Reply #30: Extending tax cuts for the wealthy to sustain an alleged recovery is voodoo Reagonomics.

[AdHocSolver]

First of all the economy is NOT in recovery. The increase in the stock market is due to all the bailout money given to Wall Street. The U.S. economy has become a game of Monopoly where a player loses everything and is allowed to borrow money from the "bank" to keep the game going. The stock market isn't the REAL economy.

The increase in GDP is not sustainable when so many people are unemployed and more are losing their jobs everyday. This country is experiencing a creeping inflation which is going to accelerate in the next couple of years. Borrowing money to give tax breaks is going to exacerbate inflation by pouring too many borrowed dollars into the economy. At some point, those who lend the U.S. money are going to demand a higher rate of return or they will stop the lending. Then this economy will crash heavily.

Obama is making decisions based on voodoo economics. The rich are going to put their tax gifts into investments in foreign countries (where the returns on investment are greater), and the middle class is going to spend their money buying goods made in China and other low wage countries because that is all you can find in the stores these days. Neither action is going to produce more jobs in the U.S.

Want to help the U.S. economy AND help the currently unemployed AND reduce government debt? The recipe is so simple. No more so-called "free trade" agreements like NAFTA which are nothing more than corporate cartel agreements designed to eliminate competition. Replace the banker run Federal Reserve with a real national bank beholden to the public. Place import quotas and duties on imports from slave wage countries so that American companies can hire American workers and still compete for business.

When Americans have jobs, they don't need handouts to survive, and governments can support infrastructure, education, and affordable health care without increasing the deficits because people who have jobs PAY TAXES.

What a novel approach to a sustainable economy.