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PrintFebruary 28, 2009
Kudlow goes to War
One Larry has got it right. Larry Kudlow to be precise. Kudlow enters deep into the trenches in his latest CNBC blog entitled, “Obama Declares War on Investors, Entrepreneurs, Businesses, And More.” Here is a taste:
[Obama] is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds.
That is the meaning of his anti-growth tax-hike proposals, which make absolutely no sense at all -- either for this recession or from the standpoint of expanding our economy’s long-run potential to grow.
This is a “gloves off” piece by the Princeton University educated economist. Kudlow, a Jewish kid from New Jersey, has worked, not only as an economics journalist; he served as an Associate Director for Economics and Planning in the Office of Management and Budget (OMB).
In short, Kudlow knows what he is talking about when he claims:
Raising the marginal tax rate on successful earners, capital, dividends, and all the private funds is a function of Obama’s left-wing social vision, and a repudiation of his economic-recovery statements. Ditto for his sweeping government-planning-and-spending program, which will wind up raising federal outlays as a share of GDP to at least 30 percent, if not more, over the next 10 years.
Study after study over the past several decades has shown how countries that spend more produce less, while nations that tax less produce more. Obama is doing it wrong on both counts.
Yes. You read that last line correctly. Some one in the media has actually used the words “wrong” and “Obama” in the same sentence. You will not see that very often in the next four years.
Looks like Larry Kudlow has gone to war.
Hat tip: NYC Lauri
