I admire President Obama’s desire to cut the deficit in half by 2013, but I think we all know what that means — raising taxes to do so. Probably not everyone will see a tax increase, but most likely those that are wealthy and employ other people will be taxed higher, and the cost will be passed down in the form of cut wages and possibly more layoffs.
Why raise taxes for anyone in this economy? The market will react because it’s a bad idea, and -350 points might be a very conservative prediction. We shall see. I hope I’m dead wrong, but history tells another story and that’s the basis of my prediction.
The plan should come tonight or on Thursday.
I admire President Obama’s ambition in wanting to cut the deficit in half by 2013. But we know what it takes to achieve this: huge tax increases!
Raising taxes in an already battered economy?! Losing 350 points might be a very conservative estimate… we shall wait and see. I hope I’m dead wrong on this.
