Sunday, February 19, 2012

Obama Economics

The version of economics being pushed by President Barack Obama has a few problems. Among them are:

  1. The end of the "Bush tax cuts", plus the increased surtaxes in the "Patient Protection and Affordable Care Act" (Obamacare) will increase the national tax bite by $0.5 trillion per year, beginning next year.
  2. Gasoline prices are at new highs, and heading higher.
  3. Barely over half the U.S. population pay any income taxes at all.
  4. Only 33% of the U.S. population are
    1. taxpayers, and
    2. not government employees.
  5. People making minimum wage (quoted here as $14,500/year) are better off than people making four times as much.
None of this is sustainable.

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