Articles

Democrats Try Trickle-Down Economics

February 04, 2009

As a presidential candidate, Barack Obama attacked "trickle down economics" as "bankrupt" and an "old, discredited" philosophy that "didn't work." He was wrong. Even worse, though, is that he and congressional Democrats are embracing a Democratic version of trickle-down economics that won't work.

It's embodied in the House-passed "stimulus" bill, H.R. 1, whose deeply flawed assumption is that spending $1 trillion to grow government will trickle down to help people who lost jobs. The Democrats' spending is horribly mismatched with industries that have suffered job loss.

Since December 2007, Americans lost 791,000 jobs in manufacturing, 681,000 jobs in professional and business services, 632,000 jobs in construction, 522,000 jobs in retail, 167,000 jobs in hospitality, and 576,000 jobs in the rest of the service industry. It would be logical for policy makers to focus on job creation in these sectors.

Instead, Democrats want to spend $88 billion to increase the federal share of Medicaid. What American will be hired by a small business, factory, retail shop, hotel, restaurant or service company because of this spending? The answer is very few.

FULL ARTICLE: http://online.wsj.com/article/SB123379742941850311.html

Related Article

02b79d10642ebf7676b00c5f4ebca3f5
February 29, 2024 |
Article
This year will be only the second time a former president faces the man who defeated him four years before. ...
60779094a7c9cc27594136919e3ce66e
February 22, 2024 |
Article
Presidential politics is principally about consolidation and addition. ...
Acd424735e9dd4304fb5c1c6425c0d23
February 15, 2024 |
Article
The Biden campaign took a torpedo to its engine room last week in the form of special counsel Robert Hur’s report. ...
A4da1e61a69e6733f9b1de11882204c4
February 08, 2024 |
Article
I first saw him on Friday, Sept. 14, 2001, at Ground Zero in New York. ...
Button karlsbooks
Button readinglist
Button nextapperance