Posted in Big Government, Center for Freedom and Prosperity, Economics, Fiscal Policy, Government Spending, Obama, stimulus, Waste, tagged Big Government, Bush, Center for Freedom and Prosperity, Clinton, Government Spending, Obama, stimulus on August 13, 2012 |
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The burden of federal spending in the United States was down to 18.2 percent of gross domestic product when Bill Clinton left office.
But this progress didn’t last long. Thanks to George Bush’s reckless spending policies, the federal budget grew about twice as fast as the economy, jumping by nearly 90 percent in just eight years This pushed federal spending up to about 25 percent of GDP.
President Obama promised hope and change, but he has kept spending at this high level rather than undoing the mistakes of his predecessor.
This new video from the Center for Freedom and Prosperity Foundation uses examples of waste, fraud, and abuse to highlight President Obama’s failed fiscal policy.
Good stuff, though the video actually understates the indictment against Obama. There is no mention, for instance, about all the new spending for Obamacare that will begin to take effect over the next few years.
But not everything can be covered in a 5-minute video. And I suspect the video is more effective because it closes instead with some discussion of the corrupt insider dealing of Obama’s so-called green energy programs.
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The Obama campaign’s “Life of Julia” ad is a disturbing sign. It suggests that political strategists, pollsters, and campaign advisers must think that the people living off government are getting to the point where they can out-vote the people paying for government.
If that’s true, America is doomed to become another Greece – which would be an appropriate fate since, for all intents and purposes, Julia is the fictional twin of a real-life Greek woman who thought it was government’s job to give her things.
In general, I think the best response to Julia is mockery, which is why I shared this Iowahawk parody and this Ramirez cartoon.
But we also need a serious discussion of why dependency is a bad thing, which is why I’m glad the Center for Freedom and Prosperity has produced this new “Economics 101″ video.
It’s narrated by Emily O’Neill, who contrasts the moocher mentality of Julia with how she wants her life to develop. To give away the message, she wants the kind of fulfillment that only exists when you earn things.
Emily’s view could be considered Randian libertarianism, conventional conservatism, or both. That’s because there’s a common moral belief in both philosophies that government-imposed coercion and redistribution erode the social capital of a people.
This is perhaps the key issue for America’s future, which is why I hope you’ll share this video widely. Otherwise, we my face a future where this Chuck Asay cartoon becomes reality. Speaking of Asay, this cartoon is a pretty good summary of what the Julia ad is really saying.
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Posted in Center for Freedom and Prosperity, Economics, Fiscal Policy, Laffer Curve, Taxation, tagged Center for Freedom and Prosperity, Economics, Fiscal Policy, Laffer Curve, Taxation on August 12, 2009 |
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The Center for Freedom and Prosperity just released a paper analyzing the Laffer Curve.
The central lesson is that tax increases do raise more revenue in most cases, but at a very high cost in terms of economic growth. However, the tax increases proposed by the Obama Admininstration – based on class-warfare ideology – are especially destructive and may actually lose revenue if taxable income falls enough to offset the impact of the higher tax rate.
The three-part video series on the Laffer Curve can be seen here.
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