By following the advice of the same people who helped guide our economy to the precipice of total collapse, President Obama now threatens to push it over the edge, says Euro-Pacific CEO Peter Schiff.
“Notwithstanding (Obama’s) well-crafted lip service regarding future spending restraint, the essence of his current program is for more government spending and larger deficits,” Schiff writes at lewrockwell.com.
“For all his talk about job creation, his policies will further burden those who might otherwise create those jobs with higher taxes and more regulation.”
While President Obama did call for tax cuts for the middle class and offered what amounts to bailouts for those struggling to repay student loans, such cuts do nothing to promote growth in the near term and will add to the deficits in the long term, Schiff points out.
“To lead us back to brighter days, he articulated a vision of a centrally planned recovery, where clean energy and a Soviet style five-year plan to double our exports would make our economy preeminent once more,” Schiff says.
“He fails to understand that the only reason our economy rose to the top in the first place is that the government left it alone. As a result, instead of seeding the soil for a real recovery we are setting the stage for a prolonged depression.”
President Obama’s federal budget proposal would eliminate subsidies for fossil fuels, invest more money in clean energy projects and cut funding for 120 federal programs, including some at the Interior Department, The New York Times reports.
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