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Obamanomics Is a Recipe for Recession
Wall Street Journal ^ | July 29, 2008 | Michael Boskin

Posted on 07/29/2008 8:05:52 AM PDT by djsherin

What if I told you that a prominent global political figure in recent months has proposed: abrogating key features of his government's contracts with energy companies; unilaterally renegotiating his country's international economic treaties; dramatically raising marginal tax rates on the "rich" to levels not seen in his country in three decades (which would make them among the highest in the world); and changing his country's social insurance system into explicit welfare by severing the link between taxes and benefits?

The first name that came to mind would probably not be Barack Obama, possibly our nation's next president. Yet despite his obvious general intelligence, and uplifting and motivational eloquence, Sen. Obama reveals this startling economic illiteracy in his policy proposals and economic pronouncements. From the property rights and rule of (contract) law foundations of a successful market economy to the specifics of tax, spending, energy, regulatory and trade policy, if the proposals espoused by candidate Obama ever became law, the American economy would suffer a serious setback.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Constitution/Conservatism; Government; News/Current Events
KEYWORDS: economicpolicy; economics; obama

1 posted on 07/29/2008 8:05:52 AM PDT by djsherin
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To: djsherin

Recession? Shiite! We’ll be lucky if it is only a recession.


2 posted on 07/29/2008 8:08:18 AM PDT by Vigilanteman (Are there any men left in Washington? Or, are there only cowards? Ahmad Shah Massoud)
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To: djsherin

Bump for later


3 posted on 07/29/2008 8:09:42 AM PDT by Inyokern
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To: djsherin
"Yet despite his obvious general intelligence, and uplifting and motivational eloquence"

I have yet to see objective evidence of either.

And I don't say that because he's liberal....I say that because I've seen and heard him.

4 posted on 07/29/2008 8:10:48 AM PDT by Psycho_Bunny (Islam: Imagine a clown car.........with guns.)
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To: djsherin
No worries. It'll never be reported that way. All will be well and we'll all be healed by B.O. You'll read that every day on CNN.

Remember, facts do not matter to Marxist-Communists.

5 posted on 07/29/2008 8:11:25 AM PDT by yobid ("...the crux of the biscuit is the apostrophe")
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To: djsherin

Uhhhhbamuuuuuh’s gonna make Jimmmuuuhhhh look like a piker!!!!


6 posted on 07/29/2008 8:13:32 AM PDT by rawcatslyentist (I will stand with the Muslims ~B Hussein Obomber Verito Possumus~Verified Sleeper!)
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To: djsherin

Recession? That’s probably the best-case scenario. IMO, Obama’s tax policies, combined with out-of-contol spending proposals, would likely push an already struggling US economy over the cliff and into a full scale collapse.


7 posted on 07/29/2008 8:13:40 AM PDT by VOR78
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To: djsherin

McConomics is a recipe for recession and another Democrat win in 4 years. Obamanomics is a recipe for recession and a conservative win in 4 years. Pick your Democrat.


8 posted on 07/29/2008 8:18:34 AM PDT by Reeses (Leftism is powered by the evil force of envy.)
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To: Psycho_Bunny

not everyone can work the teleprompter like Obama.


9 posted on 07/29/2008 8:18:35 AM PDT by ari-freedom (Obama: uh, uh, uh, you know, uh, uh, uh, uhh, is...? Uh, is of -- of their work, uh, uh, uh, uh)
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To: djsherin
Obamanomics Is a Recipe for Recession Disaster

There, fixed it.

10 posted on 07/29/2008 8:20:51 AM PDT by Obadiah (I remember when the climate never changed, then Bush stole the election.)
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To: Reeses

first, you need a conservative that can run.


11 posted on 07/29/2008 8:21:50 AM PDT by ari-freedom (Obama: uh, uh, uh, you know, uh, uh, uh, uhh, is...? Uh, is of -- of their work, uh, uh, uh, uh)
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To: djsherin
Obamanomics Is a Recipe for Recession

With $43 Billion in Bush tax cuts expected to expire in the next 2 years and the Obamessiah promising trillions in NEW taxes, A recession would be an improvement. The depression he and the libs will push us into will make the Dression of '29 look like a rainy Sunday picnic.

12 posted on 07/29/2008 8:26:52 AM PDT by DustyMoment (FloriDUH - proud inventors of pregnant/hanging chads and judicide!!)
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To: Reeses
McConomics is a recipe for recession

How so? Keeping taxes low, lowering corporate taxes sound to me like a plan.

13 posted on 07/29/2008 8:27:52 AM PDT by ilgipper
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To: Reeses
“McConomics is a recipe for recession and another Democrat win in 4 years. Obamanomics is a recipe for recession and a conservative win in 4 years. Pick your Democrat.”

Exactly, without Carter there would not have been Reagan. The exponentially worse Obama administration may lead to a watershed moment.

14 posted on 07/29/2008 8:30:12 AM PDT by ricmc2175
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To: ricmc2175
“McConomics is a recipe for recession and another Democrat win in 4 years. Obamanomics is a recipe for recession and a conservative win in 4 years. Pick your Democrat.”

Exactly, without Carter there would not have been Reagan. The exponentially worse Obama administration may lead to a watershed moment.

