...In other words, all this spending and taxing will crater the economy — and the estimate doesn't include the spending planned for medical insurance reform and cap and trade.
Nor does it include the dizzying array of new taxes the White House and Congress are considering. They range from a European-style value-added tax, which helped turn the EU into a stagnant mess with virtually no job creation, to new taxes on health care, energy, incomes and a slew of other things.
In the coming weeks, we will tell you how we got into this mess — hint: Government played a key role — and how we can get out of it. It will take huge cuts in spending, a willingness to let bad businesses go bust, and broad tax cuts to get our economy moving again.
This, by the way, worked in the 1920s, it worked in the 1960s, it worked in the 1980s. It even worked after 9/11, and it'll work again.
America needs jobs, but its businesses can't create them as long as they remain under the thumb of a high-taxing, runaway-spending, overregulating, entrepreneur-smothering Big Government. (READ AT IBD).