Don’t let the current partisan bickering on corporate taxes make it seem like both sides of the aisle don’t want this. It is good for America and everyone that understands economics understands this. The issue is that when the Democrats held power, they couldn’t effectively do this because their liberal wing (i.e. the people that do not understand economics) would crucify them in the election booth.
Suddenly, an idea that has been accepted by economists and by policymakers on both sides of the political aisle—that high taxes on business hurt investment, workers, and the economy—is considered “absurd.”
In 2012, President Obama and his advisers proposed lowering the corporate tax rate because it “creates good jobs with good wages for the middle-class folks who work at those businesses.” In 2013, Lawrence Summers, President Clinton’s Treasury secretary and chairman of Mr. Obama’s Economic Council, argued that the tax on corporate profits creates a burden without commensurate revenues for the government and that changing it “is as close to a free lunch as tax reformers will ever get.”
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Every President, except for George Washington, inherited something from the previous administration. Sometimes this is good and sometimes it is bad.
President Barack Hussein Obama has been talking for quite some time about the “mess” that he inherited from George Walker Bush. He has made references to mops and other allegories to describe the challenges that he has faced. While that is all well and good for the first few days of the Presidency, at a certain point BHO needs to own the problem.
That day is today.
There is no defined time for the honeymoon period of a new candidate. Most people felt that September 11, 2001 was close enough to the inauguration of George Walker Bush (just under 9 months) that the attacks on that dreaded day were at least partially the fault of William Jefferson Clinton. The honeymoon is certainly longer than the first 100 days that are all the talk at the beginning of a term. Everyone seems to agree that it doesn’t extend beyond a year from the date the person is elected.
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This is a great book. Everyone should read it (or listen to it).
I just finished the Audible version of this book. It was excellent. Here are some learnings:
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- James Earl Carter was more incompetent than even I thought he was.
- William Jefferson Clinton was not as incompetent at Carter, but he was close.
- George Walker Bush did a pretty good job with most of the Mideast, did a plausible job of getting rid of Saddam (which the book admits had to happen) and then bungled the reconstruction. Okay, this really wasn’t a big learning but it was worth noting.
- Ronald Wilson Reagan did an excellent job with the Middle East as did Nixon and Ford. George Herbert Walker Bush barely gets a mention which is surprising since he put together the coalition to kick Iraq out of Kuwait.
The current President of the United States, Barack Hussein Obama, has had a very troubled start to his Presidency. Not only did he inherit a mess in the economy, but he has had multiple mis-steps in his selection of his cabinet and advisors. While the tax problems with Daschle and others have plagued the first few nominations, now there is even some concern about his most important advisor, his chief of staff, Rahm Emanuel. There has also been some criticism for his first international discussions, the first phone call he made to a foreign power was to President Abbas, the leader of the Palestinian Authority.
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