To bring the patient on the edge of death in order to 'scare' him into living a better lifestyle? I'm a small business owner and primarily do business with other small businesses. The prospect of President Obama who gets four years to screw things up (at least two of which he'll have a Dem congress to help him along) is beyond frightning from an economic prespective.

JP

15 posted on 07/29/2008 8:37:59 AM PDT by EscapedDutch (I spent $5,000 to become a LEGAL resident of the US. If illegals get amnesty, I demand a refund!)
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To: Vigilanteman; DustyMoment

Look at the bright side. If there is a depression a lot of illegals will repatriate themselves willingly.


16 posted on 07/29/2008 8:43:53 AM PDT by BBell
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To: BBell

...or increase the crime statistics


17 posted on 07/29/2008 8:48:27 AM PDT by woollyone (100 rounds per week totals over 5000 rounds in a year. Just thought you'd want to know.)
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To: djsherin

You mean his approval rating would be less than Bush’s? Woe is us.


18 posted on 07/29/2008 8:52:01 AM PDT by ex-snook ("Above all things, truth beareth away the victory.")
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To: BBell
If there is a depression a lot of illegals will repatriate themselves willingly.

Yep. A lot of us may join them. Being an illegal in a third world paradise like Mexico may be a lot better than surviving an Obama presidency here.

The more I learn about him, the more I am convinced that, at the very least, he IS the Manchurian candidate.

19 posted on 07/29/2008 8:56:49 AM PDT by DustyMoment (FloriDUH - proud inventors of pregnant/hanging chads and judicide!!)
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To: DustyMoment
...and that alone should be reason enough to disqualify him come November.

(We don't even need the birth certificate, experience, marxist social policies, does he love America, anti-troops, poor foreign policy and naivety arguments)

20 posted on 07/29/2008 9:25:28 AM PDT by johnnycap
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To: djsherin
A taxpayer voting for Obama makes about as much sense as chicken voting for Col. Sanders.

Q: What do Obama and Osama have in common?

A: They both have friends who have bombed the Pentagon.

21 posted on 07/29/2008 9:26:40 AM PDT by stockstrader (CHANGE--a euphemism for further dividing our country along racial, social and economic lines)
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To: DustyMoment
Obama will have the heavy burden of proving a mulatto leftist can govern without screwing up things too badly. The world's eyes will be on him. Unlike Hillary he will not try anything drastic. He's destined to meritocracy and failure and damaging the Democrat label for years to come. When your competitor wants to gamble away their brand name, stand back and let them.

Just be thankful this Carter-like clown displaced Hitlery. You can't win all the time.

I'm voting anti-Obama via McCain but I don't care any more which way it goes. On some points it's better to have Obama in there to take the hits. While he'll invite more terrorism he's a pacifist and will avoid getting into a pointless Democrat war.

22 posted on 07/29/2008 9:29:13 AM PDT by Reeses (Leftism is powered by the evil force of envy.)
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To: Reeses
Obama will have the heavy burden of proving a mulatto leftist can govern without screwing up things too badly.

I don't think that will be much of an impediment to him. Obama is at a point where he believes his own press and that he is infallible. Look at his Obama seal and the logo on his aircraft. This turkey has drunk his own kool-aid and believes that he has all the answers.

Like too many despots who have preceeded him, I believe that the Obamessiah will not be intimidated by the lights shining on his every move, I think he will relish it and take it as a cue that he has to do something. Remember, the DBM has elevated him to rock superstar status and he has bought into it. This guy is a train wreck waiting to happen, the likes of which we have never seen before.

23 posted on 07/29/2008 9:39:21 AM PDT by DustyMoment (FloriDUH - proud inventors of pregnant/hanging chads and judicide!!)
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To: BBell
I wouldn't count on it. When there is a severe economic downturn here, people in Latin America will be starving to death. Crap always flows downhill. It is something the left just can't understand with their "soak the rich" schemes.

Disclosure: I'm lower middle class and my federal taxes last year were less than $800, but I understand this.

24 posted on 07/29/2008 10:05:54 AM PDT by Vigilanteman (Are there any men left in Washington? Or, are there only cowards? Ahmad Shah Massoud)
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To: Reeses

So accurately put....the choice seems to be McCononomics or Obamanomics....and yes w the latter the chances of getting a conservative GOP candidate 4 years from now would be better


25 posted on 07/29/2008 10:06:32 AM PDT by UCFRoadWarrior (McBama....Over 300 Million Screwed)
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To: ilgipper

You did not hear about McCain’s plan to raise taxes to fund Socialist Insecurity, did you? McCain is really Obama-lite


26 posted on 07/29/2008 10:09:21 AM PDT by UCFRoadWarrior (McBama....Over 300 Million Screwed)
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To: EscapedDutch
“To bring the patient on the edge of death in order to ‘scare’ him into living a better lifestyle? I'm a small business owner and primarily do business with other small businesses. The prospect of President Obama who gets four years to screw things up (at least two of which he'll have a Dem congress to help him along) is beyond frightening from an economic perspective.”

Again, your perspicacity is overwhelming. You are exactly correct. That is what is done in bypass surgery. The patient is brought to the edge of death. Without which there could be no saving of his life. The same is true for many addictions. This addiction to socialism will not be cured without extreme pain and destruction even to the point of death.

27 posted on 07/29/2008 4:47:12 PM PDT by ricmc2175
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