Larry Summers signals Obama wants new carbon, sweets, fat foods taxes after fiscal cliff tax hikes
Because he's so political and intellectually corrupted by power, it's hard to believe anything former Obama economic adviser, Larry Summers, says. But one thing he's saying probably signals Obama's plans to impose carbon and sweets taxes after using the fiscal cliff to hike taxes and cut defense spending. Nanny state Obama Democrats always are looking for new opportunities to tax, but it won't happen as long as Republicans control the U.S. House of Representatives.
That Summers uses the Clinton administration's tax rate as an example of what works shows that he's willing to lie about what drove prosperity in the 90s, and it wasn't Clinton's tax rates or economic policies. It was both the internet and PC boom's and the economic policies of Reagan, Bush and Congressional Republicans. The economy boomed despite the high taxes. Today, we don't have a technology stimulus and there is no saying when one will come along again.
What Summers isn't saying is that the heavy regulations imposed and being imposed by the Obama Democrats and a lot of huge tax increases built into the fiscal cliff besides the higher rate on the top 5% to 10% are stalling the economy. Worse, the world economy is hurting, and there is nothing American politicians can do about that.
So we're not heading into a 90s type of economic boom that would make higher tax rates acceptable. We're at risk of another recession, and Obama Democrats are doing all they can to put us into a recession.