Your pocketbook is in danger of taking a big hit if the Republicans lose control of the U.S. Congress in November.
Should you have taken leave of your senses and are planning to vote for a Democrat candidate for the U.S. House and Senate, please keep in mind the old adage about killing the goose that lays the golden eggs. The socialists who control the Democrat party are sharpening their knives in gleeful anticipation of slitting the throats of a whole flock of golden egg-laying geese.
They could get away with it. Thanks to the media's refusal to report the facts about the incredibly robust economic health of the U.S., polls show that a substantial majority of Americans continue to believe the economy is in bad shape and blame it on the GOP.
Nothing could be further from the truth.
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As Pete DuPont explains in Tuesday's Wall Street Journal, since George Bush signed the most recent tax cuts into law in the spring of 2003:
In the past 33 months the size of America's entire economy
has increased by 20 percent. He quotes National Review Online's Larry Kudlow as reporting, "In less than three years, the U.S.
economic pie has expanded by $2.2 trillion, an output add-on
that is roughly the same size as the total Chinese
economy."
In the 2 1/4 years before the 2003 tax cuts, economic growth
averaged 1.1 percent annually; in the three years since, it has
averaged 4 percent per year, and in the first quarter of this
year it was 5.6 percent on an annualized basis;
inflation-adjusted per capita gross domestic product (GDP) has
grown 7.8 percent from 2003 through the first quarter of this
year.
According to the government's establishment survey, in the 36
months since the tax cuts became law, 5.3 million new jobs
have been added to the economy.
According to its employment survey, 288,000 jobs were added
in May and 387,000 in June alone.
The unemployment rate dropped from 6.1 percent in 2003 when the bills were signed to 5.4 percent at the end of 2004 and 4.6 percent
today, and that rate has gone down for men, women, blacks and
Hispanics.
Incomes are up too. As Stephen Moore noted in the Wall Street Journal, "the percentage of Americans earning more than $50,000 a year rose from 40.8% to 44.2%" between 2002 and 2004. As for very wealthy families, the portion of total income "captured by the richest 1%, 5% and 10% of Americans is lower today than in the last year of the Clinton administration."
In spite of Democrat claims that the tax cuts would starve the federal government, disastrously reducing revenue from taxes, federal tax receipts jumped a hefty 15 percent – $274 billion – last year and 13 percent – $206 billion – in the first nine months of this fiscal year, which, as the Journal points out, means the nine-month increases for the past two years represent the highest growth rates in 25 years. Looking ahead to the end of this fiscal year, total inflation-adjusted government receipts will likely be 23 percent above 2003 when the Bush tax cuts were signed into law.
Any way you look at it, that's a super-booming economy, an economic miracle that has given the United States the strongest, fastest-growing economy in the world and has fattened the coffers of the federal government.
Writes DuPont: "Tax cuts are good for everyone – and everyone knows it but Washington Democrats. In other words, tax cuts work, and work well, for individuals, employers and even the government, which sees its revenues increase dramatically when tax cuts are enacted and left in place over time."
An that's exactly where the knives come in, the geese face extinction, and all those lovely golden eggs America is feasting on would disappear from the economic breakfast table.
Doubt that? Better listen to the leading lights of the controlling socialist wing of the Democrat party. These people hate tax cuts in the same way that vampires hate crucifixes.
As DuPont points out:
Democrat Minority Leader Nancy Pelosi pledges that the election of a Democratic House in November would result in a "rollback of the tax cuts." As speaker with a Democrat majority at her beck and call, that's exactly what would happen.
Sen. John Kerry, D-Mass., also promises to roll back Bush's "unaffordable tax cuts."
Senator Mark Dayton, D-Minn., called the cuts "dangerous and destructive and dishonorable."
In 2003 former President Bill Clinton proclaimed that the cuts were "way too big to avoid serious harm."
Over at Treason Central, otherwise known as the New York Times, various editorials called the tax cuts "economically unsound" and insisted that they would "increase the deficit by hundreds of billions of dollars," adding darkly that they were unlikely "to stimulate the wallowing economy."
This from the party of John Kennedy and its biggest booster. It was JFK who said that "an economy hampered by restrictive tax rates will never produce enough revenue to balance our budget, just as it will never produce enough jobs or enough profits."
In pursuit of that belief, he proposed income tax rate reductions, which the then still sane Democratic Congress enacted the year after his death. As DuPont notes, "Back then, Democrats were for them: more than 80% of Democratic senators and representatives voted for the Kennedy tax cuts."
Having taken over JFK's party, the socialists have been so against tax cuts that a mere 4 percent of Democratic legislators (2 of 48 senators and 7 of 205 representatives) voted "yes" in the final vote on Bush's 2003 tax-cut measure.
Listen carefully and you'll hear those Democrat knives being sharpened. The fate of the golden-egg-laying geese is in the hands of the voters in November. If the Democrats take over the Congress, prepare to reach deeper in your pockets to pay higher taxes while you watch the economy shrink.
After all, a shrunken economy is good for Democrats – it makes more and more Americans dependent upon them and their generosity with the taxpayers' money.
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Phil Brennan is a veteran journalist who writes for NewsMax.com. He is editor & publisher of Wednesday on the Web (http://www.pvbr.com) and was Washington columnist for National Review magazine in the 1960s. He also served as a staff aide for the House Republican Policy Committee and helped handle the Washington public relations operation for the Alaska Statehood Committee which won statehood for Alaska. He is also a trustee of the Lincoln Heritage Institute and a member of the Association of Former Intelligence Officers.
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