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Obama Will Plunge US Into Recession

Dem's plans would spell disaster, says wonk for first Bush

By Clay Dillow,  Newser Staff

Posted Jul 29, 2008 10:15 AM CDT
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(Newser) – Barack Obama’s campaign promises on the economy—particularly on taxes and trade—would be a disaster for Americans at all income levels, an adviser to the first President Bush writes in the Wall Street Journal. On “tax, spending, energy, regulatory, and trade policy, if the proposals espoused by candidate Obama ever became law, the American economy would suffer a serious setback,” Michael Boskin says.

Obama’s “startling economic illiteracy” stands in contrast to his spoken eloquence, Boskin writes, citing plans that would reduce after-tax income in the highest brackets by one-third, raise dividend-tax rates by 15% and promote protectionism by reducing trade liberalization. Raising the specter of the Great Depression, he concludes, “while such a policy mix would be a real change … change is not always progress.”

Obama on his recent overseas trip. Boskin worries as president, Obama might unilaterally renegotiate America's international economic treaties to disasterous consequences.
Obama on his recent overseas trip. Boskin worries as president, Obama might unilaterally renegotiate America's international economic treaties to disasterous consequences.   (AP Photo/Jae C. Hong)
'And if you'll look to your left, that's where I've placed my economic policies'; Boskin sees disaster in Obamanomics, including tax rates not seen since the 1970s.
'And if you'll look to your left, that's where I've placed my economic policies'; Boskin sees disaster in "Obamanomics," including tax rates not seen since the 1970s.   (AP Photo/Nam Y. Huh)
Obamanomics can only lead to increase protectionism, Boskin says, which in turn leads to sluggish economies.
"Obamanomics" can only lead to increase protectionism, Boskin says, which in turn leads to sluggish economies.   (AP Photo/Paul Beaty)
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Obama, the spender, and trillion-dollar deficits
US News & World Report

Overseas, Barack addresses economic issues
The Independent

More on author Boskin
Hoover Instituition

Politics • Money • US

 
Barack Obama • taxes • George HW Bush • NAFTA • free trade agreements • Election 2008 • economy • Obamanomics • Michael J. Boskin

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