Wednesday, October 06, 2010

Rush Limbaugh Calls Obama an Economic Jackass

I'm sure the thin-skinned Obama White House are going to hit back at Rush for saying this stuff.

"Extend the tax cut to everybody, and you'll inspire confidence," Limbaugh argued, saying that added degree of certainty would free business to spend some of the capital they’re holding onto and hire people, “which, once upon a time, we were told, was Obama’s top priority.”

For not getting this, "He's a jackass.  He's an economic illiterate.  He's an economic ignoramus.” 
“And that's being charitable,” Limbaugh said.

I have to agree with Rush here. Raising taxes during a recession is about the worst thing you can possibly to do. All it will do is extend the duration of the recession as the incentive to reinvest cash goes into avoiding higher taxes. Why would you hire more staff to get your business up to $300,000 a year in earnings when the government is going to take a bigger chunk out of your hard work? Instead you would figure a way to get out of paying that 5 - 10% extra in taxes.

Obama is an economic babe in the woods because he hasn't run any sort of business other then his campaign. The fact that he is even thinking about raising taxes during a recession should have tipped people off. I'm sure that is why his economic team left. They may have gotten tired of hearing "the rich should pay their fair share" and "sometimes you have to say you have made enough money" and other bits of economic wisdom from Obama.

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