The Democrats want to make war on the economy

Donald Lambro:

There is something very disturbing about how the Democratic presidential front-runners deal with the economy — they don't, at least not in a clear, substantive, commonsense way.

Pollsters tell us the softening economy, the prospects of slower growth ahead and rising unemployment have become the No. 1 issue among voters. But in all their talk about "change," or being "ready to lead on Day One," has anyone heard Hillary Clinton or Barack Obama say what they would do to strengthen the economy and create jobs?

Indeed, you never hear them talk in terms of accelerating "economic growth," lowering taxes on venture capital investment to fuel expansion and new business formation, cutting corporate tax rates to boost profit margins to make businesses more competitive in the global economy, or opening new trade markets for American goods and services.

On the stump, in debates or interviews, they talk only of raising taxes on the people who invest in businesses, raising taxes on the oil companies who meet our energy needs, preserving the death tax, and imposing new protectionist barriers on trade.

Listen to their economic rhetoric carefully and it is peppered with such phrases as "standing up to the oil, drug and insurance companies," taking on big corporations, making the wealthy pay their "fair share." Never mind that the top 10 percent of income earners pay the largest share of all income taxes and the bottom 50 percent pay about 3 percent.

As near as anyone can tell, the No. 1 economic proposal in their campaign agendas is to raise the top tax rate back to nearly 40 percent. But how does taking more money out of the private economy and turning it over to government bureaucrats create a new business or stimulate new job creation?

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He gets specific after that. The American economy is pretty strong despite current problems, but the Democrats have all the wrong answers for making it stronger. Raising taxes on the rich will kill small business in ways that will be more subtle than the luxury tax on yachts which killed the domestic boat business and put many out of work. Attacking business means attacking the jobs that are created by those businesses. If Democrats want to raise the unemployment rate they can follow the French model, but they will get what they deserve.