Dems Want to Drive Economy Over a Cliff to Feed Their Spending Addiction

July 17, 2012

Washington Democrats Want Even More New Tax Hikes No Matter the Economic Cost

Democrats are leaving no doubt about their desire to drive our economy over a cliff in order to get the tax hikes they want to fuel their spending addiction.
Apparently the fix Democrats got from trillion-dollar deficits and ObamaCare spending wasn’t enough.
Democrats confessed that they think government is responsible for the success of any small business – seriously – and now they want to take more in taxes from these employers just for the sake of more spending.

Democrats are leaving no doubt about their desire to drive our economy over a cliff in order to get the tax hikes they want to fuel their spending addiction

“DEMOCRATS THREATEN TO GO OVER ‘FISCAL CLIFF’ IF GOP FAILS TO RAISE TAXES”: (Lori Montgomery, “Democrats Threaten to Go Over ‘Fiscal Cliff’ if GOP Fails to Raise Taxes,” The Washington Post, 7/16/2012)

“SENIOR DEMOCRATS” ARE READY TO “PLUNGE THE NATION BACK INTO RECESSION” IF THEY DON’T GET THE TAX HIKES THEY WANT: “Emboldened by signs that GOP resistance to new taxes may be weakening, senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession if the new year arrives without an acceptable compromise.” (Lori Montgomery, “Democrats Threaten to Go Over ‘Fiscal Cliff’ if GOP Fails to Raise Taxes,” The Washington Post, 7/16/2012)

“RESULTING BLOW TO THE ECONOMY NEXT YEAR COULD BE ENORMOUS”: “…economy-shaking consequences if no deal is reached… resulting blow to the economy next year could be enormous.” (John Bresnahan and Manu Raju, “The Democrats Play Hardball,” Politico, 7/16/2012)

CBO: BLOW OF TAX HIKES AND SEQUESTER COULD PUSH COUNTRY INTO RECESSION: “The potential changes are part of the $607 billion so-called fiscal cliff of automatic spending cuts and tax increases that the Congressional Budget Office has warned could push the country into a recession.” (Richard Rubin, “Senate Democrats Split From Obama On Taxing Dividends,” Bloomberg, 7/15/2012)

DEMOCRATS’ IRRESPONSIBLE THREAT TO TANK THE ECONOMY COMES AS THE ECONOMIC SITUATION IS AS WEAK AS EVER:

WSJ: “ECONOMY HITTING ‘STALL SPEED,’ AGAIN”: “Another disappointing retail sales report prompted some economists to cut the second-quarter U.S. GDP again.

“Stephen Stanley, chief economist at Pierpont Securities, now sees 0.6% growth rather than 1% previously predicted. ‘As you can see, I am running out of room with regard to being above zero.’” (Min Zeng and Paul Vigna, “Economy Hitting ‘Stall Speed,’ Again,” The Wall Street Journal, 7/16/2012)

“ECONOMY HAS DOWNSHIFTED FROM MUDDLING TO NEAR-STAGNATION”: “ ‘The economy has downshifted from muddling to near-stagnation,’ says Stanley.” (Min Zeng and Paul Vigna, “Economy Hitting ‘Stall Speed,’ Again,” The Wall Street Journal, 7/16/2012)

“FEWER U.S. COMPANIES PLANNING TO HIRE”: (Jason Lange, “Fewer U.S. Companies Planning to Hire,” Reuters, 7/16/2012)

ECONOMISTS URGE NO NEW TAX HIKES WHEN ECONOMY REMAINS WEAK: “Carl Riccadonna, senior U.S. economist with Deutsche Bank, said the most important thing to do is to not re-impose any of the taxes when economic growth and hiring are still so weak.” (Chris Isidore, “Economists: Extend Bush Tax Cuts,” CNNMoney, 7/9/2012)

Apparently the fix Democrats got from trillion-dollar deficits and ObamaCare spending wasn’t enough:

U.S. IS ON TRACK FOR FOURTH STRAIGHT YEAR OF TRILLION-DOLLAR DEFICITS: “The U.S. budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year.” (“U.S. Government Records $904.2B Deficit Through June,” Associated Press, 7/12/2012)

TAXMAGEDDON WILL COST AVERAGE FAMILY $4,138 IN 2013: (“Taxmageddon Costs Average Family $4,138 Next year,” The Heritage Foundation, 6/14/2012)

DEMS’ SPENDING ADDICTION HAS ALREADY COST AMERICA TRILLIONS:

PRICE TAG FOR OBAMACARE OVER THE NEXT 10 YEARS: $1.76 TRILLION COST: (Phillip Klein, “CBO: ObamaCare to Cost $1.76 Trillion Over 10 Years,” The Washington Examiner, 3/13/2012)

PRICE TAG FOR FAILED STIMULUS: $831 BILLION: (“CBO’s Estimates of ARRA’s Economic Impact,” Congressional Budget Office, 2/22/2012)

$5.24 TRILLION INCREASE IN NATIONAL DEBT SINCE OBAMA TOOK OFFICE: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 7/16/2012)

Democrats confessed that they think government is responsible for the success of any small business – seriously – and now they want to take more in taxes from these employers just for the sake of more spending:

OBAMA TO ENTREPRENEURS: “IF YOU’VE GOT A BUSINESS—YOU DIDN’T BUILD THAT. SOMEBODY ELSE MADE THAT HAPPEN.” (Kerry Picket, “Picket: (Video) Obama: ‘If You’ve Got a Business—You Didn’t Build That. Somebody Else Made That Happen,” The Washington Times, 7/15/2012)

LAST WEEK: OBAMA CLAIMS HIS PROPOSED TAX HIKES WILL SOMEHOW “ENCOURAGE BUSINESSES TO START UP AND CREATE JOBS”: “We need policies that grow and strengthen the middle class — policies that help create jobs, that make education and training more affordable, that encourage businesses to start up and create jobs right here in the United States. So that’s why I believe it’s time to let the tax cuts for the wealthiest Americans — folks like myself — to expire.” (“Remarks by the President on Extending Tax Cuts for Middle-Class Families,” The White House, 7/9/2012)

JOINT COMMITTEE ON TAXATION: 940,000 SMALL BUSINESSES TO GET HIT BY DEMOCRATS’ LATEST TAX HIKE: “Congress’s Joint Tax Committee—not a conservative outfit—estimates that in 2013 about 940,000 taxpayers will have enough business income to meet Mr. Obama’s tax increase threshold.” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

MORE THAN HALF OF NET BUSINESS INCOME WILL BE HIT BY HIGHER TAX RATES UNDER OBAMA PROPOSAL: “And of the roughly $1.3 trillion in net business income, about 53% will get hit with the higher tax rates. This is because millions of businesses report their income as sole proprietors and subchapter S corporations that file under the individual tax code.” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

OBAMA’S NEW TAX HIKE WOULD HAVE SOME SMALL BUSINESSES PAYING HIGHER TAX RATES THAN GENERAL ELECTRIC AND J.P. MORGAN: “So Mr. Obama wants these businesses to pay higher tax rates than the giant likes of General Electric or J.P. Morgan. Does that qualify as ‘tax fairness’?” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

NFIB STUDY: 150K SMALL BUSINESS JOBS COULD BE DESTROYED BY OBAMACARE’S HEALTH INSURANCE TAX: (“NFIB Research Foundation Study: Health Insurance Tax to Cost 125,000 to 249,000 Private-Sector Jobs,” NFIB, 11/9/2011)