by The Watchdog
The lead Lancaster New Era editorial “Obama’s OK with status quo” makes the following mis-representations:
1)N. E: “Imagine that, an ‘investment’ built on debt, just like the failed ‘stimulus’ of 2009.”
Failed? It save us from another Great Depression. Republican obstructionism prevented further stimulus and has led to stagnation at a cost estimated at $14 trillion (yes TRILLION).
2) N. E: “Ignoring the need for individual tax reform to go along with much-needed corporate tax reform without similar reduction and reform of individual rates would do nothing for small business, which the White House admits is ‘the engine of job growth in our economy.’”
We just did reform individual rates, rescinding steep and unwarranted reductions from the George W. Bush regime that contributed so much to deficit spending at a time when stimulus was not needed.
As for “small business”, for the most part they are not taxed as business entities and, when corporations, they have Subchapter “S” standing which means they pays no taxes.
3) N. E:“The president’s ‘grand bargain’ included ‘clean energy research.’ We know how that turned out last time – more than $500 million in taxpayer dollars ‘invested’ in federal loans to the now bankrupt Soyndra.”
No mention here of federal government successfl investment in General Motors and Chrysler, plus hundreds of other successes. Here is a message for this would be defender of capitalism: There are inherent risks in business. Sometimes investments go bad. Get used to it. We certainly have.
4) N. E: “Simplify and reform the tax code, as Reagan did in 1986, and let the private sector work its magic…”
Yes, we saw that “magic” in 2008 / 2009 when Wall Street and the banking system would have gone bust had it not been for the federal bailout. Incidentally, the banking bailout was proposed by Republicans and passed, with Democrat help, at the end of “W”s watch.
5)N. E: “…without pork-barrel ‘investments’ of the sort that have ballooned the federal debt and left 11.8 million Americans (including 16,800 in Lancaster County) without jobs.”
It was “W”s tax cuts for individuals and subsidies for prescriptions that contributed to the deficit and then Republican obstructionism to additional stimulus which prevented a vigorous recovery. Instead of renewing and furthering the nations infrastructure, we paid people to sit at home and collect unemployment compensation and food stamps.
“Everyone is entitled to his own opinion, but not to his own facts.” – Daniel Patrick Moynihan
The New Era can and often does put forth conservative positions without distorting the facts.
I wonder how much “pork-barrel investment” was used in LNP’s Marriott Hotel (at taxpayer expense!!!)??? LNP always conveniently forgets that their cash-cow hotel was built with OUR dollars, not theirs!!!
They,of all people, should never question government subsidies!!!