Tuesday, February 3, 2009
Did the threat of tax rises help cause the recession?
A fleeting thought, it was expected in early summer that Obama would win. Obama said he would raise taxes on the rich. The rich, realizing that would have less money in the future, started saving more and spending less.
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The recession was caused by the Bush tax cuts and financing them by borrowing from China, India, Japan and Europe. This combined with letting the banking system go wild with gambling other people's money for big profits and bonuses. These two things caused the depression we are in, electing Obama had nothing to do with the recession/depression...on the contrary it would be much worse it he had lost, at least with Obama we have a hope of pulling out...without Obama it would be sure bankruptcy for the USA.
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