Democrats Champion Tax Increases, Slow Growth And Socialism
S E E D E D C O N T E N T
Democrats still have no idea what happened in 2016. Blue collar workers in Pennsylvania, Michigan, Wisconsin, West Virginia, Indiana, Missouri, were tired of the manifest failures of Obamanomics: slow economic growth, slow job growth, slow wage growth. Hillary Clinton was promising more of the same and those voters wanted a change.
The Democrat party and its Deep State are still resisting, starting with the badly overrated Barack Obama himself. He has been the only American president in history to deploy America's own spy agencies against the opposing political party's candidate, as if America were a third world dictatorship. Democrat leaders don't need the complicity of the CIA or the FBI in an election. This is not Venezuela.
But the voters turned out to be right after all. Obama's apologists laughed at Trump when he promised to restore America to its long-term growth rate of 4%, more than double President Obama's eight-year average growth of less than 2%. Obama apologists said that less than 2% was the "new normal".
America could no longer grow at its historic rates. Only uneducated "deplorables" didn't know that.
But Trump understood that if he restored the pro-growth policies of President Reagan, especially sweeping marginal tax rate cuts and deregulation, he would enjoy booming growth as Reagan did. Within 6 months Trump's economy was growing at 3%, 50% more than Obama. In less than 2 years, he has America growing at over 4% annually.
Pro-Growth Policies Work
Meanwhile, every Congressional Democrat voted "no" on the tax cuts and is now campaigning to reverse those tax cuts, which would constitute the largest tax increase in American history. This is the first time since 1984, when Walter Mondale lost 49 states to Reagan, that Democrats are explicitly campaigning on increasing taxes.
Under President Trump's pro-growth Republican economics — doing everything the exact opposite of Obama — Black Americans, Hispanic Americans and Asian Americans are enjoying the lowest unemployment in American history . And women are enjoying the lowest unemployment since 1953.
Bottom line: President Trump and the Republican Congress have produced the most inclusive recovery in American history.
Kennedy Democrats
If you asked current-day Democrats what policies create jobs and rising wages, they couldn't tell you. Unlike Kennedy Democrats, Obama Democrats do not understand what policies create economic growth, jobs, higher wages, and prosperity.
Instead of sharply cutting tax rates, as did both Kennedy and Reagan, Obama increased income tax rates, capital gains tax rates, tax rates on corporate dividends, payroll taxes, while maintaining the highest corporate tax rate in the industrialized world.
Instead of deregulation, Obama tried to regulate America's world leading energy resources, bank lending and health insurance out of existence.
Obama's Failures
Instead of cutting spending, Obama gave America the highest spending, deficits and debt in American history. He increased the national debt more than all other prior presidents from George Washington to George Bush, combined .
Instead of monetary police to stabilize the dollar as supported by Reagan and Kennedy, Obama accommodated a decade of zero interest rate monetary policy and $4 trillion in "quantitative easing", which remains the greatest threat to American economic growth to this day.
Democrats are openly campaigning today for socialism through their new cohorts in various Congressional districts. It is time to stop them. That is what this new fight is all about — restoring tax reform and tax cuts for all Americans.
- Uhler is founder and chairman of the National Tax Limitation Committee and National Tax Limitation Foundation (NTLF). He worked with both Ronald Reagan and Milton Friedman in California and across the country.
- Ferrara is a senior fellow with the Heartland Institute and NTLF and teaches economics at Kings College in New York. He served in the White House Office of Policy Development under President Reagan, and as associate deputy attorney general of the United States under President George H.W. Bush.
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