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The Week in Review: Out of the Economic Frying Pan and Into the...?

11.20.2009 The Week In Review: Out of the Economic Frying Pan and Into the...?

“Facts are stubborn things”

-John Adams Option One: Complete Failure

Are you confident that our country is headed in the right direction?

American new unemployment claims remained unchanged last week—still north of 505,000. Unfortunately, the administration’s and Congress’ approach to fixing this problem also remained unchanged, which means our record unemployment rate is not going to go down anytime soon…and sustainable new job opportunities are nowhere on the horizon.

Amid controversy about stimulus spending fraud, related job creation inaccuracies, the realization that unemployment benefits for millions of Americans are set to expire in 40 days, and a looming health care bill that increases both taxes and spending over the next 10 years, [man, talk about being kicked when you’re down…] the outlook for our future on this current path looks bad. It looks, well, un-American.

Don’t we deserve better than this? With so much at stake, shouldn’t we at least expect a better effort from Washington? Option Two: Complete Turnaround and Robust Recovery

History provides us with a number of facts that are worth considering, given our current jobless climate:

  • Fact: raising taxes and spending in a recession prolongs the recession—or leads to a depression. If we want to recover [quickly], we need to cut taxes and stop spending.
  • Fact: re-allocation of taxpayer funds to save government jobs does not create new tax revenue. To truly stimulate the economy, capital needs to be available to small businesses…the source of over 80% of new jobs in America each year.
  • Fact: government programs almost never achieve their budget goals (they’re usually between 2 to 10 times more expensive), so an $846 billion health care proposal will NOT reduce our deficit. We must pursue a less expensive, consumer-driven option.
  • Fact: in nations where government-run programs are widespread, unemployment, taxes—or both—are higher than in the U.S.; economic growth, productivity, and job creation—or all three—are lower. Americans should never strive for government-driven mediocrity.

Given the facts, it’s not difficult to chart a course towards recovery—we need to lower taxes, stop deficit spending, and give employers the chance to create new jobs again. That’s what the facts tell us…and unfortunately for Washington, facts are stubborn things.

A blessed and happy Thanksgiving to each of you and your families.

It’s time to fight…it’s time to lead…it’s time to win! Dave

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