Obama Continues Down Road to Greater Job Loss, Less Freedom
Mike Brownfield /
President Barack Obama reiterated his “jobs will be our number one focus” State of the Union talking point in New Hampshire on Tuesday, but all indications are that he is continuing down the path that led America to less economic freedom – and fewer jobs – in 2009.
Heritage’s Brian Riedl conducted a quick analysis of President Obama’s Fiscal Year 2010 budget and found that the President’s policies would hike taxes by more than $2 trillion over the next decade (counting health care reform and cap-and-trade), raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade, leave permanent deficits that top $1 trillion in as late as 2020, and double the publicly held national debt to over $18 trillion.
Increasing taxes and a growing federal government don’t spell good news for America’s economic freedom or prospects of job growth, but even more trouble abounds. Matthew J. Slaughter, associate dean and professor at the Tuck School of Business at Dartmouth, wrote in Wednesday’s Wall Street Journal that there is even more bad news for U.S.-based multinational firms buried in the President’s budget: