Campaign promises about the economy often end up being unfulfilled. Bill Clinton promised a middle-class tax cut, but increased taxes instead. Jimmy Carter promised to cut inflation, but it went up to record levels. FDR promised a balanced budget, but ran up record deficits. And the elder Bush promised to create 20 million new jobs, but delivered economic stagnation.
Still, Peter Ferrara looks at what would happen if Obama’s proposed tax increases and tax cuts do become law, and argues that, if adopted, they would harm the economy’s ability to produce jobs, and result in increased welfare.
The tax increases may well go through, since there will likely be a filibuster-proof Democratic majority in the Congress next year. Whether the tax cuts will go through is another matter — Bill Clinton dropped his plans for a middle-class tax cut after getting elected, even though his own party controlled Congress in the early years of his presidency.