Of course, that would let Obama increase the number of food stamp and unemployment collecting Americans.
A new study conducted by Ernst and Young proves conclusively that the President’s tax increase would be devastating to the economy and jobs.
The study finds that, if Congress misguidedly adopted President Obama’s plan to raise taxes on job creators by allowing the Bush-era tax policies to expire for incomes over $200,000 ($250,000 for married filers), the economy and jobs would suffer terribly:
- Output in the long run would fall by 1.3 percent, or $200 billion, in today’s economy;
- Employment in the long run would fall by 0.5 percent or, roughly 710,000 fewer jobs, in today’s economy;
- Capital stock and investment in the long run would fall by 1.4 percent and 2.4 percent, respectively; and
- Real after-tax wages would fall by 1.8 percent.
There are almost 13 million Americans out of work today. President Obama’s tax increase would needlessly add almost three-quarters of a million people to that already much too large number. Even those with jobs wouldn’t escape the pain of President Obama’s tax increase, as they would see their wages suffer.
Need any more reason to vote against he man with no plan to revive the economy?