President Obama On Tax Increases Then & Now
Earlier today the President proposed sustained tax increases as part of his Administration’s economic growth plan. Unemployment is above 9% and private sector growth has stalled - and to quote 2009 President Obama, you don’t raise taxes in a recession.
Then: August 2009 - President Obama: “You Don’t Raise Taxes In A Recession.” “First of all, he’s right. Normally, you don’t raise taxes in a recession, which is why we haven’t and why we’ve instead cut taxes. So I guess what I’d say to Scott is – his economics are right. You don’t raise taxes in a recession. We haven’t raised taxes in a recession.” (Steven Hayes, “Obama vs. Obama,” The Weekly Standard, 8/11/11)
· July 2009 Unemployment Rate: 9.4%. (“The Unemployment Situation – July 2009,” Bureau of Labor Statistics, 8/5/09)
Now: August 2011- President Obama Calls For More Spending & High Taxes To Grow Economy. “Now, we do have to pay for these things, and in order to pay for these things congress has to finish the job of reducing the nation's budget deficit in a sensible responsible way. Not just with more cuts this year or next year. What we need is a long-term plan to get our nation's finances in order. That's the only way we can invest in places like this.” (President Obama, Remarks, 8/11/11)
· July 2011 Unemployment Rate: 9.1%. (“The Unemployment Situation – July 2011,” Bureau of Labor Statistics, 8/5/11)