Obama’s War on Growth
Apr 15, 2013, Vol. 18, No. 29 • By FRED BARNES
Sorry, but there are many more important things. The roads and bridges panacea has never led to robust growth. It didn’t when the president and Democrats made it part of the $800 billion “stimulus” in 2009 and it’s unlikely to do so now. But it does thrill a Democratic interest group, organized labor.
There’s one more part to Obama’s current plan to increase growth, a punitive one. He would eliminate tax breaks for companies that send jobs overseas. The White House says Obama wants to lower the tax rate for manufacturers here to 25 percent from 35 percent. Manufacturers shouldn’t hold their breath. He’s been advocating a corporate rate cut for years, but done little to enact it.
Meanwhile, spending on food stamps and disability payments has soared. And later this year, Obamacare is to arrive in full force. It is supposed to give families earning as much as $80,000 a year a subsidy to buy health insurance.
Obama has paid practically no political price for redistribution and slow growth. He still talks about fixing the economy as if no one should have expected anything better. The public hasn’t rebelled, and Republicans have failed to make growth a salient issue. It’s time they did.
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