Robert Samuelson, at The Locker Room:
"Confidence is crucial to stimulating consumer spending and business investment, and Obama constantly subverts confidence. In the past year, he’s undone some of the good of his first months. He loves to pick fights with Wall Street bankers, oil companies, multinational firms, health insurers, and others. He thinks that he can separate policies that claim to promote recovery from those that appeal to his liberal base, even when the partisan policies raise business costs, stymie job creation, or augment uncertainty—and, thereby, undermine recovery. His health-care “reform” makes hiring more expensive to employers by mandating insurance coverage; the moratorium on deepwater drilling kills jobs. No matter.
Obama’s proposal to increase taxes on personal incomes exceeding $250,000 ($200,000 for singles) is the latest example of his delusional approach. It satisfies the liberal itch to 'get the rich.' Well, the rich and most other taxpayers will ultimately have to pay higher taxes to help close budget deficits. But not now. Raising taxes in a weak economy doesn’t make sense. Just consider: these affluent households represent almost a quarter of all consumer spending, says Zandi. Richard Curtin, director of the University of Michigan’s Survey of Consumers, says his data suggest that uncertainty about the extension of the Bush tax cuts has already caused affluent buyers to cut their spending.
Some small businesses would also be affected, because many (sole proprietorships, partnerships, and subchapter S corporations) file their taxes on personal returns. Higher taxes would discourage hiring and expansion. No one knows by how much, but the Tax Policy Center estimates that higher business taxes would affect 725,000 returns with about $400 billion of business income. Some of these are partnerships of doctors, lawyers, and accountants. Others are contractors, restaurant owners, florists, and plumbers."
But merrily Obama and cronies will roll along, indiscriminately killing jobs and dousing the sparks of economic recovery.
We can't say that we weren't warned about this throughout 2008.