Yesterday morning, in Cleveland, OH, House Republican Leader John Boehner (R-OH) slammed President Obama’s economic policies and called for the resignation of Tim Geithner and Larry Summers. Here’s the video, and here are his prepared remarks. He railed against “job-killing tax hikes,” stimulus spending that “has gotten us nowhere,” and “government run amok.” Boehner is right on about ending economic uncertainty, particularly about future tax rates and unsupportable levels of future public debt. However, he sounded as if all of our problems began when President Obama was sworn in as president on January 20, 2009. Our current suffering mostly arose from the Iraq War, Medicare Part D, and the very lax regulatory environment that allowed the financial crisis and the Gulf oil spill to occur, all courtesy of President George W. Bush and the Republicans. In my opinion, Tim Geithner, Larry Summers, and Ben Bernanke are all to be commended for their Herculean efforts to keep us from falling into a Depression. Today, the Congressional Budget Office estimated how much worse off we would have been without the stimulus bill. Mr. Boehner also forgot the mention that his tax and spending policies would make the rich a lot richer and the rest of us worse off. The main advantage of being in the minority is that you get to blame the majority for everything that is wrong in the world. We’ll see how the American voters feel on November 2, when Mr. Boehner hopes to find himself on his way to becoming Speaker of the House next January.
Affiliation: Davis Capital Investment Ideas
Pete Davis advises Wall Street money managers on Washington policy developments that affect the financial markets. President of his own consulting firm since 1992, Davis Capital Investment Ideas, he draws on 11 years of experience as a Capitol Hill economist with the Joint Committee on Taxation (1974-1981), the Senate Budget Committee (1981-1983), and Senator Robert C. Byrd (1992). He worked in the House and Senate, and for Republicans and Democrats.
Davis brought the first computer policy model, the Treasury Individual Income Tax Model, to Capitol Hill in early 1974, when he became a revenue estimator on the Joint Committee on Taxation. He formulated the 1975 rebate, the earned income tax credit, the 1976 estate tax rates, the 1978 marginal tax rates, and the Roth-Kemp tax cut. He left Capitol Hill in 1983 for the Washington Research Office of Prudential-Bache Securities, where he advised investors for seven years.
Davis has long written a newsletter on the Washington-Wall Street connection for his clients; Capital Gains and Games is his first foray into the blogosphere.
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