How Obama's Soak-The-Rich Plan Will End Up Hurting Middle Class
public policy, politics, taxes, liberalism, left wing, socialism, philosophy, ideology, government, economics, economy
March 3, 2009, by JIM POWELL
President Obama has claimed that his budget goes after the rich who supposedly will pay the cost of his spending extravaganza. But it is already apparent that the rest of us will pay plenty.
Obama's populist rhetoric suggests that he's only going after the super-rich. Yet reportedly half of individuals earning over $250,000 a year are small business owners. During the past 15 years, small businesses have been creating over 90% of net new jobs — altogether, more than 20 million jobs. How smart is it for the heavy hand of government to come down on these employers?
Not very — if the goal of these policies is economic recovery and prosperity.