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LAMBRO: Over the cliff with Obama
Democrats don’t get that rising taxes sink all boats
Question of the Day
This is a clear signal that Mr. Obama, whose campaign has been all about class warfare instead of growth economics, persists in his opposition to broadening the tax base and reducing the tax burden on a bedridden economy.
Mr. Obama, Mr. Schumer and their Democratic allies continue to argue that tax-reduction incentives will not improve the economy, that “the numbers don’t add up.” However, they worked under Reagan, who cut taxes across the board during his first term and reduced them further in his second term. He did it with Democratic support in Congress.
You want evidence? Well, I’ll give it to you.
In 1983, after a severe recession sent unemployment up to 10.8 percent, Reagan’s quarterly economic growth rates were 1.5 percent, 3.2 percent, 5.6 percent and 7.7 percent.
By comparison, in the third year of Mr. Obama’s presidency, his quarterly economic growth rates were 0.4 percent, 1.3 percent, 1.8 percent and 3 percent.
In 1984, the year Reagan sought re-election, quarterly economic growth rates were 8.5 percent, 7.9 percent, 6.9 percent and 5.8 percent.
By 2012, Mr. Obama’s first two quarterly growth rates were 2 percent and a barely breathing 1.3 percent. Third-quarter estimates are about 1.5 percent.
When he was running for president on a platform for across-the-board tax cuts to “get the economy moving again,” John F. Kennedy dealt with the tax fairness issue by saying, “A rising tide lifts all boats.” Despite all of the naysayers, the economy strengthened, and by the end of the 1960s, we had a balanced budget.
Donald Lambro is a syndicated columnist and former chief political correspondent for The Washington Times.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
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