Obamanomics

Please forgive me (John) for the following political blog entry.

If you are interested in Barrack Obama's economic policies, you may want to read an editorial published in today's Wall Street Journal by Michael Boskin, a professor of economics at Stanford University. Mr. Boskin argues, successfully in my view, that Obama's economic policies will be both detrimental to our pocketbooks and crippling to the economy as a whole. On the margin, the take-home pay of millions of Americans, many of whom live in high-cost regions, will decline by one third. Yes, that's a 33% decrease in take-home pay. Additionally, Obama is proposing higher taxes on dividends and capital gains, as well as a protectionist trade agenda. The combined effect of these economic policies could turn our mild recession into a depression. Worse yet, we would forfeit much of our individual economic freedom to the state.

Here is a chart detailing Obama's proposed changes to our tax rates and a link to Mr Boskin’s intriguing editorial.



To me, the fundamental concept of freedom includes allowing us to make our own economic choices. Sadly, the government is already making up to half of our economic choices for us. I believe we need more economic freedom, not less. Especially now. This is not the point in an economic cycle to introduce higher taxes and tariffs. We need tax reductions, not increases. We need to address the deficit with spending reductions, not higher taxes. We need to tear down trade barriers with other countries, not embrace protectionism. While we may be fatigued and frustrated with George W. Bush, we should make sure we're embracing the right kind of change. While I like the "idea" of an Obama candidacy, I cannot support his economic policies and cannot, in good conscience, cast my ballot for him in November.