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Tuesday, July 12, 2011

Obama and GE's Immelt--big hypocrites on jobs, taxes, and government

Ever since Barack Obama burst onto the national political scene one of the central themes upon which he harps on a consistent basis is that in order for America to recover from this deep economic downturn, big oil companies must be forced to give up their 'tax breaks.' The Obama Plan for Recovery, thus, is almost identical to that of Herbert Hoover, who, in the late 20s and early 30s responded to the great economic downturn by raising taxes, especially on 'the rich' and U.S. businesses. The result was that the problem worsened until by 1933, under Franklin Roosevelt who continued Hoover's policies on taxation, the nation was stuck in a downward spiral from which it never recovered until after World War II.

The Cato Institute published an in-depth analysis of the Hoover-Roosevelt plan of taxation and the devastating impact it had on the economy.
Fast-forward to 2011. Enter GE's CEO Jeffrey Immelt.
Immelt has been an ardent supporter of Barack Obama from the start...

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