GolfHos

An economic time bomb is ticking, but the 2008 presidential candidates and media pundits are paying shamefully little attention. Both the Senate and House of Representatives have approved the majority Democrats’ budget proposal, which contains over $200 billion in tax hikes, the largest in American history.  Under their budget, this decade’s astoundingly successful tax cuts will be allowed to expire in 2010, at which time rates will surge to recession-era levels as Congress stands by and watches. 

The present tax rates did nothing less than resuscitate the American economy from the Clinton/Gore recession of 2000-2001, which was exacerbated by the effects of 9/11 and Sarbanes-Oxley burdens imposed in 2002.  Since the current tax rates were set in 2003, federal revenues have actually increased nearly $700 billion, the American economy has created over 7 million jobs, the unemployment rate has fallen to a historically tiny 4.5 percent (approximately half the current European unemployment rate), workers’ wages have increased, the Dow Jones Industrial Average has surpassed its tech-bubble peak and the deficit has decreased by $300 billion despite increased federal spending.