Arthur Laffer Promises Economical Disaster in 2011
Thursday, June 10th, 2010
 |
Arthur Leffer writes at the Wall Street Journal: “Consider corporate profits as a share of GDP. Today, corporate profits as a share of GDP are way too high given the state of the US economy. These high profits reflect the shift in income into 2010 from 2011. These profits will tumble in 2011, preceded most likely by the stock market . . . The result will be a crash in tax receipts once the surge is past. If you thought deficits and unemployment have been bad lately, you ain't seen nothing yet . . . ” The pending tax hikes are scary and the unwanted cap and trade legislation overtures are potentially putting our economy in a long lasting depression. Oil & gas are the villains of Obama's ideology and he does not understand we do not have $150 trillion plus to spare to substitute green power for existing oil & gas reserves, many not yet explored. We are in the age of hydrocarbon energy and will – with wise government planning and true economic guidance – eventually enter the full fledged nuclear power age with all the desired environmental benefits. But it will take time and control of the present budget deficits with significant tax cuts to get our industry on their feet and move in the direction of progress and positive growth of our GDP. In case the the national debt approaches 90% of GDP we will be doomed to EU type of disintegration. It is time our oil & gas companies get all the support to develop our resources and avoid a EU type of disaster. Arthur Laffer knows.
|
Views:
1  0
ratings |
| Time: 01:19 |
More in News & Politics |
Go here to read the rest:
Arthur Laffer Promises Economical Disaster in 2011
