Democratic party presidential nominee Barack Obama wants to sharply increase Social Security taxes on upper-income earners, righteously declaring that "the rich can afford it." However, the economy can’t, says Steve Forbes, editor-in-chief of Forbes magazine. According to Forbes: Raising the highest federal tax take on income to over 50 percent would slam the economy hard by punishing success. High tax rates have been the principal barrier to growth in western Europe. High-tax countries such as Germany and France consider themselves in a boom when their growth rates reach an anemic 2 percent. Weakening long-term economic growth seems a peculiar way to meet Social Security’s gargantuan obligations to the 78 million baby boomers who are just starting to retire and draw benefits, says Forbes. Obama’s plan is a destructive form of double taxation, explains Forbes: Money he would supposedly raise from the higher tax will be promptly spent by Washingt...
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Given current economic conditions, if Americans elect a presidential candidate who will raise taxes instead of lowering them, the economy probably will not rebound by spring 2009 as it otherwise would, Steve Forbes, editor-in-chief of Forbes magazine and a former presidential candidate, said.
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When Canadians hear the name ”Steve Forbes,” likely what comes to mind is his slightly quixotic quest for the Republican presidential nomination in the 1996 and …
Read more from the original source: Neil Hrab: Steve Forbes stands firm in face of assaults on free markets ... more
What if Steve Forbes Had Won the Election?
I voted for Forbes in the 2000 Michigan primaries. I would have voted for him over Gore if he had somehow won the nomination. And I’ve sometimes asked myself this same question:
What if Steve Forbes had won the primary and general elections in 2000? How would the world differ from the world we live in now?
Steve Forbes would not have negotiated away the supply side tax cuts in 2001. He would not have let the Democrats insist that only tax... more
Currently, there are 73 Americans serving life sentences for crimes they committed when they were 13 or 14 years old, a number far higher than in Europe, says the New York Times. The differences in the two approaches, legal experts say, are rooted in politics and culture: The European systems emphasize rehabilitation, while the American one stresses individual responsibility and punishment. Corrections professionals and criminologists here and abroad tend to agree that violent crime... more
Piracy has a harmful impact on U.S. produced copyright products and on the overall U.S. economy. In 2005, piracy conservatively cost motion pictures, sound recordings, business software and entertainment software/vide collectively at least $25.6 billion in lost revenue. Beyond the cost to the copyright industries, this lost revenue translates into lost production of legitimate copyright products, which in turn means lost wages and lost purchases of upstream products and services througho... more
WORLD BANK WEARY From: feeds.feedburner.com Post Date: 2007-10-19 06:19:54
As globalization transforms the world economy, the World Bank’s comparative advantage for lending to poor countries is gone and its role diminished, says Adam Lerrick, professor of economics at Carnegie Mellon University. There are new competitors without the bank’s social wish list: China, Brazil, India and Russia are funding infrastructure and industry for even the poorest countries, to lock in access to raw materials and export markets. China alone will send $25 billion to ... more
Despite ample evidence to the contrary, liberal publications have devoted great space and attention to attacking the entire theory that lower tax rates can increase incentives for investment, saving and work, says Stephen Moore, senior economics writer for the Wall Street Journal editorial board. The quality of this discourse rarely rises above the level of trash talk. Nevertheless, some arguments are repeated with such regularity that they need to be addressed. One is that supply-... more
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