Economic Change We Can Believe In

摘要

The Obama Administration's propensity for overreach and for overplaying its hand is laying the groundwork for getting the American economy back on track. The resulting devastating Democratic defeats in November's elections mean that all the Bush tax cuts of 2003 will be extended. Because 21 Democratic senators will be up for reelection in 2012-and a number of them from red states such as Virginia, Florida and Nebraska-they will be very wary of doing anything that could hurt the economy. They know what happened to the Obama-style soak-the-rich initiative in Washington State, which would have imposed an income tax on only high-income earners and no one else: It went down by a margin of nearly 2-to-l.