Monday, July 23, 2012

President’s tax hike will not fix economy instead will cost economy 700,000 Jobs

• Output in the long-run would fall by 1.3%, or $200 billion, in today’s economy.
• Employment in the long-run would fall by 0.5% or, roughly 710,000 fewer jobs, in today’s economy.
• Capital stock and investment in the long-run would fall by 1.4% and 2.4%, respectively.
• Real after-tax wages would fall by 1.8%, reflecting a decline in workers‟ living standards relative to what would have occurred otherwise.
In a further show that 3 ½ years in office the president of the United States still doesn’t know what he is doing regarding the U.S. economy. A recent study reports that taxes on the “Rich” as proposed by president Barry Hussein Soetoro will cost the economy over 700,000 fewer jobs. That explains why his campaign team is focusing on Gov. Romney’s Bain Capital Investment years. (see story)

The president hasn’t been able to fix the economy as he promised thus he feels that he must attempt to discredit Gov. Romney’s sterling Bain career. Sterling as described by former president Clinton. (following is the 24 page report)

EY Study Long-Run Macroeconomic Impact of Increasing Tax Rates on High Income Taxpayers in 2013 2012-07-16 ...

With such a devastating report, expect the Soetoro administration to attack the validity and the credibility of the report, which are typical Democrat masking tactics to discredit the truth.