Here is a bad list:
1. Bush tax cuts expire. These were very, very positive and beneficial tax cuts for the economy. Obama will let them expire and we'll see a return to the horribleness of the 1970's economy, where people don't have money to spend...because the govt takes nearly all disposable income.
2. Higher social security taxes on high wage earners, and higher self-employment taxes on the self employed. Remember, small businesses are the great job engine in America. Obama is going to kill it by punishing the small business owners.
3. Abandonment of Israel.
4. Strengthening of Iran and Hugo Chavez.
5. Re-imposition of the fairness doctrine on broadcast radio.
6. Passage of the Employee Free Choice Act, which will make union certification elections no longer private--so union goons can show up at your house and thrash you if you vote against them.
7. Senior citizens, who are already responsible for 40% of federal spending, despite being only 12% of the economy-will receive huge handouts from Obama. If you make less than 50K and are a senior citizen, you pay no taxes! Wow, if only hard working Americans could get this deal.
8. Protectionism; imposition of tariffs and penalties on our trading partners. Protectionism will make us all worse off. Canada, our no. 1 oil supplier. will sell its oil to China. Thank you Obama! You are so smart!
9. The credit protection act that was a HUGE FAIL!!!!! Its worse now then what it was in the beggining, Obama singe handily gave the credit cards power to charge what ever they want. This is a reason why Government should stay out of business.
10. The endless printing of money.
11. Cap and Tax - hasnt passed yet but its bad enought it was proposed in the first place.
Chrypt22
Higher taxes (point 1) will curb inflation. He's probably doing it to counter the effects of an economy that's just getting kick-started again. You guys have had such low interest rates during the GFC, and now that the economy is recovering, inflation will rapidly increase because consumer confidence would eventually lead to inflated house prices a la global financial crises in the very beginning. Protectionism, to a degree, can be useful, especially if the sector is large enough - and the prospect of unemployment is too grand. Protectionism *can* (not always) assist a country on the verge of recession, by creating employment. The argument in the long run, is that it's not really sustainable because it's not effective; capital flows from effective sectors to ineffective. Protectionism for America doesn't harm America as much as you think, it harms it's free-trade partners, like mine, Australia. We're smaller, and benefit more from exporting to you. You gave us a massive boost when Bush signed the Free Trade agreement some years ago. Haven't seen the figures as to what happened to your economy though! As for endless printing of money - there's a reason for it; increasing the money supply can, in the short term, boost an economy and reduce the contraction. At some point, the government will have to issue bonds and take money back out of the economy though. See! I did pay attention in class all those years ago. I think.
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