Obama may break bent economy

Whatever is left of the economy after the current round of crisis interventions by the Fed could go down the drain if Barack Obama is elected and carries out his plans for sharp increases in taxation. Even if Obama does not understand the linkage, most Americans do and will turn sharply against Obama’s tax plans if John McCain hammers away at the risk they pose for us all. During the Great Depression, Congress raised taxes sharply in the Revenue Act of 1932. The top rate went from 25 percent to 63 percent. As a result, the real Gross Domestic Product...

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