every detail. The centerpiece of Obamanomics was the old-fashioned Keynesianism that was a proven failure and left for dead 30 years ago. That was reflected most of all in Obama's February 2009 trillion dollar stimulus package. That didn't work because borrowing a trillion dollars out of the economy to spend a trillion dollars back into the economy does not add anything to the economy on net.
Already scheduled now under current law in 2013 is the expiration of those Bush tax cuts, which President Obama has refused to renew for single workers making over $200,000 a year, and couples making over $250,000. Also scheduled to go into effect in 2013 under current law are all the tax increases of Obamacare. Together, these job killing tax policies would result in a sharp increase in the tax rates on the nation's small businesses, job creators, and investors for virtually every major federal tax.